Companies face unique challenges with their salary increase budgets this year. For the past decade, merit budgets have hovered around 3%, but current trends suggest that salary increase budgets are rising to levels not seen in more than 20 years. As a result, companies are assessing how they can meet strategic objectives amid rising inflation and tough competition for talent. READ MORE
Michael Jordan tops richest athlete list years after retirement
Michael Jordan is the G.O.A.T. in more ways than just how much he won on the basketball court.
The Chicago Bulls legend, Charlotte Hornets team owner and Jordan Brand creator topped the list of highest-paid athletes of all time by Sportico on Thursday. Jordan retired from playing after his final season with the Washington Wizards in 2003. READ MORE
Microsoft to Nearly Double Salary Budgets, Expand Stock Compensation
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
Investor unease with CEO pay growing
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 workers lose millions to bureaucratic fumbles
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
Deion Sanders Rips Nick Saban Over Pay-for-Play Accusations
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
The important compensation metric that most employers ignore
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
Here’s what Gen Z and millennials want from their employers
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
Inflation outpacing wage growth creates recession concerns
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
Walmart Offers a $200,000 Salary for Store Managers
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 reject executive pay
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
Moderna may seek to claw back payments to ex-CFO
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
US Soccer agrees to equal pay deal
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
JPMorgan shareholders reject $52M payout to CEO Jamie Dimon
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 Impact of Pay Compression on Pay Equity
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 running list of states and localities that require employers to disclose pay or pay ranges
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