Companies shorten time between wage reviews

Companies are discovering that annual pay reviews and raises are insufficient for keeping employees satisfied in a tight job market and in an inflationary economy. Last year, CoorsTek Inc., a maker of industrial ceramics, began doing quarterly reviews. “When the market is evolving in real-time and there really isn’t a leading indicator other than what you’re seeing to compete and hire, you quickly have to adjust,” said Irma Lockridge, chief people officer at the company.