Some companies ditch annual raises and review worker pay more often

CoorsTek Inc., a maker of industrial ceramics, last year started doing quarterly pay reviews, primarily to ensure it could hire and retain workers for critical and hard-to-fill manufacturing roles such as production operators and maintenance mechanics. The Golden, Colo.-based company hired around 1,300 people in the U.S. last year, and bringing on new people often meant paying above its usual ranges.

“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, the chief people officer at the 6,000-person company.

As the economy bounces back from the shocks of the Covid-19 pandemic, U.S. companies and small businesses have been competing for employees in a historically tight labor market. Employers added 6.7 million jobs last year, yet U.S. job openings and worker turnover are hovering near their highest levels on record….

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