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The startlingly rapid pace of job creation in January captured all the headlines Friday. But other details contain the biggest implications for markets in the months ahead: namely, wage growth.
Why it matters: Wages soared last month, great news for workers seeking bigger raises that help keep up with inflation. But that could fuel higher inflation in the future and prompt a more aggressive response from the Federal Reserve. READ MORE
As ordered by the Biden administration, the Department of Labor’s new minimum wage hike, which requires federal agencies to pay their contractors a $15-per-hour minimum wage, has officially taken effect.
At first glance, the policy appears to impact only government employees, or at least that’s how it’s being presented to the public. But the fine print tells a different story — and reveals how much the president has exceeded his constitutional authority. READ MORE
New York City businesses and residents will see a change this spring when a new law forcing companies to post salary ranges on job postings officially goes into effect.
The bill was approved by a 41-7 city council vote on December 15 and went into law January 15 when Mayor Eric Adams declined to veto it. It prohibits employers from posting job listings without minimum and maximum salary information. READ MORE
New York City is betting that publicly showcasing salaries will narrow its gender wage gap. Women working year-round and full-time in the world’s leading financial center took in only 85 cents for every dollar their male colleagues earned in 2019, according to Census data. READ MORE
When Victoria Walker traveled to the Caribbean this week, her plan was to unplug.
For three days, she'd relax on a beach in Saint Kitts, drinking mimosas and listening to the waves crash against the shore, in part to celebrate a new chapter in her life: The 28-year-old had left her job as a senior travel reporter for the Points Guy, joining millions of people in the "Great Resignation" sweeping the U.S. workforce. READ MORE
Negotiating salary for a new job is stressful. The chance to do so only happens every so often, and when the moment comes, it feels both high stakes and extremely personal. READ MORE
It started with a simple question: Do bilingual MBA grads make as much money as those that only speak English?
It was a random salary question asked by a commenter on a YouTube video my business partner and I were watching during a break from work, but it left us scratching our heads. READ MORE
For many people, wanting a bigger salary is a major motivating factor for looking for a new job. While it’s not the only consideration, if you can earn more money doing the same work elsewhere, it’s worth at least exploring your options. But to do that, you first need to believe in the possibility of being paid more for the same work. READ MORE
With a challenging job market and an ever-present skills gap within the security industry, prospective employees and students determining their career trajectories want to know: “What does the compensation look like?” While salary and compensation won’t prevent burnout or reduce on-the-job stress levels, it’s certainly an important metric within the industry that allows security peers to see where their position lies within the average. It can also be an attractive selling point for recruiting others into the industry. READ MORE
SEC Commissioner Alison Herren Lee recently availed herself of the opportunity presented by the re-opening of the comment file on the Dodd-Frank rule "requiring companies to disclose the relationship between executive compensation actually paid and the financial performance of the company" to invite comments opining on "performance metrics related to, for example, climate, diversity, and other company-specific ESG goals." In other words, SEC Commissioner Lee has used her platform at the SEC to provide public support for the notion that executive pay at regulated companies should take into account the implementation of ESG goals. READ MORE
The SEC published in the Federal Register a reopening of the comment period on a proposal to amend the executive compensation disclosure rule ("Item 402 of Regulation S-K"). The new deadline for comments is March 4, 2022. READ MORE
WorldatWork's "2021 Total Rewards Inventory Programs & Practices" survey reveals compensation practices are starting to return to normal at most organizations. Market-based adjustments (not COLA) are rising to pre-pandemic levels and, similarly, hazard/call-in pay are beginning to level back down. READ MORE
Lots of workers are getting raises, but for many, the pay hikes won't buy them more at the grocery store or car dealership. In fact, wages are behind where they were when the pandemic began, if you take rising prices into account. READ MORE
A federal judge has dismissed a lawsuit by Colorado rafting outfitters who object to paying a $15 hourly minimum wage to seasonal employees under a new federal rule, rejecting their argument that their permits to use federal land for overnight trips don’t make them federal contractors who must pay the wage. READ MORE
Americans' paychecks continued to rise at the end of 2021. But along with that, so did prices.
Compensation for American workers climbed 4% between December 2020 and December 2021, marking the biggest increase since the fourth quarter of 2001, according to the Bureau of Labor Statistics. READ MORE
The federal government, led by the U.S. Department of Labor, is moving forward on implementing the provisions of President Biden’s Executive Order 14026, which was signed in April 2021. Most new federal government contracts or contract extensions awarded after January 30, 2022 will require contractors—and subcontractors—to pay their service and construction workers at least $15/hour. READ MORE
Pay equity, or the desire to achieve it, has been a hot topic for employers in the United States in the past several years. Due to a recent increase in legislation in many states and local jurisdictions, pay equity no longer just means ensuring women and other marginalized groups are being paid similar to their male counterparts who are performing similar jobs. READ MORE
Public companies in the United States would be required to disclose how the pay of their top executives squares with their overall performance under a Securities and Exchange Commission rule proposed on Thursday. READ MORE
The pandemic has upended millions of American lives, and for many has made them reconsider priorities around work.
That’s prompted many to quit jobs amid the so-called Great Resignation. In November, a record 4.5 million workers left their jobs, according to data from the Labor Department. READ MORE