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A study conducted at business.org found Nike, Amazon and Walmart have the largest wage inequalities between CEOs and the company’s average worker.
At the Bentonville-based retailer, CEO C. Douglas McMillon reportedly makes $22,105,350 a year, while the average employee salary is $24,960. That means employees would need to work 35,425 hours a week to earn CEO salary. READ MORE
New York City has a longstanding history as a Mecca for some of the world's brightest minds and most sought -after talent. If it weren't competition enough as it is, NYC just took a seemingly small step, that will prove to greatly extend its lead after passing a new law requiring employers to post salary on job listings. And its effects will be felt amongst companies in all corners of the country come April when it is enacted. READ MORE
In 2021, personalization has already become a “baseline expectation” for businesses’ customers, and now, human capital is also catching up. While in 2019, 72% of companies have made little to no effort to personalize the benefits they offer their employees, the ongoing Great Resignation—a term for the massive withdrawal of people from their current jobs—has sparked an interesting debate on how to attract and retain talent. Today, many thought leaders have concluded that it’s personalized compensation that turns the tables. READ MORE
Most people want to find a job that keeps up with inflation and provides some level of work-life flexibility, but they also want to be happy. After all, most Americans spend at least eight hours a day working — and often without paid time off.
It’s the $125,000 question in an increasingly unpredictable labor market: How can you have it all? Is there a career that comes with the prospect of a six-figure income, high job satisfaction and has enough job openings to make it a real possibility? READ MORE
Proxy advisory firm Institutional Shareholder Services Inc. (ISS) plans to launch a new data verification service ahead of the upcoming proxy season.
ISS said that its new portal for U.S. corporations, which will be operational Jan. 10, marks a major expansion of its data verification program used by companies that are covered by the firm’s research and voting recommendations. READ MORE
The Department of Labor (DOL)’s recently issued supplementary statement on including private equity (PE) investments in defined contribution (DC) plans is a cautionary reminder, particularly for smaller plan sponsors, not a reversal of policy or a substantive change to prior guidance, retirement industry experts say. READ MORE
In addition to the proposed rules regarding insider trading policies that we wrote about a few weeks ago, the Securities and Exchange Commission has also proposed amendments to its rules regarding disclosure about stock buybacks. The proposed rules would require an issuer to provide a new Form SR before the end of the first business day following the day the issuer executes a share repurchase. The new Form SR would require issuers to identify the class and total amount of securities purchased, the average price paid, and whether the amounts were repurchased in reliance on the safe harbor found in Exchange Act Rule 10b-18 or pursuant to a Rule 10b5-1 plan. READ MORE
Google is giving four of its top execs a significant pay bump, raising their salaries from $650,000 to $1 million, just weeks after the company told staffers it wouldn’t automatically adjust salaries to account for inflation. The new executive salaries were disclosed in an SEC filing. READ MORE
Cryptocurrency is gaining popularity and moving to the mainstream. This digital currency is used to buy goods and services, but it uses an online ledger with solid cryptography to secure online transactions. Some organizations have created their currencies, which can be traded within the company for their services. They are essentially like arcade tokens; one must exchange real currency to access cryptocurrency to retrieve a good or service. READ MORE
This White Paper highlights some of the principal annual or quarterly reporting requirements for employee stock plans that multinational companies most commonly encounter when offering these programs to their employees in selected jurisdictions worldwide. A chart summarizing these items appears at the end of this White Paper. Please note that this White Paper does not address routine, year-end tax reporting obligations nor does it cover filings that are required for purposes of relying on a securities law-related exemption tied to the grant of an equity award. READ MORE
When an employer acknowledges that "idle time" spent by employees on the return leg of a work flight is compensable travel time, attempts to deduct an hour of mealtime from their overtime pay for the flight violate the Fair Labor Standards Act (FLSA), the 11th U.S. Circuit Court of Appeals ruled. READ MORE
The New York City Council has approved a bill that will require New York City employers to include salary ranges with any job advertisements. The stated purpose of the amendment is to further the city’s effort to achieve pay equity. Similar efforts previously resulted in the introduction of laws prohibiting New York employers from asking job applicants about their salary histories. READ MORE
While many advisors excel at rainmaking, they often lack skills around hiring and compensation. Getting this right is even more important in a tight job market to prevent crippling business mistakes. Barron’s Advisor spoke to several experts who routinely counsel financial advisors about hiring and compensation best practices. Here are their recommendations: READ MORE
After many delays, employers nationwide just filed their 2020 EEO-1 reports in November. But it’s already time for California employers to begin preparing their annual pay data submission to the Department of Fair Employment and Housing (DFEH).
The Background
In 2020, California Governor Gavin Newsom signed into law Senate Bill (SB) 973, which creates massive pay reporting requirements for California employers that also file EEO-1 Reports. Under SB 973 private employers with 100 or more employees and at least one employee in California must report certain pay and related data to DFEH. READ MORE
Americans have a cultural aversion to discussing personal income. A 2018 survey from Capital Group found “salary or household income” to be Americans’ foremost conversational taboo, ahead of “marriage problems, mental illness, drug addiction, race, sex, politics, and religion.” And when it comes to the corporate world, many companies make it a matter of policy to keep the reality of who makes how much locked in a figurative vault; according to 2021 research from the Institute for Women’s Policy Research, “nearly half of full-time workers reported they were either discouraged or prohibited from discussing wages or salary” between 2017 and 2018. READ MORE
The California Court of Appeal has definitively resolved an issue that was until now somewhat ambiguous: Can volunteers in fact volunteer their time for nonprofit organizations without receiving pay or other forms of compensation? The answer is YES. READ MORE
The world's richest man started the new year richer, with Tesla founder Elon Mask adding $32.6 billion to his net worth bringing his fortune to $304.2 billion.
Musk's windfall once again took his worth over the $300 billion mark that he briefly passed in November, becoming the first person to ever do so. READ MORE
Warren Buffett, the ninth-richest person on the planet, says it's not up to him to settle a strike by 450 steelworkers at a company he owns.
Sen. Bernie Sanders wrote a letter to the Berkshire Hathaway CEO, requesting that he intervene in a United Steelworkers union strike at the Special Metals plant in Huntington, West Virginia. They've been on strike for three months. Special Metals is a unit of Precision Castparts, which is owned by Buffett's Berkshire. READ MORE
It’s now a common job interview question. It can also be a trap. Here’s how to answer. READ MORE
A frequent criticism leveled against executive compensation is that “it’s just not fair.” If looking purely at the statistics, one may draw a similar conclusion.
The average annual pay for United States workers in 2020 according to Bureau of Labor Statistics was $52,168, while the average CEO/median worker pay ratio disclosed by the S&P 500 was 299:1. The total pay for CEOs in the 300 largest US companies reviewed by Korn Ferry increased by approximately 7% annually over the last decade, while that for the average worker went up only 3%. READ MORE