President Biden on Wednesday urged U.S. employers to provide their workers with paid time off to receive the COVID-19 vaccine – and any time it takes to recover from the shot – as the White House looks to encourage reluctant Americans to be inoculated. READ MORE
Andrew Cuomo Earned $225,000 Last Year And Is Highest Paid Governor In American History
With a $225,000 salary, New York Gov. Andrew Cuomo is the country’s highest paid governor. The next highest paid is California Gov. Gavin Newsom, who made $202,000 last year.
In fact, Cuomo was scheduled to make $250,000 in 2021 — with another $25,000 pay increase — completing a three-year $71,000 pay hike (40-percent). However, he opted not to take the extra $25,000. (In 2018, an appointed state panel gave the legislature and governor hefty pay hikes.) READ MORE
Restaurants dangle bonuses amid labor shortage — and workers aren’t biting
The restaurant industry is starved for workers –and some operators are going to desperate lengths to reel in prospective hires.
James Meadowcraft, a McDonald’s manager in Tampa, Fla., recently advertised plans to pay $50 per job interview on the sign outside his location that sits along a busy thoroughfare. READ MORE
Why you should put salaries on your job ads
Startups are big fans of ‘competitive salaries’. Head to a tech jobs board and you’ll see what I mean.
But all this competitiveness has to stop. Every single job description should show a salary or salary range — and there are no excuses. READ MORE
CEO Pay Trends During the Pandemic Show More Than Meets the Eye
CEO pay fell in 2020 at the largest U.S. companies, according to a new report from Equilar. The Equilar 100, an annual study of the 100 largest U.S. companies by revenue to file a proxy statement prior to March 31, found that total CEO compensation was $15.5 million at the median, down 1.6% from $15.7 million in the 2019 study.
Meanwhile, median revenue for the largest 100 companies to file by March 31, 2021 was $37.4 billion, up slightly from $37.3 billion the year prior. READ MORE
Some CEOs Are Hearing A New Message: Act On Climate, Or We'll Cut Your Pay
Corporate America wants you to know that it takes climate change seriously. But how can you tell if businesses will follow through?
Here's one idea that's catching on: Cut the pay of corporate leaders if they don't meet their climate goals. READ MORE
Compensation And Benefits Considerations In The American Rescue Plan Act Of 2021
The American Rescue Plan Act of 20211 (the ARPA or the Act) was signed into law on March 11, 2021. Among myriad other topics, the Act builds upon, modifies, or otherwise addresses the relief promulgated in the Coronavirus Aid, Relief, and Economic Security (CARES) Act and Consolidated Appropriations Act (CAA).2 In addition, the Act includes several new provisions in light of the ongoing COVID-19 pandemic that impact employee benefits and executive compensation. READ MORE
Berkshire directors rebuked over pay for likely Buffett successors
The shareholder adviser ISS is recommending investors withhold their votes from four directors at Warren Buffett’s Berkshire Hathaway in a rebuke of the company’s executive pay policies. The refusal to back the re-election of four members of Berkshire’s compensation committee reflects concern over the pay packages awarded to vice-chairs Greg Abel and Ajit Jain, who ISS said earn some of the largest base salaries of any executives at US public companies. READ MORE
Still weighing vaccine incentives? Here’s what 12 employers have done
COVID-19 vaccination is vital to end the pandemic, but it’s not proving to be an easy task. Although vaccines are here and are becoming more widely available, skepticism and hesitation still surround the shots, and scores of Americans say they do not plan to get vaccinated. That’s where employers come in.
Employers are widely seen as essential in encouraging employees to get inoculated and boost vaccination numbers across the country. READ MORE
Kyrsten Sinema Wears 'Fuck Off' Ring After Controversial $15 Minimum Wage Vote
Democratic Arizona Senator Kyrsten Sinema posted a photo of herself brandishing a ring that read "Fuck Off" a little over a month after she voted against a measure to increase the federal minimum wage to $15 an hour.
