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.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

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

And only a few percent, maybe 6% or so, said that they were planning to increase either to two, three, or even more reviews per year.

But many companies said that they still hadn't decided.

They were considering doing additional pay review cycles.

So I think it's something that companies are keeping an eye on.

They're wondering if they're going to have to institute more of these cycles and just haven't quite made a decision yet.

And also another, like I would say about a quarter of companies said that they were planning on doing this on an as-needed basis.

In other words, basically raising pay for someone if they were really concerned about losing somebody.

Well, it's a huge amount of work and it often involves quite a number of people.

You're gathering data, often you're buying data from companies that do these salary benchmarking surveys.

You have to review your own staff, sometimes person by person.

It's a big administrative lift.

And when I spoke to firms, they basically said, this can take two to three months to do a complete cycle.

So if you're thinking of doing this on a quarterly basis, it's like you finish one cycle and then you have to start all over again.

So that's the main reason I would say companies are reluctant to start doing it too much more often.

Another issue is they don't want to over promise or set expectations with employees that, you know, we're going to review this multiple times a year.

They don't want people to get to the point where they're expecting multiple raises per year.

It's not really meant to work in that way.

So I think there's also that piece about managing expectations.

Well, that's one of the concerns as well.

If you are doing regular pay reviews and you're using that to set pay for people that you're hiring, you also have to be really careful that that doesn't create something called wage compression.

Showing 221–240 of 740 · page 12 of 37