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Total compensation for the CEO of SVB in 2022 was more than $9.9 million, including a $1.5 million cash bonus
The demise of Silicon Valley Bank amid a run on deposits has shined a light on stock sales carried out by officers at the bank's parent, SVB Financial Inc., days before the bank failed. READ MORE
Women face a wage gap at every point in their careers, a gap that gets worse as they age and progress through their work lives.
In 2021, the most recent year for which federal data is available, women working full-time in the U.S. were paid 84 cents for every dollar paid to a man, the National Women’s Law Center reports. READ MORE
As turbulent economic conditions persist and layoffs become more commonplace, some high-profile tech CEOs have elected to take large pay cuts to preserve cash flow. This has sparked a larger conversation about how, exactly, executives’ salaries are decided.
In February, Eric Yuan, CEO of Zoom, told his staff he would cut his pay by 98% and forgo his yearly bonus. Similarly, Tim Cook, CEO of Apple, plans to cut his salary by 40% in 2023, bringing his annual target salary to $49 million. READ MORE
After new pay transparency laws in California and New York City faced rocky starts, employer compliance is up not just in two of the biggest labor markets in the U.S., but across the country.
About three quarters of job listings in New York City and two thirds in California now include pay information, according to data compiled by Roger Lee, co-founder of Comprehensive.io, a pay data and analytics site. Nationally, salary ranges appear on 44% of posts on Indeed, up from 18% three years ago, data released Tuesday by the job search site shows. READ MORE
A growing number of US states and localities have laws mandating pay transparency, with requirements varying from state to state. Beginning in 2021, Colorado required all companies to include a salary range and benefits on their job listings. A law put on the books in New York City last fall is similar, adding a “good faith” range in pay on each posting. And states like California and Rhode Island make employers provide a salary range only to candidates that request it during the interview process. READ MORE
As of January 1, 2023, new pay transparency laws exposed just how fair and competitive your pay is. If you’ve been relying solely on market data to determine salary ranges, that approach isn’t effective anymore (and never really was). Instead, you need to establish salary ranges with data that’s more specific. READ MORE
How often do you negotiate your salary? While some people may be well-versed in advocating for their financial worth, others will avoid a discussion about a possible salary boost as much as possible.
There are a lot of reasons to sidestep a salary negotiation, but hardly any of them are good or will help you in the long run. Here are some of the most common reasons why employees don’t negotiate their salaries and how to advocate for your earnings instead. READ MORE
On March 2, 2023 and March 3, 2023, in a pair of speeches by Deputy Attorney General (DAG) Lisa Monaco and Criminal Division Assistant Attorney General (AAG) Kenneth Polite, the U.S. Department of Justice (DOJ) announced revisions to its corporate enforcement policy. The changes tie corporate wrongdoing to executive compensation through a two-pronged approach: (1) mandating that companies that enter into agreements to resolve criminal allegations adopt prospective compliance-related criteria in their compensation and bonus structures and (2) offering fine reductions to companies that attempt to claw back compensation from individual wrongdoers. READ MORE
Certain corporate Apple employees will reportedly have their upcoming bonuses postponed until later in the year.
Citing unnamed sources, Bloomberg reported Tuesday tech giant Apple will do so for workers in corporate divisions that usually get bonuses on a biannual basis. Those affected will go from having their bonuses split between the two months of April and October to receiving the payment in-full in the fall, according to the outlet. READ MORE
The U.S. Securities and Exchange Commission’s (SEC) long intermission on clawbacks is over.
Act two began with the SEC’s adoption of the final clawback rules in October. Nasdaq and the New York Stock Exchange (NYSE) subsequently published their proposed listing standards for clawbacks on Feb. 22; both of which generally track SEC final regulations. READ MORE
Women account for the majority of workers in a third of major U.S. industries. Yet, they are underrepresented among managers and executives in all but one of those, according to a data analysis by the Government Accountability Office for the House Oversight Committee. READ MORE
The gender pay gap is typically referred to in monetary terms, measuring how much women earn for every dollar a man earns.
But that gap is also indirectly a marker of time, since women on average earn less and therefore have to work longer just to break even with men. READ MORE
A Texas gas station and convenience store chain, Buc-ee’s, received tons of attention earlier this year after a post stating employees could earn an annual salary of up to $225,000 there. The company also boasted a 401(k) match of up to 6%, along with three weeks paid vacation, health care and an additional $2 per hour for overnight services. READ MORE
The US Federal Deposit Insurance Corporation offered Silicon Valley Bank employees 45 days of employment and 1.5 times their salary, reports say.
An FDIC official did not comment on the details to CNN, but said it is standard practice and one of the first steps the independent government agency takes after being named receiver. READ MORE
Silicon Valley Bank employees received their annual bonuses on Friday just hours before the government took control of the company, according to reports.
SVB traditionally processes annual bonuses on the second Friday of March, unnamed sources associated with the bank told CNBC. The bonuses were reportedly for work completed in 2022. READ MORE
Already, 2023 is shaping up to be a significant year in the employee benefits and executive compensation space, as organizations grapple with a host of new regulatory requirements, mounting cyber risks and fallout from the reversal of Roe v. Wade. Just last week, pharmacy chain Walgreens announced it would stop selling abortion pills in 20 states after being threatened with legal action by Republican officials; the state of California has since announced plans to cut ties with the company. READ MORE
In January, the state of California joined the growing list of states requiring employers to disclose pay scales in job openings. Yet, despite the mounting pressure—new laws, candidate preferences and increasing availability of information—for organizations to disclose this information, many HR leaders are still reluctant. READ MORE
The US labor market is remarkably strong — unemployment is sitting at five-decade lows even as the Federal Reserve does all it can to cool the economy in its fight against inflation. Wage growth is also increasing as demand for labor outpaces supply.
But not all workers have benefited equally from wage gains. READ MORE
On February 22, 2023, the U.S. Department of Justice (DOJ) announced and implemented a new Voluntary Self-Disclosure Policy specific to the 93 United States Attorney’s Offices (USAOs) throughout the nation. Before implementing this policy, each USAO was responsible for establishing its own rules for self-disclosure, including what benefits, if any, could be conferred upon self-disclosing companies. Now, all 93 USAOs will have a uniform policy providing companies with clear guidelines regardless of jurisdiction. The issuance of this Policy is part of an ongoing effort by the DOJ to make corporate criminal prosecutions more uniform across the United States. READ MORE
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