Largest Salary Increase in 10 Years for Treasury and Finance Professionals

Now in its 34th year, the Association for Financial Professionals (AFP) Compensation Survey was conducted in February 2022. The survey collected data on total compensation earned during the 2021 calendar year, as well as data on base salaries effective January 1, 2022. Key among the findings was the fact that financial professionals gained an average 4.4% base salary increase in 2022, a 1.5% gain over the previous year. The increase in salary breaks down further as a gain of 4.3% for executive- and management-tier professionals, and a gain of 4.5% for the staff-tier. READ MORE

NYC pushes back pay transparency law to the fall

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

New York City Council Passes Amended Salary Disclosure Law, Paving the Way for Enactment

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

Advocates push for salary transparency as states work to close pay gaps

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

Balancing Employee Compensation With Shareholder Return

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

NYC Wrestles With Salary Disclosure in Job Ads

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

Young workers share salary information as pay transparency gains steam

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

NYC salary transparency law likely to remain unchanged; additional guidance provided

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