Your Custom Text Here
New York City businesses are pushing back on a law that would require them to publish salary ranges on job ads, intended to close the racial and gender wage gaps, with some citing concerns that it will hinder their diversity efforts in hiring.
The legislation was approved by New York City Council in December 2021, became a law when Mayor Eric Adams declined to veto it by January 2022 and is set to go into effect May 15. READ MORE
How can a founder or CEO all but ensure success? While there’s a case to be made for company vision, product, time-to-market and even luck, many serial founders say nothing is more critical than a solid executive team. About 900 leading venture capitalists agree (registration required), citing company leadership as the most important determinant of portfolio companies’ triumphs and failures—“by far.” READ MORE
A small but growing number of employees are asking for cryptocurrency as a form of compensation. Whether a substitute for wages or as part of an incentive package, offering cryptocurrency as compensation has become a way for some companies to differentiate themselves from others. In a competitive labor market, this desire to provide innovative forms of compensation is understandable. But any company thinking about cryptocurrency needs to be aware of the risks involved, including regulatory uncertainties and market volatility. READ MORE
Worries about wage inflation have been ‘overdone’, a think tank has said, arguing that headline figures fail to take into account the end of the furlough scheme.
Since restrictions began to lift at the beginning of this year, employers have faced warnings of record wage inflation, with official figures showing nominal pay grew 4.1 per cent in the year to January 2022, compared to an average of just 2 per cent in the decade before the pandemic. READ MORE
Fear of a 1970s-style wage-price spiral is being used by central banks to stiffen monetary policy - but by slowing economies now they may just exaggerate an overarching long-term ill of falling real incomes.
For decades, policymakers used anxiety about wage growth chasing inflation higher, thereby pushing up prices further in a self-reinforcing loop, as reason to pre-emptively slow economic activity and quickly snuff out periodic pops in inflation. READ MORE
More women in tech are talking about their salaries in an effort to close the wage gap.
When former Apple software engineering author Kate Rotondo negotiated to work from home one to two days a week before the pandemic and an offer for more money than she'd made previously, she thought she was in a pretty good place. READ MORE
A nonprofit organization released a report on Friday showing Minor League Baseball players are largely unsatisfied with workplace conditions and pay, with 72 percent of respondents in a survey saying their needs were not met by current wages, which the organization contends is under the federal minimum wage. READ MORE
A survey by Robert Half International Inc. (NYSE: RHI) found employers have concerns over pay equity between newly hired employees and staff members that have been around for a while.
The company said 56% of C-suite executives have seen salary discrepancies between new hires and more tenured staff in the past year indicating pay compression. And 62% are regularly reviewing compensation plans and increasing salaries for existing employees to align with current market rates. READ MORE
The Great Resignation looms large in any HR team’s vision, and the culture of retention is evolving rapidly.
Employees aren’t satisfied with average pay and average benefits anymore. Even an above-average salary isn’t enough if an employee doesn’t care about their work. READ MORE
Goldman Sachs’ plan to pay a $30 million one-time bonus to Chief Executive David Solomon and a $20 million bonus to Chief Operating Officer John Waldron is “excessive,” proxy adviser Glass Lewis argued Friday.
The shareholder advisory firm told Goldman shareholders they should vote against the executive pay package that contains the one-time gift bonuses. READ MORE
The Internal Revenue Service (IRS) is proposing rule changes to Section 403(b) retirement plans that might change required minimum distributions (RMD), how to start accessing the funds, and the accounting methods for plan administrators. The adjustments are due to changes in various laws updated in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). Among the adjustments made by sections of the SECURE Act apply to an employee who dies on or after Jan. 1, 2020, with a later effective date for certain collectively bargained plans or governmental plans. READ MORE
Employers have written a letter of opposition to the New York City Council expressing support for a newly introduced bill that would create loopholes to the soon to be enacted “salary range law.” READ MORE
After protests, U.C.L.A. took down a job posting that offered no pay. But it turns out colleges often expect Ph.D.s to work for free. READ MORE
An investor is asking other investors to help him oust the Genworth Financial directors who serve on the Genworth board compensation committee.
Scott Klarquist — the president, CEO and chief investment officer at Seven Corners Capital Management — announced the effort in an open letter to Genworth shareholders that was filed Wednesday with the SEC. READ MORE
You’ve probably read a lot about rising wages.
In the 12 months through March, average hourly earnings soared 5.6% for American workers.
Things are going especially well for chief executives. READ MORE
Nearly 1,100 of Activision Blizzard's U.S.-based temporary and contingent quality assurance (QA) workers who test the company's video games will be given full-time status starting July 1. The move will increase Activision Publishing's total full-time staff by 25%. READ MORE
Walmart is raising pay for long-haul truck drivers, a taxing job that is increasingly difficult for companies to fill.
Walmart (WMT), one of the few retail chains that runs its own trucking fleet, said it's raising the average starting salary for first-year drivers from around $88,000 to a range of $95,000 to $110,000. READ MORE
Members of the non-profit Association of BellTel Retirees, Inc. have proposed shareholder proxies this year to strengthen the clawback policy and limit executive golden parachutes at Verizon (NYSE:VZ). The annual shareowners meeting will be held on May 12, 2022, in Irving, Texas. READ MORE
On March 30, 2022, Washington Governor Inslee signed into law a bill that will require employers to include a salary or pay range, as well as information about other compensation and benefits, in each job posting. The bill revises the existing state law that requires only that employers provide the minimum wage or salary for a position to an applicant after an offer of employment has been made. The new law takes effect on January 1, 2023. READ MORE
On Thursday, Federal Reserve Chairman Jerome Powell revealed that inflation reached a new 40-year peak in February, buoyed by supply problems and strong consumer demand in the United States.
Powell’s revelation that the personal-consumption-expenditure (PCE) price index climbed 6.4% in February from a year ago further stokes ongoing speculation around the economy and what it means for employee wages, which have mostly grown alongside inflation. READ MORE