, such as using one-time bonuses, expanding benefits or adding vacation days, to help retain workers without boosting wages.
At CoorsTek, higher pay for new employees shrank the difference between pay for tenured workers and their newer counterparts, so the company now does a quarterly “compression” review. It wants to ensure that the experience of existing employees, who may have been hired in a less-competitive job market, is rewarded appropriately.
The quarterly cadence adds work for Ms. Lockridge’s team, and she has hired an additional compensation analyst and two specialists in workforce analytics. But the schedule also means CoorsTek can adjust quickly if the market softens. “If it slows down, the last thing you want to do is overspend at the beginning of the year,” Ms. Lockridge said.
The consulting and accounting giant Deloitte LLP typically raises employee salaries once a year, over the summer. Executives at the firm realized last fall they couldn’t wait that long to adjust compensation again. Deloitte U.S. conducted an additional pay analysis to study wages for its 120,000 employees, ultimately raising salaries for thousands of its employees at the end of 2021.
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