Lauren Weber

speaker

740 appearances 12 recordings 1 series first heard Jul 2017 last heard Dec 2024

Lauren Weber’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Companies Are Reviewing Pay Raises More Than Once a Year · 23 Feb 2022 podcast

For example, I spoke to a company, a manufacturer in Colorado called CoorsTek.

And in order to hire some of the most critical roles that they need to fill, like machinists and operators, maintenance people for their factories, they have to keep raising what they're offering to people just in order to hire enough people for what they need.

The economy is really hot right now.

They hired 1,300 people in the U.S.

last year.

So they're doing a lot of hiring in order to get the people they need.

They need to keep pushing up pay.

Some companies are doing this on an across-the-board basis where they're reviewing pay for every role that they have.

That's probably more common in smaller firms.

In other cases, it's more targeted, like the company that I mentioned, where there are specific critical roles that they really have to make sure they're able to fill.

So they might be paying more attention to those jobs and

keeping track of where the market is for those roles.

And then in other cases, it's sort of a case-by-case basis where they're doing this as needed, maybe when somebody comes to them with an outside offer, or they need to pull in one particular person who has a certain talent or skill, and they need to offer more maybe than they were planning to offer.

So they're kind of doing this on a

And in some cases, it can actually come as a surprise to employees.

For example, we spoke to one company that on one of its weekly Friday video calls told all of its employees that they would be getting a 10% raise no matter how long they'd been at the company.

And a lot of people were very surprised by this.

But that's an example of a company trying to get ahead of what's happening out there in the market and trying to preempt anybody who might be dissatisfied with their pay or looking for more compensation from starting to look for other jobs.

Well, it's still relatively uncommon.

I mean, in a survey that the consulting firm Mercer did, they found that about half of all companies said that they were sticking with their current pay review cycles.

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