Your Custom Text Here
The Goldman Sachs Group cut CEO and chair David Solomon’s salary by $10 million in 2022, after Apple CEO Tim Cook suggested his own pay reduction earlier in the month.
The investment bank’s board reduced Solomon’s salary to $25 million in 2022 from $35 million in 2021 based on Goldman Sachs’ performance assessment framework when compared with the firm’s performance in 2021. READ MORE
As part of a California law facing voters in the November 2024 ballot, lawmakers are pushing to raise the minimum wage for fast-food workers from $15.50 to $22 per hour. One fast food president, however, raised his concern over the policy.
"Whether you're a lawmaker, a business owner or leader or an everyday voter, one thing is clear: California has become a dramatic case study of putting bad politics over good policy," McDonald's USA President Joe Erlinger wrote in an open letter Wednesday. READ MORE
Former teacher Maggie Perkins chose to uproot her 8-year-long career to work at Costco – a decision she spontaneously shared on TikTok and attracted the attention of more than 4 million people.
Perkins told FOX Business host Stuart Varney, Wednesday, that although she had a "love" for teaching, it was "other parts of the job" that caused her to be overwhelmed and in turn, "burn out." READ MORE
On November 28, 2022, the Securities and Exchange Commission (the SEC) published final clawback rules (the Final Rules) in response to the long-standing requirement under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to increase transparency and disclosure in financial reporting; the Final Rules were adopted by the SEC on October 26, 2022, and become effective 60 days following publication, i.e., January 27, 2023. READ MORE
For C-suite executives, contemplating a job offer (or a promotion within an existing company) is about more than just weighing salary and title. Myriad factors can play into executive compensation: stock options, restricted stock units, long-term incentive plans, vesting schedules, insurance benefits, restricted covenants and releases. The list goes on. READ MORE
Corporate boards in the United States are increasingly considering ESG performance measures in incentive plans. However, there are important questions to ask about the benefits of incorporating ESG measures into compensation, the risks of doing so, and the challenges of communicating with investors, affected employees and others about what the company is doing and why. Those questions are even more urgent today, as companies face skepticism about whether ESG can drive financial performance.
Companies can successfully link compensation to ESG, but it requires a rigorous and methodical approach tailored to the company’s particular circumstances and strategy. Here are five questions directors should ask management, what they should look for in each answer and potential red flags in those answers. READ MORE
Just when we thought the ethics and compliance landscape was “stable,” the Justice Department pulled the compliance profession further and announced heightened expectations for corporate compliance programs. For prognosticators like myself it is easy to predict that next year companies will have to focus on their compensations systems and data preservation capabilities. READ MORE
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
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
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
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
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
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
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
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
Quisque iaculis facilisis lacinia. Mauris euismod pellentesque tellus sit amet mollis.