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Microsoft Corp. said it plans to "nearly double" its budget for employee salary increases and boost the amount of stock compensation it gives some workers by at least 25 percent, in an effort to retain staff and help people cope with inflation.
The move, effective in the fiscal year beginning July 1, will mainly affect "early to mid-career employees," the software firm said in a May 16 statement to employees, obtained by Bloomberg News. READ MORE
As executive pay swells, investor support is declining, according to a new report from ISS Corporate Solutions (ICS).
The firm, which is a division of proxy advisory firm Institutional Shareholder Services Inc. (ISS), reported that shareholder support for so-called “say-on-pay” advisory votes on executive compensation declined to its lowest level since advisory votes were made mandatory in 2011. READ MORE
Federal contract service workers have lost hundreds of millions of dollars in pay and benefits and are at risk of losing more because of bureaucratic fumbling.
A new report by the government’s main watchdog says poor communication among agencies, poor tracking of cases and poor use of enforcement tools could result in cheating workers on federal projects out of even more compensation due under the Service Contract Act (SCA). READ MORE
Nick Saban had a lot to say about teams potentially abusing the new Name, Image, and Likeness rules on Wednesday. First, he attacked Jimbo Fisher and Texas A&M, saying they “bought every player.”
But Fisher wasn’t the only coach Saban went after. He also criticized Deion Sanders and Jackson State, saying they openly paid a player to attend their school without any consequences. READ MORE
Attracting and retaining talent have always been critical components in organizations’ plans. In the era of the Great Resignation and the great return, it has become more important and more competitive to carry out this goal. READ MORE
Gen Z and millennials, like millions of other Americans, are looking for a new way to work.
Stressed and burned out, many have walked away from their jobs. Others still plan to do so, according the Deloitte Global 2022 Gen Z and millennial survey. READ MORE
Citi's Institutional Client Group Chairman Leon Kalvaria noted on Wednesday that "people are worried about a recession" as inflation outpaces wage growth.
Speaking on "Mornings with Maria," he noted that "a recession, at the end of the day, comes from the consumer side of the equation." READ MORE
In a hiring landscape where job positions for retail store managers and sales managers are growing at a rate of 7%, according to the U.S. Bureau of Labor Statistics, and roughly 27,900 new sales manager jobs should be created between 2020 and 2030, superstore Walmart is seriously concerned about having enough managers in the near future. READ MORE
Intel shareholders voted last week against the company’s compensation for its top executives, according to an regulatory filing published on Monday.
The vote is advisory, and won’t immediately affect the compensation of Intel’s executives, but sends a signal that some Intel investors are closely watching the performance of CEO Pat Gelsinger and the progress of his turnaround plan for the chip giant. READ MORE
After just one day on the job, Moderna’s then brand new finance chief Jorge Gomez left the Cambridge, Mass.-based COVID-19 vaccine maker on May 10, the same day his former employer, Dentsply Sirona, publicly disclosed an ongoing internal investigation into certain matters, including financial reporting, at the manufacturer of dental techologies and products. READ MORE
The United States Soccer Federation (USSF), the United States Women's National Team Players Association (USWNTPA) and the United States National Soccer Team Players Association (USNSTPA) have agreed to a deal that achieves "equal pay and set the global standard moving forward in international soccer." READ MORE
In an unusual rebuke for Jamie Dimon, CEO of JPMorgan Chase & Co, shareholders on Tuesday clearly disapproved of the special $52.6 million stock option award directors gave him last year to stay on the job for at least five more years. READ MORE
The U.S. labor market has been on a roller coaster ride, from massive job losses at the start of the COVID-19 pandemic to unprecedented growth in last year.
According to the Economic Policy Institute, the labor market lost 22 million jobs in spring 2020. In the past 12 months, however, the economy added 6.6 million jobs and is on track to return to pre-pandemic labor market conditions before the end of 2022. Unfortunately, there are not enough people looking for work to fill available positions. According to the Bureau of Labor Statistics, nearly 5 million people, who left the workforce at the start of the pandemic, have not returned and are not looking for work. READ MORE
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
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
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
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 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 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