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The pandemic has changed everything about work.
Far more people now work remotely. Hybrid and flex work arrangements are all the rage. Employees are quitting in droves in the Great Resignation. There’s the labor shortage, the skills gap, and remote hiring. The list goes on. READ MORE
Want to make more money? Maybe you should threaten to quit.
That’s what workers told us they are doing — and it’s working, as we lay out in this story about the labor market. At a time of unexpectedly high demand for talent, employees are securing offers from different firms to land raises at their current jobs. Some have even increased their pay by around $100,000. It’s happening in other parts of the world, too. But experts say depending on where you live, your time may be running out. READ MORE
Stanford Graduate School of Business Dean Jonathan Levin praised the adaptability and resilience of his school’s most recent graduating MBA class last month to mark the release of Stanford’s 2021 employment report. But the words Levin chose could apply to just about all of the MBAs from the top B-schools in the United States.
“More than other classes,” Levin said, “the Class of 2021 learned how to deal with ambiguity and uncertainty, and to be adaptable and resilient. We are thrilled to see how they are applying what they have learned, going on to incredible roles in numerous industries.” READ MORE
Whether to pay any travel time for employees under the Fair Labor Standards Act (FLSA) can be complicated. Employees who believe they should be compensated for that time often challenge non-payment. A dispute over travel time with one employee can sometimes even blossom into a class action lawsuit involving a large number of employees and former employees. An oilfield employer recently found itself battling exactly that sort of expanding lawsuit. READ MORE
Almost 75% of CFOs say their job is impacted by environmental, social and governance (ESG) performance expectations but only 6% of them have their pay tied to how well they do against those goals, a Deloitte survey shows.
The finding suggests a disconnect between the importance companies say they place on ESG performance and the incentives they give their finance leaders to meet their goals. READ MORE
Job listings can be extremely detailed, with long lists of responsibilities and required skills, descriptions of company culture and perks, and numerous other reasons for why you might want to work there. But there's often one glaring omission: the pay.
Only about 12% of postings from US online job sites include salary ranges, according to Julia Pollak, chief economist at ZipRecruiter. And that's an increase from 8% in 2019. READ MORE
Inflation surged again in January, notching another four-decade high as strong consumer demand and pandemic-related supply-chain snarls fueled rapid price gains that wiped out the benefits of rising wages for most Americans. READ MORE
A new pulse survey by Salary.com reveals that employees perceive a pervasive lack of pay transparency and pay equity at their organizations. Only 23 percent of employees said their employer is transparent about how people are paid in their organization and that it is okay to ask questions about their salary. Meanwhile, almost half (46 percent) of employees do not think they are paid fairly compared to people in the same role at other companies and over a third (37 percent) do not think they are paid fairly compared to their internal colleagues. Against the backdrop of a heated war for talent, this perception of unfair pay does not bode well for organizations, particularly as compensation ranked as the top consideration of respondents when evaluating a company for employment. READ MORE
A new law in New York City will require employers and hiring managers to include salary ranges for all job postings and advertisements.
The law, which was adopted on Jan. 15, is set to go into effect on May 15, and will be applicable to all employers with four or more employees. The goal of the regulation is to encourage pay transparency and lessen the gender pay gap by requiring employers to list the minimum and maximum salary that they would pay for each new position or internal transfer. READ MORE
If you've gotten a job offer from a fast-growing startup, you'll likely be offered equity as part of your compensation package.
Equity is the number of shares you are given in a company, meaning that you "own" a small portion of the company. The company's founders and investors will hold a majority stake, but employees are still given their fair share. READ MORE
“The Big Quit,” also known as the Great Resignation, has had a dramatic impact, not just on employee turnover and the loss of talent, but across all aspects of business from supply chain challenges to workforce law changes, product pricing impacts and wage and benefit budgetary concerns. With turnover surging at more than 50% across the country, and inflation surpassing 7% at the end of 2021, it is important to look at the impact all of this has on employee wages. READ MORE
Rob Markey of Bain & Company's global customer strategy and marketing practice wrote a great series of Harvard Business Review articles awhile back on the perils of linking pay to customer feedback. As any of us who've considered using customer feedback metrics in incentive design know, this can be a potential minefield.
Markey's cautionary advice on pay linkage is well written and worth our consideration beyond the boundaries of customer feedback metrics ... before we link anything to pay.
With that in mind, let's consider his five essentials — preconditions for trust and credibility — in the context of broader compensation design: READ MORE
Half of all small-business owners gave raises to employees in January, the highest number in 48 years, fueled by the Omicron variant slamming the labor market.
An additional 27% of small businesses plan to raise worker compensation within the next three months, according to a Thursday survey from business advocacy group the National Federation of Independent Business. READ MORE
The SEC recently has proposed rules designed to hamper corporations’ repurchases of their own shares, a practice that boosts share prices, providing enormous benefits to investors. The proposed rules will require the company to report the share repurchase within a day of the transaction, rather than the current practice of a quarter-long delay. Additionally, the proposed reporting would be more comprehensive. READ MORE
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