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Women have historically been paid less than men. But in the US in the 1980s, they began to catch up — fast. During that decade, the gender pay gap closed by about one percentage point a year. Had that trend continued, a new study finds, the gender wage gap would have reached parity by 2017.
But the trend didn’t continue, and the gap still hasn’t closed. READ MORE
Employers with stock listed on a national security exchange will become subject to a new final rule mandating the implementation of a policy that will require employers to recoup incentive-based compensation from officers who were compensated on the basis of incorrect financial reporting. READ MORE
Employers looking to hire employees in the new year are likely going to have to shell out more money than ever.
With inflation still high and the labor market still hot, the minimum salary that employees say they would take for a job—known as the reservation wage—has risen to its highest level. The new bottom line: nearly $74,000. READ MORE
This month, laws went into effect in California and Washington State that required companies to post salary ranges on job listings. Like similar rules in New York City and Colorado, lawmakers passed them on the premise that pay transparency helped reduce wage gaps. READ MORE
The salary transparency movement is well on its way to becoming the new norm as a handful of states pass legislation on the practice—however employees still need to be careful about old taboos around their income, experts have warned. READ MORE
On August 25, 2022, the SEC adopted final rules requiring public companies to disclose the relationship between the executive compensation actually paid to the company’s named executive officers (NEOs) and the company’s financial performance. The final rules implement the “Pay Versus Performance” disclosure requirements mandated by Section 953(a) of the DoddFrank Wall Street Reform and Consumer Protection Act enacted in 2010 (Dodd-Frank Act). READ MORE
The Federal Trade Commission (FTC) announced a notice of proposed rulemaking on January 5, 2023, that would ban employers from entering into or maintaining noncompete clauses with their workers. The proposal was issued in response to President Joseph Biden’s July 9, 2021 executive order and related statements calling on the FTC to ban or limit employment contract restrictive covenants that restrict workers’ freedom to change jobs. READ MORE
In their battle for talent, employers are beefing up ancillary retirement plans they call non-qualified deferred compensation plans for their high-level executives, according to a survey from the Plan Sponsor Council of America released on Jan. 11. READ MORE
For many employers, a new year is a new opportunity to update policies, procedures, and agreements—including restrictive covenants. In addition to ensuring compliance with applicable state requirements as to timing, consideration, and restrictions, companies need to be aware of applicable compensation minimums for employees being asked to sign noncompetition and nonsolicitation agreements. With the start of the new year, many states have increased minimum compensation floors for such employees. READ MORE
Apple CEO Tim Cook has agreed to cut his pay this year after shareholders rebelled.
The world’s largest tech company said it would reduce Cook’s target pay package to $49 million, 40% lower than his target pay for 2022 and about half Cook’s $99.4 million total compensation that he was granted last year.
The vast majority of Cook’s 2022 compensation — about 75% — was tied up in company shares, with half of that dependent on share price performance. READ MORE
Home improvement retailer Home Depot is making a nationwide change to how it pays hourly employees next week.
"As laws, technology and workplace practices continue to evolve, we’re changing our practice nationwide effective Jan. 16, 2023, to pay hourly associates to the nearest minute based on exact time punches," a Home Depot spokesperson confirmed to FOX Business. READ MORE
Apple Chief Executive Tim Cook's pay package for the fiscal year 2023 is expected to be smaller than last year.
Don't worry about Cook, though it may be 40% lower, but the target is still $49 million.
According to regulatory filings, his compensation will depend more on how well the iPhone maker's shares perform relative to market peers. READ MORE
Employers with stock listed on a national security exchange will become subject to a new final rule mandating the implementation of a policy that will require employers to recoup incentive-based compensation from officers who were compensated on the basis of incorrect financial reporting. READ MORE
It used to be taboo to ask about salary—while that's no longer true, there's a right way to go about asking for and negotiating salary. READ MORE
Have you ever wondered what might happen to you if you either get injured or die in the United States while working for your firm?
If you're lucky, your company has enrolled you in a salary continuation scheme, whereby an agreement is in place for you or your family to receive either a percentage or your salary in full following the incident. READ MORE
According to the federal government, “[a]lthough the gender pay gap has narrowed since the signing of the Equal Pay Act of 1963, women earned 82 cents for every dollar a man earns, according to 2020 data from the Bureau of Labor Statistics.”1 As a result, women would have had to work an extra 42 days to earn what men did in 2020.2 And according to the Department of Labor, “[m]any women of color were paid even less. For example, Black women were paid 64%, and Hispanic women (of any race) were paid 57% of what white non-Hispanic men were paid.”3 To level the playing field, state and local governments are turning to pay transparency laws to try to reduce and ultimately eliminate the gender pay gap. READ MORE
American Airlines may be regretting its decision last year to unilaterally hike regional pilot pay to historically high levels, according to Raymond James analyst Savanthi Syth.
The Fort Worth, Texas-based carrier fundamentally changed the economics of regional flying when it raised pilot pay at its three wholly-owned affiliates — Envoy, Piedmont Airlines, and PSA Airlines — to nearly the level earned by its own pilots. The move doubled the cost of regional operations, which have long been a lower cost capacity option for major airlines like American to serve small cities and, at least as recently as October, had yet to solve the pilot staffing issues that American’s affiliates face. READ MORE
A majority of employers are tying ESG (environmental, social and governance) metrics in compensation plans for CEOs or other named executive officers (NEOs), according to a new report.
Specifically, 67% of companies in the TSX60 index and 80% of CEC40 companies (which have been identified by Climate Engagement Canada for being among the country’s top carbon emitters) disclose the use of one or more ESG metrics in these compensation plans, according to law firm Fasken. READ MORE
Non-qualified deferred compensation plans are increasingly being used by employers as retention tools by including noncompete or “bad actor” forfeiture clauses, according to research released Wednesday by the Plan Sponsor Council of America.
Of 135 companies offering NQDC plans to employees, 30% said they had noncompete clauses in the 2022 report, up from just 11.5% in 2021, according to data provided to PLANADVISER. In addition, 40% of employers said they have a “bad actor” forfeiture provision in 2022’s report, up from 23.7% in 2021. READ MORE
Congratulations on your new role as manager. But before you celebrate, you may want to ask your boss a few questions—and do some quick math.
Employers are increasingly giving workers phony job promotions and creating lofty-sounding managerial titles to avoid paying overtime wages. That’s according to new research from a trio of economists at Harvard University and the University of Texas-Dallas who reviewed online job postings and compensation data from 2010 through 2019. READ MORE
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