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Despite soaring inflation, the federal minimum wage in the US has remained stalled at $7.25 since July 2009.
In 2021, President Joe Biden issued an executive order instituting a $15 minimum for federal contractors and this spring called on Congress to raise the rate for all workers, but efforts in Congress to raise the base pay nationwide have proven unsuccessful. READ MORE
There’s no doubt that the pandemic shifted gears up a notch for government departments and businesses when it came to cloud adoption. Those who had already put strategies in place thanked their lucky stars — it was relatively straightforward to send teams home, and work could more or less seamlessly carry on with a few adjustments. READ MORE
The experts are clear when it comes to whether you should disclose your salary: Information is power. But according to new data from LinkedIn, many American workers are still reluctant to talk about how much money they earn.
Millennials in the workplace have long been viewed as a cohort that is more open about salary information than their predecessors. Over the years, a number of companies, like Whole Foods Market, even followed the trend around transparent pay, encouraging internal conversations about salaries among workers. READ MORE
In 2021 and 2022, the IT labor market has significantly tightened, making it very difficult to attract and retain talent. It’s no wonder that the Gartner Global Labor Market Survey consistently shows compensation is the No. 1 driver for IT talent attraction and retention.
While employees were once satisfied with their salaries and benefits, the pandemic — among other global events — has caused a shift, and many are now seeking new employment with better compensation packages and more flexibility. CIOs must decide how to address skills shortages and whether to offer higher compensation, perks and incentives, training and reskilling to increase retention. READ MORE
Chief executive officers at the largest U.S. corporations saw their total compensation increase last year at the fastest pace since 2014, a new analysis of corporate proxy disclosures shows.
Significantly larger annual incentive payouts and higher values for long-term incentives drove big increases in total pay, according to analysts at consultancy WTW. READ MORE
Small businesses continued to add jobs in June and worker wages continued to grow at a strong rate, but the pace of growth moderated slightly from previous month. These insights are according to the latest Paychex | IHS Markit Small Business Employment Watch. The Small Business Jobs Index for June was 100.81, up 2.32 percent from over a year ago and -0.06 percent from the previous month. Average hourly earnings growth for the month stood at 5.10 percent, compared to 5.16 percent from May 2022. READ MORE
The remote work revolution has left many employers scrambling to rethink long-held policies and practices. Among the most important is how to pay remote workers.
"Over the past five or 10 years, employers have grown more comfortable hiring remote talent, but how to pay those people has not kept up," said Jason Adwin, senior vice president with consulting firm Segal in New York City. READ MORE
The job landscape in the United States is dramatically shifting: The COVID-19 pandemic has redefined essential work and moved workers out of the office. New technologies are transforming the nature of many occupations. Globalization continues to push jobs to new locations. And climate change concerns are adding jobs in the alternative energy sector while cutting them from the fossil fuel industry. READ MORE
A worker in Chile submitted his resignation and could not be found after his job accidentally paid him about 330 times his salary because of a payroll error, according to reports.
The worker, a dispatch assistant at cold meats manufacturer Consorcio Industrial de Alimentos, received a paycheck of 165,398,851 Chilean pesos, or $180,418, for the month of May. He was only supposed to be paid about 500,000 Chilean pesos, or $545. READ MORE
Candidates are bolder now and you better be prepared. READ MORE
Institutional investors filed a record number of shareholder resolutions this proxy season as they pushed companies to go both deeper and wider on ESG issues.
For recurring ESG concerns such as climate change and diversity, investors pushed public companies to go deeper by providing quantitative reporting and specific plans. READ MORE
Gov. Kathy Hochul has scrapped an executive order issued by predecessor Andrew Cuomo that sought to prevent state-funded service providers from paying “excessive” salaries to executives.
Cuomo’s 2012 edict capped executive salaries for thousands of not-for-profit providers at $199,000. Salaries could only get bumped with a waiver or approval from the state budget director. READ MORE
Environmental, social, and governance (ESG) investing continues to evolve as investors look for better ways to engage with companies. Most of ESG investing has focused on the environmental values of a company, but that is changing. With more focus now being tied to the “S” and “G” in the acronym, many firms are being forced to navigate a different atmosphere with a variety of issues being addressed. One of which hits them right in the corner office. READ MORE
In an ideal world, employers would have nothing stopping them from providing higher salaries to all their workers, and raw passion would be the principal factor motivating employees to do their jobs. But, sadly, we don’t live in that kind of realm.
Money matters and numerous aspects affect whether companies can ensure pay raises. Even if they love their job roles, employees can’t sustain their lives and maintain high well-being levels without a paycheck. READ MORE
On June 8, 2022, the Securities and Exchange Commission (SEC) reopened the comment period for its proposed rule implementing the incentive-based compensation recovery (clawback) provisions of the Dodd-Frank Act. The SEC had previously reopened the comment period in October 2021, more than six years after the regulations were first proposed in July 2015, making this newest reopening the third opportunity for interested persons to comment on aspects of the proposed rule. READ MORE
For the past 40 years or so, frontline workers in America have been getting a smaller and smaller slice of the economic pie. As corporate profits and executive compensation packages have soared, employees at many of the country’s biggest companies wound up taking an effective pay cut, year after year. READ MORE
Amid rising wages, record inflation, low unemployment rates and pushes for pay equity, now is the time to talk about employee compensation—an HR topic that has never been so important. READ MORE
Rising food costs. Soaring fuel bills. Wages that are not keeping pace. Inflation is plundering people’s wallets, sparking a wave of protests and workers’ strikes around the world.
This week alone saw protests by the political opposition in Pakistan, nurses in Zimbabwe, unionized workers in Belgium, railway workers in Britain, Indigenous people in Ecuador, hundreds of U.S. pilots and some European airline workers. Sri Lanka’s prime minister declared an economic collapse Wednesday after weeks of political turmoil. READ MORE
In recent years, a number of states have passed laws prohibiting prospective employers from asking applicants about their salaries in their current jobs or overall salary history. However, these laws may not restrict employers from asking applicants about their salary needs or expectations for the advertised position. Asking questions such as these during job interviews could raise questions with regard to compliance with federal equal pay laws. READ MORE