Florida CFO Bans ESG Investing By Florida Deferred Compensation Plan

This week, Florida CFO Patronis directed "all participating asset managers to remove ESG investment funds as options for participants in the Deferred Compensation Plan."  In effect, Patronis has now barred investments in ESG funds by the $5.1 billion Florida Deferred Compensation Plan.

Overall, this is hardly a surprising development.  The State of Florida has been at the forefront of efforts to direct state pension funds and other sources of capital away from ESG-compliant investing and towards more "traditional" investment goals.  This latest effort is merely the most recent salvo in that ongoing campaign. READ MORE

4 in 5 workers say they’re unlikely to apply for a job without salary range

As recently as last September, one-third of employers viewed pay transparency as something their company was not ready for. But talent acquisition pros still balking at the trend may soon find themselves left in the dust, with employees increasingly saying they will not entertain job descriptions that withhold salary information. READ MORE

Making salary ranges public may shrink pay gaps but slow wage growth

The rise of pay transparency laws in the United States could change how the nation’s workers negotiate their annual salaries in today’s fast-changing labor market.

As layoffs mount in the face of recession fears, the increased number of job seekers will be seeing more positions in states that mandate pay ranges be publicly listed. READ MORE

Emerging pay transparency and its impact on total rewards

Currently, one in five American workers lives in a state where certain employers are held to pay transparency standards—a reality that means employers across the country need to consider not only how they handle discussions related to pay but also about total rewards.

Pay transparency is trending upward, as California and New York recently joined Colorado and Washington in requiring employers to post salary ranges with job descriptions. READ MORE

McDonald’s, In-N-Out, and Chipotle are spending millions to block raises for their workers

California voters will decide next year on a referendum that could overturn a landmark new state law setting worker conditions and minimum wages up to $22 an hour for fast-food employees in the nation’s largest state. READ MORE

What is the difference between the fluctuating workweek compensation method and a Belo contract?

Many employers have employees who do not work a regular schedule of 40 hours per week. For example, they may work 25 hours one week and 50 hours the next week. For ease of administration, an employer may wish to pay such employees on a salaried basis. In these instances, an employer could consider implementing either a fluctuating workweek method or a Belo contract. Though these two plans are similar, there are some key differences to consider. READ MORE

The Latest And Greatest New Pay Transparency Laws

These days, more and more lawmakers are looking to regulate the amount of salary information employers are required to provide job applicants. On January 1, 2023, California, Rhode Island, and Washington State all had new “pay transparency” laws take effect, and New York State has a new law taking effect in September 2023, following a trail already blazed by jurisdictions like Colorado and New York City. As the regulatory landscape surrounding pay transparency continues to rapidly evolve, HR and compliance personnel have struggled to stay informed. This article offers a brief survey of the current slate of pay transparency laws affecting US employers in the New Year. READ MORE

Closing the gender pay gap has stalled. A new study reveals why

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

Publicly Traded Employers Will Need to Claw Back Incentive Pay from Former and Current Executive Officers

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

Minimum Salary That Employees Would Take for a Job Rises to New High

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

Who Benefits When Salary Info Is Public?

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

Salary transparency is here to stay, but don’t post your pay on LinkedIn, lawyers warn

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

Executive Compensation Considerations in the 2023 Reporting Season

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

FTC’s Proposed Ban on Noncompete Clauses May Have Far-Reaching Implications for Executive Compensation

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

Non-qualified deferred compensation plans used to draw top talent, survey says

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

New Year, New State Minimum Compensation Thresholds for Restrictive Covenants

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

Tim Cook agrees to a massive pay cut

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 Depot soon changing how it pays hourly employees

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 CEO's pay depends on stock performance in 2023

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

Publicly Traded Employers Will Need to Claw Back Incentive Pay from Former and Current Executive Officers

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