While Americans rang in 2022, small businesses across the country braced for a gut punch to their budgets. Twenty-two states raised their respective minimum wages on January 1 and another three are scheduled to do the same later this year. Additionally, more than 50 cities and counties are jumping on the bandwagon. READ MORE
The Cities With the Top Tech-Salary Increases in 2021 May Surprise You
The pandemic has seen workers move away from expensive places like Silicon Valley and New York City and take jobs in new, more affordable cities. What regions should you consider? Dice looked at salary trends in 2021 and revealed some of the top places for tech workers in search of high salaries to live. READ MORE
The SEC's Ears Remain Perked for an Abundance of Executive Perks
As we continue our review of FY 2021 SEC enforcement activity, we turn our attention to a topic that, if not already a key focus for publicly traded companies, should be. As part of their effort to recruit and retain leadership, public companies often provide benefits to their executives beyond salary and performance-related bonuses, such as use of a corporate aircraft, car allowances or country club memberships. READ MORE
Why 2022 Is the Year of Pay Transparency
Employers looking to create more equitable workplaces are expected to embrace the policy of full transparency around salaries. READ MORE
Bank of America is giving workers $1 billion of stock
Bank of America is handing out $1 billion worth of restricted stock to virtually its entire workforce as the bank seeks to gain an upper hand in the war for talent.
In a memo shared exclusively with CNN, Bank of America CEO Brian Moynihan said Tuesday the company is for the first time opening up its stock awards program to lower-level employees who make up to $100,000 a year. In the past, those employees received a one-time cash bonus. READ MORE
CEO says revamped general manager incentives program will retain talent for long haul
Restaurant chain Bar Louie revamped its benefits program for general managers, offering rewards from profit-sharing bonuses to three-week sabbaticals, in order to try and combat the coronavirus-related labor crunch.
Bar Louie, like the rest of the industry, has been grappling with labor challenges, CEO Tom Fricke told FOX Business. READ MORE
Elon Musk is about to get a lot richer
It's been a rough start to 2022 for the world's richest person. He's not too worried, though.
Elon Musk's holdings of Tesla stock have lost about $30 billion this year through Monday's close, as the stock slid 12%.But the next 12 months could be the most lucrative ever for Musk. If analysts are correct, Tesla will report strong financial results this year that will net Musk billions of dollars in stock awards. READ MORE
It’s tough to sustain wage gains of 5% to 6% without ‘meaningfully high’ inflation
Goldman Sachs’ chief economist said it would be difficult to sustain wage gains of 5% to 6% without causing “meaningfully high” inflation.
Jan Hatzius told CNBC on Tuesday that the pace of wage increases in the U.S. needs to slow down, as inflation heats up and becomes a central focus for the Fed and markets alike. READ MORE
On-Demand Pay: A Win-Win for You and Your Employees
On-demand pay, also known as earned wage access, is no longer just a want but a need of employees across the country. Gone are when employees had to wait two weeks to receive the money they had already earned. On-demand pay gives employees immediate access to their earned but unpaid income between pay periods, effectively eliminating the traditional payday. READ MORE
Determining Pay for Digital Nomads
We know that the rise of the remote worker has been going on for some time.
COVID-19 has accelerated the push, to say the least. The arrival of the coronavirus pandemic forced millions of American employees to transition to remote work on a dime, with many deciding they’d like to continue working remotely for the long haul. READ MORE
What’s happening with the SEC’s key agenda items?
Although there is an SEC open meeting scheduled for this week, the commissioners won’t be taking up any proposals from Corp Fin at that meeting (see the agenda). That’s a little puzzling given that the SEC’s agenda for Corp Fin was near to bursting, especially for highly anticipated disclosure proposals on climate and human capital, among other things. READ MORE
Burnt Out Amazon Employees Are Embracing the Great Resignation
Long hours and an unusual pay structure are credited for attrition challenges. READ MORE
‘That raise meant nothing’: Inflation is wiping out pay increases for most Americans
After years of barely budging, wages are finally up. But the same strong recovery that is emboldening workers is also driving up inflation, leaving most Americans with less spending power than they had a year ago. READ MORE
Tech salaries just hit record highs. But nearly half of IT staff still feel underpaid
A "widespread hunger" for technology professionals has see the average salary for technologists in the US hit a record high of $104,566 in 2021 – and yet, nearly half of tech workers feel they are underpaid.
The latest Dice Tech Salary Report found that 61% of technologists received a salary increase last year, up from 52% in 2020. Web developers saw the biggest increase in pay, shooting up by more than a fifth (21.3%) to $98,912, while the highest salaries were demanded by IT management, whose pay rose 6% to $151,983 between 2020 and 2021. READ MORE
Pay Transparency, Pay Equity, Salary History—What’s New for 2022
The new year ushered in new laws in states and cities across the U.S. requiring companies to post salary ranges on jobs, refrain from asking about job candidates’ salary history, and more. Christine Hendrickson, vice president of strategic initiatives at Syndio, a tech company that helps employers analyze pay data, details some of the new laws and what employers must do to comply. READ MORE
SEC Revives Proposal for Executive Comp Clawback Rules
The Securities and Exchange Commission (SEC) recently signaled a renewed interest in implementing the incentive-based compensation recovery (clawback) provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) by reopening the comment period on proposed regulations it issued more than six years ago, but never adopted. READ MORE
Biden's $15 minimum wage hike for federal agencies goes into effect
Federal agencies are being directed to raise the minimum wage for government employees to $15 an hour, according to new guidance from the Office of Personnel Management. READ MORE
Trucking company enacts largest pay increase in history
A major trucking firm in the U.S. just enacted a major pay increase for its drivers – the largest in the decades-old company's history, in fact.
KLLM Transport Services is boosting pay up to 33% for its over-the-road truckers and for trainees coming out of its academy, while regional company drivers and independent contractors will see a hike of 10 to 16% starting next month. READ MORE
A professor said her students think average Americans make six figures. That's a long way off.
The question asked by Nina Strohminger to her students at the Wharton School at the University of Pennsylvania was straightforward: What did they think the average American makes in annual wages? READ MORE
Weil’s Nomination to Be DOL’s Wage and Hour Administrator Advances
On Jan. 13, a Senate committee voted in favor of David Weil's nomination to be the U.S. Department of Labor's (DOL's) wage and hour administrator, a position he held during part of the Obama administration. Now his nomination moves to the full Senate. We've gathered articles on the news from SHRM Online and other outlets. READ MORE