The Arizona Democrat, 44, posted the picture on Instagram on Sunday as she continues to face a backlash from within her own party for voting against the $15 minimum wage, and for teaming up with Senator Mitt Romney (R-UT) on an $11 proposal. READ MORE
The Pandemic’s Effect on Measured Wage Growth
Usually when we see rising wages, the economy is growing. So how is it that April 2020 – the month when the U.S. economy lost 21 million jobs – saw some of the fastest wage growth in recent memory? And if wage growth slows in the coming months, or even goes into negative territory, what would that tell us about the economic recovery? We explain in this blog why we believe that two measurement issues—composition of the labor force and base effects—explain these trends and why average wage data will be easy to misinterpret in the coming months. READ MORE
Shareholder groups urge 'no' vote on GE exec pay
The two most influential proxy advisory groups came out last week against General Electric Co.’s compensation packages for CEO Larry Culp and other top executives, taking particular umbrage with last year’s changes to Culp’s employment agreement.
Institutional Shareholder Services Inc. and Glass Lewis & Co. both advised GE shareholders to cast “nay” votes on the Boston-based company’s executive compensation at its annual meeting May 4. The pay-package vote is non-binding. READ MORE
Tech billionaires are staying “very, very quiet” on proposals to tax their wealth
Billionaires like Bill Gates have long said that they, theoretically, would be in favor of paying much more money in personal taxes.
And yet Gates and some of the wealthiest people in the world are staying silent on a series of active proposals that would do just that, sidestepping a legislative package in their home state of Washington that targets them specifically. READ MORE
A catch-22 for women: Negotiating for higher pay can backfire, study finds
Working women have been tutored to "lean in" when it comes to pushing for higher pay on the job — after all, passively accepting an employer's first offer may not pay off, the thinking goes. But negotiating for more women or a promotion may not be so simple, even for high-powered women with strong bargaining positions, a recent study concludes. READ MORE
CEO who gave employees $70K minimum wage says revenue tripled 6 years later
A CEO who cut his own salary to give all of his employees a minimum wage of at least $70,000 per year says his company's revenue has tripled since he made the move.
"6 years ago today I raised my company's min wage to $70k. Fox News called me a socialist whose employees would be on bread lines," Dan Price, the CEO of Seattle-based credit card processing company Gravity Payments, tweeted Tuesday. "Since then our revenue tripled, we're a Harvard Business School case study & our employees had a 10x boom in homes bought." READ MORE
How Organizations Can Recover from the Pandemic’s Impact on Pay Equity and Transparency
The gender pay gap has taken a hit during the pandemic, with economists predicting it may take nearly 20 years to recover to pre-pandemic levels of equality. At the same time, the workplace has been completely transformed, likely for good, with changes resulting from an overnight switch to remote work and fluctuating economic uncertainty.
But how have these changes impacted worker perceptions of their employers, and where do employees’ priorities stand moving forward? READ MORE
GE boss faces revolt over bonus as shareholder adviser bares its teeth
General Electric is heading for a showdown over a $47m bonus for its chief executive Larry Culp, after the two largest shareholder advisers recommended investors vote against the pay package in protest at the decision to relax his performance targets. READ MORE
House Democrats advance equal pay bill over Republican objections
House lawmakers on Thursday passed legislation targeting the gender pay gap, known as the Paycheck Fairness Act, though the bill advanced without the support of Republicans.
The final vote tally was 217-210.
Rep. Brian Fitzpatrick, R-Pa., was the only Republican that voted in favor of the measure, as noted by C-Span reporter Craig Caplan. READ MORE
Closing the gap: Examining executive compensation packages for women
While women have made progress with representation in the C-suite and on company boards, there is still a big gap. According to McKinsey & Company's 2020 Women in the Workplace Study, the number of women serving in the C-suite has increased from 17% in 2015 to 21% in 2020. However, when you look at the top C-suite roles, named executive officers (NEOs) for proxy reporting, the gap enlarges to seven to one, according to Morningstar research on proxy disclosures of the Russell 3000 companies. READ MORE
New Legions of Remote Workers Puts Geographic Pay Policies in the Spotlight
Geographic pay policies, a.k.a. localized compensation, are in flux. Of the 62% of organizations with existing geographic pay policies, 44% are considering modifying or have recently modified their policies due to the increase of full-time remote work, according to WorldatWork's Geographic Pay Policies Study. With 67% of employees expecting their compensation to reflect their location, geographic pay is a critical issue for employers 1) striving to improve the workforce experience and 2) recruiting/retaining top talent. Pay policy prevalence, geographic pay philosophies, determinants of employees' geographic pay location, modification approaches, remote work flexibility, and limiting factors, among other variables, were measured. Organizations and employees were surveyed separately. READ MORE