The past few years have seen increasing awareness of how inequality is in the very structure of our society. Despite decades of campaigning and some welcome steps in the right direction, there is still a long way to go. One measure that has come to prominence is the gender pay gap, which has managed to persist despite many laws intended to address the issue. While society clearly must move on this, what can women, or anyone who feels they deserve more, do while they wait for the world to catch up? READ MORE
Knowing What Your Co-Worker Makes Doesn’t Close the Pay Gap
Salary transparency is intended to help address inequities. But making the number public doesn’t seem to move the needle. READ MORE
Inflation Eats at Surging U.S. Pay
Americans are enjoying outsized pay boosts this year from desperate employers, but the raises are failing to keep pace with surging prices for everyday goods. U.S. wages likely posted a third strong monthly gain to fuel a 3.6% increase in June from a year earlier, according to economists’ forecasts ahead of the Labor Department’s jobs report due Friday. Companies including FedEx Corp. and Olive Garden owner Darden Restaurants Inc. are raising wages to attract staff. READ MORE
Biden to those making $400K: I love you but I don't mind if your taxes go up
President Biden traveled to La Crosse, Wisconsin Tuesday to drum up support for a bipartisan infrastructure deal reached last week that he touted will only raise taxes on those earning more than $400,000.
"We’re going to get it all done without raising taxes on a single American making less than $400,000," Biden said. "Now all of you making over $400,000, I love you. But I don’t mind a little bit if your taxes go up a little bit." READ MORE
NY prosecutors examining cash bonuses at Trump Organization, sources say
New York prosecutors investigating the Trump Organization are scrutinizing cash bonuses as part of their focus on whether the company failed to pay taxes on benefits provided to some of its employees, people familiar with the matter say.
The interest in cash payments, which has not been previously reported, is part of investigators' look at whether executives and the company failed to pay appropriate taxes on benefits, including school tuition, cars and rent-free apartments, the people said. READ MORE
First-year analysts at JPMorgan will now make $100,000
Hiring bonuses luring unemployed Americans back to work as extra benefits end
As businesses struggle to onboard new employees, a number of companies started offering one-time bonuses in hopes of luring people back to work – an incentive that's proven popular so far, according to two new studies.
The number of job listings that are advertising hiring bonuses has more than doubled compared with last year, findings published by Indeed show. At the same time, job searches for signing bonuses, retention bonuses and cash incentives have surged 134% since January. READ MORE
ADJUSTING THE LEVERS OF COMPENSATION
What are other companies doing when it comes to salary increases, bonuses and other compensation? With respect to rewards, this is by far the most common inquiry we’re hearing from MorganHR clients right now. The question reflects the sense of uncertainty organizations are feeling about the future in the face of the global pandemic.Companies across industries have been forced to pivot like never before in almost all business areas — from customer service and supply chain/logistics to recruiting and HR. A Harvard Business Review article points to Spotify, which relies on advertisers for revenue, successfully pivoting to original content in the form of podcasts. Artists and users uploaded more than 150,000 podcasts in just one month. And, Unilever has prioritized packaged food, surface cleaners and personal hygiene products over other products such as skin care. READ MORE
During COVID-19, most Americans got richer - especially the rich
The coronavirus pandemic plunged Americans into recession. Instead of emerging poorer, many came out ahead.
U.S. households added $13.5 trillion in wealth last year, according to the Federal Reserve, the biggest increase in records going back three decades. Many Americans of all stripes paid off credit-card debt, saved more and refinanced into cheaper mortgages. That challenged the conventions of previous economic downturns. In 2008, for example, U.S. households lost $8 trillion. READ MORE
Compensating a Remote Workforce
Over the past year, remote work has enabled employees across industries to become adept at virtual collaboration. Technology has transformed meetings where co-workers, colleagues and clients have become familiar online faces.
