A new front has emerged in state and local governments’ attempts to address pay inequity. Once an addendum to broader laws restricting the ability of employers to ask about pay during the hiring process, pay disclosure requirements have now become full-fledged, targeted pieces of legislation in a growing number of jurisdictions. READ MORE
Repricing Underwater Options
Public companies in a number of sectors have recently experienced a significant decline in their share price. In addition, the conflict in Ukraine and macro-economic factors continue to impact the economy. Nevertheless, the labor market remains tight and companies are struggling to retain talent. This goal can be undermined when stock options awarded during better times are “underwater” and have therefore lost much of their incentive value. Pressure can quickly mount on boards and management to address this mismatch by “repricing” such underwater options. READ MORE
Executive pay hit a record high for the sixth year in a row, led by a post-pandemic boom in travel and tech
The job interview question that helped this 25-year-old negotiate her salary
Hannah Williams has no problem sharing how much she makes. She doesn’t mind asking other people about their pay, either.
By day, Williams, 25, works as a senior data analyst and earns $115,000 per year. READ MORE
Negotiating a job offer works: 85% of Americans who counteroffered were successful
When it comes to negotiating a job offer, if you don’t ask — you won’t receive.
It turns out many don’t ask, according to a survey from Fidelity Investments.
Some 58% of Americans accepted the initial offer at their current position without negotiating, the survey found. READ MORE
A Moderna exec will be paid $700,000 despite leaving his job after 1 day, a report says
A senior executive will be paid $700,000 in severance, despite only spending a day in his new job at vaccine maker Moderna, reports suggest.
On Wednesday, the pharmaceutical giant announced that its chief financial officer, Jorge Gomez, had departed the company "effective immediately," following a disclosure by his former employer that it's investigating financial misreporting. READ MORE
Amazon CEO's $214 million pay package is 'excessive' and should be vetoed by shareholders
Amazon CEO Andy Jassy's pay package is too high.
That's according to the investor advisory firm Institutional Shareholder Services. "The value of the new CEO's $214 million award is excessive in the context of an internal promotion," ISS wrote in a report shared with clients on Thursday, the Financial Times reported. READ MORE
Clarification on OFCCP’s New Compensation Directive 2022-01
Speaking to the Institute For Workplace Equality during its 2022 Annual Summit in Washington D.C., personnel from the U.S. Department of Labor Solicitor’s office (OFCCP’s attorneys) clarified the intent of the Agency’s new Compensation Directive 2022-01. Speaking to conference attendees, Beverly Dankowitz, Associate Solicitor for the Civil Rights and Labor- Management, explained the purpose of Directive 2022-01: Pay Equity Audits is to promote greater attention to proactive audits, sharing that the Directive was in no way intended to chill contractors’ work on pay equity. READ MORE
Workers Expect Equal Pay, DE&I Policies from Employers
Exhibiting sound ethical and cultural practices significantly influences an employer's recruitment and retention efforts, according to a new study by the management services company ADP. READ MORE
LinkedIn to Pay $1.8 Million to Settle Women's Wage Discrimination Claims
LinkedIn Corp., the online professional-networking platform, has agreed to pay $1.8 million to nearly 700 female workers in California after the Department of Labor (DOL) alleged that these workers were subjected to "systemic, gender-based pay discrimination." READ MORE
79 Percent of Employees Want Greater Pay Transparency
The movement for greater pay transparency is flourishing over the past year as many U.S. states are enacting laws requiring employers to share estimated salary ranges in job postings.
Although "pay transparency" encompasses a broad range of practices -- from listing employees' salaries to publicizing compensation policies -- it essentially boils down to employers sharing compensation practices more openly than what's traditionally expected. READ MORE
New York City Council Delays Effective Date Of Salary Disclosure Law
The New York City Council passed a salary disclosure law, Int. 134-A, at the beginning of this year in an effort to increase salary transparency and decrease wage disparities based on gender and race. The law was due to take effect this Sunday, May 15.
After the publicity and significant pushback from the business community, the City Council has amended the law to extend the compliance date, clarify some rules, and modify other rules. READ MORE
College grads prioritizing flexible work options over salary
When you think about the people graduating from college this month, you may think because of the growing cost of living, salary and sign-on bonuses could be their top priorities.
It turns out the top priority for their first job is actually remote or flexible work. READ MORE
DOL Expected to Raise the Salary Basis Threshold
The United States Department of Labor (“DOL”) is expected to propose a new salary threshold for various overtime exemptions under the Fair Labor Standards Act (“FLSA”). The new proposal is likely to be issued in the near future and could be issued as early as this month. Many expect the DOL to increase the threshold from its current minimum salary amount of $684/week—potentially impacting millions of employees across the United States. READ MORE
Should you tell your coworkers your salary — or keep it a secret?
The job market is hot and so are salaries. People are quitting jobs in record numbers, often because they’ve landed a new gig with better pay. Some 40% of people who’ve switched jobs said they got a raise of 10% or more at their new company, an April survey by the tax-advisory firm Grant Thornton found. Meanwhile, wages are rising overall as employers seek to lure talent, and new state and local laws are requiring companies to be more transparent about pay. READ MORE
How to Identify Top ESG Priorities
As investors, regulators, and stakeholders increasingly recognize environmental, social and governance (ESG) risks and opportunities as financially material, companies are looking for ways to link management incentives with ESG performance on climate change, diversity and inclusion, and other key issues. Though integrating ESG goals into the existing compensation program may seem like the obvious next step, there are several processes that board members need to implement first—and critical questions that they need to address—to ensure the new compensation structure is appropriately tied to corporate strategy. READ MORE
Manufacturing Wages Lag US Average in Era of Amazon
Manufacturing jobs aren’t what they used to be. Long seen as a dependable way to earn a middle-class living without a degree, the average manufacturing wages—according to U.S. Bureau of Labor Statistics data—have fallen behind average wages for the entire economy. READ MORE
I found out I was underpaid. Now I create TikTok videos asking strangers how much money they make to help break the taboo around discussing pay.
Last summer, I was in a bad situation. I was burned out, I learned I was underpaid, and I asked for more money but they denied me. It was a really low point in my career. READ MORE
Higher Compensation, Work-Life Balance and Remote Work Are the Top Priorities for Tech Pros
After a year of uncertainty in 2020, 2021 was one of transition for technology professionals. Since the pandemic had illuminated the importance of technology, IT continues to provide a stable and steady career. However, employees now hold more leverage with employers. IT professionals today say what matters most to them about their jobs are overall work-life balance (46%), vacation time/paid time off (42%), having their opinion and knowledge valued (40%), and telecommuting/working from home (40%). However, among the 37% of IT professionals who say they are currently looking for a new job, 76% said the main reason is for higher compensation, followed by a desire for more interesting work (41%), seeking more personal fulfillment (39%) and a dislike of their current company’s culture (32%). READ MORE
How much do you make? Online, HR professionals are sharing their compensation data.
What’s the going rate for the personnel recordkeeper, benefits wiz, self-trained Excel guru, emotional-support person, leadership liaison, and office morale hype-person, otherwise known as an HR generalist? And whatever that number is, is it really enough? READ MORE