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Ernst & Young employees who got their paychecks last week suddenly discovered that the funds were reversed from their bank accounts, as the accountant giant on Tuesday worked with its payroll vendor to fix the issue.
One of the “Big Four” accounting firms, with offices in Boston and Cambridge, blamed its payroll vendor ADP for the reversal of payroll funds from employees’ accounts. READ MORE
Workers in the United Kingdom are struggling with the biggest drop in pay in more than two decades, as surging food and energy prices take a giant bite out of wages.
Real pay — workers' wages that take inflation into account — slumped by 2.8% between March and May compared to the same time last year, according to data released Tuesday by the Office for National Statistics. READ MORE
White-hot inflation is forcing American workers to effectively take a pay cut, federal data revealed on Wednesday.
Real average hourly earnings — a measure of wages after adjustments for inflation — dipped by 1% in June compared to May, according to a Bureau of Labor Statistics release. READ MORE
Backed by numerous labor organizations, the ballot initiative entitled the California Living Wage Act of 2022 proposed increasing the California minimum wage over the next three years. The initiative would require California employers with 26 or more employees to pay minimum wage rates of $16 by 2023, $17 in 2024, and $18 by 2025. READ MORE
Big wage gains for lower-paid U.S. workers, a hallmark of the pandemic economy, were concentrated in less expensive cities, according to a new study that points to another potential stumbling block in getting the job market fully back to normal.
The study, released on Thursday by payroll processor ADP, analyzed wage gains in U.S. cities before and after the coronavirus pandemic for salaried workers in the bottom 5% of the wage distribution. READ MORE
The ability to work remotely, which rose in popularity over the course of the pandemic, has become so valuable to employees that they're willing to trade pay raises in order to maintain the option to work from locations outside of their employers' offices, according to a new research paper from the National Bureau of Economic Research (NBER). READ MORE
As more employees work remotely in the aftermath the global COVID-19 pandemic, salaries based on where in US they live are showing signs of leveling.
For example, a recent study by fintech startup Carta found that salaries for tech startup employees in Seattle now match those of workers in San Francisco, which is a tech market salary leader. READ MORE
Despite the likelihood of the recession that’s looming in the not-too-distant future, 64% of U.S. companies plan to budget for an overall average salary increase of 4.1% in 2023. That’s up slightly from 2022 (4.0%) and the highest since the Great Recession of 2008.
And it’s all thanks to the Great Resignation that created a tight labor market that has more job openings than bodies to fill them. READ MORE
If you, like millions of Americans, work for a startup or in the tech industry, you have likely been offered a grant of options or restricted stock units (RSUs) when you got your job offer.
Kyle Holm is the vice president of total rewards advisory at Sequoia Consulting Group, which works with clients on designing their compensation programs. He said in technology and life sciences industries, offering a grant of options is a very common scenario. READ MORE
Through the Tax Cuts and Jobs Act of 2017, Congress attempted to curb CEO pay by repealing a long-standing exemption that allowed companies to deduct large amounts of qualified performance-based pay. New research finds the change has had little effect, with CEO pay either staying the same or growing after the law made it more costly to award executives with high levels of compensation. 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
A new study from a team of researchers found that a 2017 tax policy aimed at curbing executive compensation had basically zero effect. READ MORE
In 2020, office workers were liberated from their cubicle farms and nasty commutes, as companies embraced what was supposed to be a temporary experiment with remote work while the pandemic raged. Approaching three years later, more than a third of American workers say they're still able to work from home full time, and almost a quarter say they can do so part time, according to a recent poll by McKinsey & Company. In total, almost six in ten of the 25,000 Americans polled said they could work from home at least one day a week. READ MORE
Over the past couple of years, the rapidly changing economic environment has forced companies to quickly pivot between compensation strategies to effectively attract, retain and incentivize employees. The sharp economic downturn at the onset of the global pandemic presented a challenge from a human capital management standpoint. READ MORE
Culture wars continue to polarize U.S. politics, but Americans on both sides of the cultural divide should agree that the growing gap between the richest Americans and average folks undermines democracy. The average compensation for a CEO at the country’s largest companies hit $20 million this year, up 31% since 2020. That’s 275 to 350 times the wages of median workers. READ MORE
This is a true story. Names and identifying details have been changed to protect the innocent.
Nancy had a feeling that $40,500 was a good reasonable compensation figure for her as owner of Nancy’s Nail Salon. She didn’t have any facts or data to back it up, but she wasn’t trying to get away with anything either. Her accountant thought it felt right, too. Who would check, anyway? Nancy just wanted to get back to the salon and keep making money. Her accountant jotted down $40,500 and reported that to the IRS.
Turns out Nancy’s feeling was correct. READ MORE
I have a full-time job, but last week I spent Wednesday volunteering at a local homelessness charity.
How? Luckily for me, my organisation is one of the 70 companies that began piloting a four-day working week with no reduction in pay earlier this month. It’s already looking like one of the best decisions we ever made. READ MORE
President Joe Biden's administration unveiled the annual salaries for all of its White House employees Tuesday, sending the list of all 474 employees to Congress.
The salaries range from $0 per year to $180,000, with the vast majority of employees making over $100,000. White House press secretary Karine Jean-Pierre is one of 24 employees who make the maximum $180,000, alongside domestic policy adviser Susan Rice and a smattering of other legal and policy advisers. READ MORE
Pay for essential workers is rising, but many say it’s still not enough.
Some 29 out of 30 essential-worker roles in industries such as public safety, food service, construction, maintenance and social work had a pay increase from 2019 to 2022, according to a report by compensation management platform Payscale. READ MORE
Inequality threatens global stability; as the gap between rich and poor increases, it places in peril the viability of the global economy. Companies and the financial sector have a vital role in creating an economy that supports decent livelihoods and sustainable growth and better wages are a big part of the equation. READ MORE