My coworkers and I talk about it all the time. We hired people that we didn't need, 2020 through 2022. Why do we have so much money for new hires and so little for raises? Too many cooks in the kitchen!
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I agree and believe it cost me my position. Kept the new ones and let go of those that made more. What incentive do you have to stay, if they discard you with the trash and keep those that make less and are inexperienced.