Employers have realized efficiencies in remote work productivity as they continue to hire and onboard new employees virtually. This flexible work model expands the reach for skilled talent by allowing employers to recruit from new locations while scaling down on overhead expenses. READ MORE
Salaries And Job Opportunities For Data Scientists Continue To Rise
The just-released 2021 edition of Burtch Works survey of data scientists and analytics professionals has found that median base salaries were not noticeably impacted by the Covid-19 pandemic and remained relatively steady over the past year. While this year’s survey was conducted by the executive recruiting firm relatively early in the economic recovery, the data collected shows salary growth picking up in 2021. With a growing economy resulting in increased hiring, Burtch Works is predicting salary increases in next year’s report. READ MORE
Colorado remote workers need not apply: Companies avoid state due to salary-posting law
To state Sen. Jessie Danielson, it’s just “shameful.”
Companies large and small have been barring workers in Colorado from applying for remote work positions in what appear to be efforts to bypass a state law mandating companies provide salary ranges when posting job openings in the state.
“This is a remote job except that it is not eligible to be performed in Colorado,” a listing for an account manager position with short-term vacation rental giant Airbnb says. READ MORE
Professionals see evolving ESG links to executive compensation
Amid growing investor pressure for companies to link executive compensation – at least to some degree – to ESG factors, there remains widespread uncertainty about how boards should approach the issue. But the outline of best practice is beginning to emerge, according to professionals. READ MORE
Inflation's Return Will Affect Compensation
A recent spike in prices is expected to drive salaries and hourly wages higher next year. If rising inflation is sustained, employers will need to alter their anticipated budgets for benefits and compensation costs going forward. READ MORE
Signing Bonuses, Airbnb Rentals And Bigger Paychecks: How Startups Are Competing For Top Talent In 2021
As the U.S. economy heats up and a new paradigm of remote work means employees expect flexible work arrangements, startups are finding themselves vying for top talent in a hyper-competitive market.
Tech companies have always been ahead of the curve when it comes to employee benefits and perks (Free lunch! Wellness stipends! Booze in the office!). But remote-friendly policies mean that tech workers in 2021 have more options in where to work than ever, and that in turn means companies are doling out signing bonuses, flexible work hours, and other perks to compete for talent. READ MORE
NCAA plans to have temporary student athlete compensation measures in place by July 1
The NCAA plans to implement interim measures that would allow college athletes to profit off their name, image and likeness (NIL).
The measures are intended to be in place by July 1, NCAA president Mark Emmert said in a memo sent to member schools and obtained by CNN Wednesday. READ MORE
New Salary Range Disclosure Law May Create Headaches for Connecticut Employers
Connecticut joins a small handful of other jurisdictions with similar laws, including Colorado, which enacted a law that became effective in early 2021. The perceived burden of Colorado's law has been so great that there are several published accounts of national employers excluding Colorado-based workers from job postings for remote positions to avoid salary range disclosures. READ MORE
Got A Job Offer? Seven Tips For Negotiating Your Salary
When looking for a new job, getting an offer is only half the battle. The most nerve-wracking part of the process may come when it's time to negotiate the offered salary. Many don’t know how to do it and many more are simply too afraid to ask for fear of appearing pushy. However, negotiation doesn’t have to be an intimidating process.
To help, seven members of Young Entrepreneur Council share their best pieces of advice for negotiating your salary after receiving a job offer. Here are their recommended strategies and why they believe more job seekers should follow them. READ MORE
Elizabeth Warren Demands Wealth Tax, Says Jeff Bezos Gets Same Salary as Teacher
Senator Elizabeth Warren (D-MA) has renewed her call for a wealth tax on some of the richest people in the United States and singled out Amazon CEO Jeff Bezos for his relatively low salary.
Warren took to Twitter on Friday and highlighted the fact that while Bezos is worth tens of millions of dollars, he draws a salary roughly equivalent to a Massachusetts public school teacher. READ MORE
Are You Trying to Substitute Compensation for Management?
There's a common trap that a lot of CEOs fall into when it comes to designing their compensation plans. The mistake so many leaders make is that they try to create a commission or bonus plan that does their managing for them. In other words, they try to substitute compensation for management. Over time I have come to realize that there is no perfect compensation program and ultimately one must do management. Let me explain what I mean. READ MORE