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Job listings could get much more interesting in New York City this fall. Starting Nov. 1, employers will be required to post the maximum and minimum salary for a role, so you can actually know how much a job pays before you take that interview.
Why it matters: This is quickly becoming a thing. Salary transparency is believed to be a way to diminish unfair gender and racial pay disparities, and more states and cities are doing it. READ MORE
An often-explored theme of this blog is the frequency with which similarly situated owners of similarly situated closely held business, facing a similar set of economic circumstances, and presented with a similar set of choices, will repeat the mistakes made by countless taxpayers before them. READ MORE
Skyrocketing inflation is robbing Americans of their raises.
Total compensation costs for civilian workers declined 3.7% over the past 12 months ending in March, after accounting for inflation, according to the Employment Cost Index report published Friday. READ MORE
On April 28, 2022, the New York City Council passed Int. No. 134-A, which revises Local Law 32, New York City’s previously enacted salary disclosure law. In order to become law, the bill must be signed by New York City Mayor Eric Adams. While the mayor has thirty days to consider the bill, timing is key as the current salary disclosure law is set to take effect on May 15, 2022. If the mayor signs the bill, the effective date of the salary disclosure law would be pushed back to November 1, 2022. READ MORE
A growing number of cities and states are rolling out laws requiring businesses to be more forthcoming with how much their job openings pay to close the pay gap for women and people of color.
At least seven states and multiple cities have passed laws requiring more transparency with salary information over the last four years. The amount of information required varies between places, but most require salary information to be available upon request or after an interview, with exceptions for small businesses. READ MORE
The pandemic, and the Great Resignation that came with it, may have put a lot of people in the market for new jobs. In 2021, an average of more than 3.98 million workers quit their job each month. This marks the highest rate of workers willingly leaving jobs since the Bureau of Labor Statistics began reporting the numbers in December 2000. READ MORE
Companies usually have multiple stakeholders they have to cater to including customers, employees, shareholders and vendors. The order in which these stakeholders are listed is important because this is the hierarchical importance many companies assign to each of these stakeholders. Some CEOs also might argue that the communities that the company operates in or the broader society as a whole also are stakeholders. READ MORE
Airbnb staff will be able to work from almost anywhere they want, the company has announced, and they won’t see their pay docked if they move outside metropolitan areas. READ MORE
According to Glassdoor, 60% of employees accept the first offer and don’t negotiate their salary. Now that is a lot of missed opportunities and money left on the table—especially with the times we are in right now and after the Great Resignation (4.3 million people left their jobs in January 2022). The market for job seekers demanding salary negotiation assistance has consistently risen. READ MORE
Help wanted. The job: putting one of the nation's most far-reaching salary disclosure laws into practice. Location: New York City. Just four months ago, lawmakers overwhelmingly voted to require many ads for jobs in the city to include salary ranges, in the name of giving job applicants—particularly women and people of color—a better shot at fair pay. But on the cusp of implementing the measure, lawmakers will likely vote Thursday to postpone it for five months after employers waved red flags. The debate marks a prominent test for a burgeoning slate of US "pay transparency" laws. And the answer seems simple to Brooklyn restaurant server Elizabeth Stone. READ MORE
Newly minted graduates are in for a shock.
Although the job market and starting salaries for the Class of 2022 look significantly better than last year, they may fall far short of graduates’ expectations. READ MORE
Businesses in New York City are facing a new pay transparency law that will likely cause strife among current employees. READ MORE
Talking about how much money you make is generally seen as taboo.
Yet many younger workers are doing just that, according to a Bankrate.com survey. READ MORE
How much does Waffle House pay its workers? That question is getting plenty of discussion on TikTok, thanks to one woman’s viral video.
The clip comes courtesy of a 20-year-old Waffle House employee named Nirajah Taylor (@nirajah.t). According to her post, the TikToker has been working at the 24/7 diner chain since she was 16. READ MORE
Pay-for-performance (PFP) compensation systems were invented in the industrial age to drive individual performance — and despite research showing that this approach is ill suited to much of the knowledge work performed in organizations today, the practice persists as the norm. READ MORE
Talking about how much money you make is generally seen as taboo.
Yet many younger workers are doing just that, according to a Bankrate.com survey.
Some 42% of Gen Z workers, ages 18-25, and 40% of millennial employees, ages 26-41, have shared their salary information with a coworker or other professional contact, the survey found. The poll was conducted by YouGov Plc, Feb. 16-18 among 2,449 adults, and of those 1,416 were either employed or looking for work. READ MORE
Amazon is doubling its maximum base pay to draw new hires and retain talent, but some employees say the subsequent raises still aren't enough to keep workers at the company as it faces a wave of attrition. READ MORE
The Great Resignation was partly prompted by workers’ desire to achieve job satisfaction, and according to new research, that looks different than it has in the past.
Although more money and PTO may seem like workers’ most wanted perks, new research shows that they are now prioritizing a flexible work schedule. READ MORE
The New York City pay transparency law requires that NYC employers with four or more employees include the salary range of the position in job postings. In March, new legislation was introduced in the New York City Council to amend the law. This bill, if passed, would amend the law in a few critical aspects. Among other things, the amendment would (i) push the effective date of the law from May 15, 2022 to November 1, 2022; (ii) exclude employers with fewer than 15 employees; (iii) change references to the term “salary” to read “hourly or salary compensation”; and (iv) amend the law so that it would not apply to general notices without reference to particular positions and to positions that are not required to be performed at least in part in NYC. READ MORE
Despite the pandemic, executive recruiters face one of the strongest candidate markets in the past twenty years. You have more negotiating power than ever for executive compensation.
When it comes to executive equity compensation, do you know that there are differences between employee equity from a corporation and an LLC? This article explains two types of employee equity you can receive from an LLC, how they compare to equity in corporations, and what favorable terms to negotiate for your executive equity compensation package. READ MORE