On July 1, Donald Trump said he would share good news about the minimum wage within two weeks.
Since then, 20 days have passed without a word from the White House on the subject. READ MORE
Worst Phantom Stock Plan Ever? Ask 24 Hour Fitness
Here’s a great story at Bloomberg.com. The former chairman of 24 Hour Fitness has sued the company for failure to pay what she claims was owed under a phantom stock award. We’re only talking $23 million here! Seems like reasonable fees for serving six years on the board, don’t you think? READ MORE
When are RSUs "Deferred Compensation" For FICA Purposes?
The purpose of this article is to focus on restricted stock units (RSUs) as “deferred compensation” for purposes of social security taxes (FICA). Whether the compensation is deferred compensation is particularly important for amounts that vest at the end of a calendar year but are paid shortly after. READ MORE
Elon Musk keeps climbing list of world’s wealthiest people
That’s some pay raise.
Tesla CEO Elon Musk added a whopping $5 billion to his net worth on Monday thanks to Tesla’s never-ending stock rally, allowing him to finish the day as the fifth-richest person in the world with a net worth of $74.2 billion. READ MORE
Remote jobs during coronavirus hiring for six-figure salaries now
These 15 jobs will be in high demand over the next 5 years—some with salaries topping $80,000
The U.S. economy took a major hit during the coronavirus pandemic, with tens of millions of people filing for unemployment over the course of just several months. READ MORE
America’s hidden economic crisis: Widespread wage cuts
Millions of Americans who managed to hold onto their jobs amid the coronavirus pandemic have seen their incomes drop as employers slashed wages and hours to weather what they expected to be a short-term shutdown. READ MORE
COVID-19 Emergence Strategies for Companies’ Executive Compensation Plans
Employers that have experienced significant disruptions to their executive compensation programs as a result of the COVID-19 pandemic should consider our top 10 cost saving/incentivization strategies as they begin to reopen. READ MORE
Want More Diversity? Some Experts Say Reward C.E.O.s for It
Only a small number of large companies have tied executive compensation to goals for hiring and promotion of workers from underrepresented groups. READ MORE
How meaningful are CEO pay cuts?
Companies across a wide range of industries have decided to slash CEO and executive pay amid the COVID-19 crisis, with some top leaders seeing their pay reduced from 10%, all the way down to zero. READ MORE
Presidential Compensation At Public Universities: 19 CEOs Made One Million Dollars Or More In 2019
Last year, 19 presidents or chancellors of public universities made one million dollars or more in total compensation. And average total compensation for chief executives of public institutions reached $544,136, according to recent data assembled by The Chronicle of Higher Education, which published its findings this week. READ MORE
Stop Asking Job Candidates for Their Salary History
In response to nationwide protests, CEOs have committed to fighting discrimination and intolerance and have renewed pledges to increase diversity and fairness within their organizations. But how can they demonstrate that these are more than just empty promises? New research (by Bessen, Denk, and co-author Chen Meng) shows that CEOs can take one simple, immediate action to substantially reduce pay disparities for Black and women employees: Stop asking job applicants about prior pay. READ MORE
Minimum wage workers cannot afford rent in any U.S. state
Full-time minimum wage workers cannot afford a two-bedroom rental anywhere in the U.S. and cannot afford a one-bedroom rental in 95% of U.S. counties, according to the National Low Income Housing Coalition’s annual “Out of Reach” report. READ MORE
Equity Compensation Considerations
A study from UBS finds employees value their equity compensation more when they receive education and advice about it, and working with an adviser boosts confidence in decisions about equity awards. READ MORE
New IRS Rules for Reporting Non-Employee Compensation
On July 6, 2020, the IRS issued Tax Tip 2020-80 to remind business taxpayers that, commencing with payments made in 2020, they must report any payments of over $600 per year for services by non-employees on Form 1099-NEC (for Non-Employee Compensation), a form last used by the IRS in 1982. READ MORE
IRS Tax Tip: Reporting Nonemployee Compensation, Backup Withholding (IRC §6041A)
Beginning in tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee, the IRS stated. Nonemployee compensation may be subject to backup withholding if a payee has not provided a taxpayer identification number to the payer or the IRS notifies the payer that the TIN provided was incorrect. The form is generally due by January 31, but for 2020, the due date is February 1, 2021, the IRS stated. READ MORE
IRS Issues Proposed Regulations for Tax-Exempt Organizations Paying Excess Executive Compensation
The IRS issued proposed regulations under Section 4960 of the Internal Revenue Code of 1986, as amended (the “Code”), which was added as part of the Tax Cuts and Jobs Act. The proposed regulations published in the Federal Register on June 11, 2020, largely follow the IRS interim guidance under IRS Notice 2019-09. However, the IRS made some helpful changes in the proposed regulations which are briefly summarized below. READ MORE
How to Do Performance Reviews — Remotely
You may have conducted hundreds of performance reviews over the course of your career, but in the era of Covid-19 everything is different. You and your team have been working remotely for months now in an extremely difficult situation. How do you begin to evaluate your employees’ performance at such a challenging time? How much should you consider the impact of Covid-19 on your assessment? And how do you make sure you’re fair-minded given everyone’s different circumstances? READ MORE
Employment in black and white: Wage inequality
The American condition, no matter how one measures it, inevitably comes back to jobs and wages. Wage inequality, whether between men and women, or African-Americans and whites, is a real concern. READ MORE
Pay and performance management in the age of COVID-19
As COVID-19’s impact on the market and workplaces lingers on, companies are facing a range of unprecedented questions. Among them: What should we do with performance management? And should performance link to pay for this year? READ MORE