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The unique state of the labor market is making for a lot of firsts in the world of compensation, and some employers have proven more ready than others.

While employees are engaged in the "Great Reshuffle" — the trifecta of unprecedented quit rates, hire rates and salary increases — a recession is looming on the horizon, leaving employers stuck between a recruitment and retention rock and a hard place. Should they continue boosting salaries to drive recruitment and secure employees, or is it time to batten down the hatches?

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