InformationWeek, the world’s most trusted business technology resource, today unveiled the InformationWeek 2023 U.S. IT Salary Report: Rising Salaries and Closing the Gender Pay Gap. Despite rising labor costs, economic inflation, and companies making an effort to cut back, the salary outlook for IT professionals is positive. Work-life balance and base pay top the list as what matters most to IT professionals when it comes to their jobs. READ MORE
Average Salary By Age In 2023
According to the U.S. Bureau of Labor Statistics’1 research on American earnings across various age groups, the median salary in the United States reaches its zenith within the 45 to 54 age range. We took a closer look at the data for average salary by age in the United States and found and broke down the insights we found. READ MORE
Amazon's stock isn't enough to keep workers loyal, high forfeiture rates show
It was through an internal leak that Monique found out she was among the group of employees being laid off from Amazon in April. Having had time to go through some of the stages of grief, like anger, denial, and depression, Monique, who works in human resources, said she was in the acceptance phase when the company emailed her at 7:00a.m. one day that her role was eliminated.
Monique joined the 27,000 workers Amazon announced it would cut earlier this year.
Monique, who asked for Insider not to use her real name for fear of retaliation, said she hadn't planned to stay with Amazon for much longer anyway. READ MORE
Has Total Rewards Totally Changed?
In the past year or so, even as the world seemed to be climbing out of the worst of the pandemic, the total rewards conversation has shifted to become focused on the total person.
Our employee communications agency first noticed this change in the benefits conversation when working with a major healthcare organization located in a Covid-19 hot spot. Their physicians, clinicians and other employees were exhausted and overwhelmed, fighting depression, anxiety and burnout. READ MORE
Incorporating your EDI Strategy into your Total Rewards Program
Incorporating your EDI (Equity, Diversity, and Inclusion) strategy into a total rewards program can be an effective way to ensure that an organization’s commitment to EDI is reflected in all aspects of its employee experience, including compensation and benefits.
Many traditional total rewards programs can unintentionally be inequitable in how they meet the needs of employees. Most legacy programs were developed when workforces were less diverse and wanted similar and mostly consistent things from their organization’s total rewards offerings. READ MORE
Americans' Views of Federal Income Taxes Worsen
Americans’ opinions of federal income taxes are the worst Gallup has measured in about two decades.
Six in 10 Americans say the amount of federal income tax they pay is “too high,” a level last seen in 2001.
Forty-six percent believe the income tax they pay is fair, essentially tying 1999’s 45% as the lowest in Gallup’s trend. A new high of 51% say their income taxes are not fair.
More Americans say federal income tax is the worst -- or least fair -- tax, edging out local property tax.
These results are based on Gallup’s annual Economy and Personal Finance survey, conducted April 3-25. READ MORE
College majors have a big impact on income. Here are the highest and lowest earning fields.
Getting a college degree is a financial commitment with a big impact on future earnings. New research finds that a student's major, along with their alma mater, can make a huge difference in their average salary four years after graduating.
The college majors that lead to top-paying jobs tend to be focused in so-called STEM fields, or science, technology, engineering and mathematics, according to a new analysis from the HEA Group. Founded by Michael Itzkowitz, the former director of the Department of Education's College Scorecard, HEA provides data on college costs and other topics. READ MORE
Amazon Braces For Compensation Criticism at Annual Meeting
Amazon.com Inc. will face a record 18 shareholder resolutions at its annual meeting this week, with outside groups urging the company to disclose more about its treatment of employees and more closely tie executive compensation to performance. READ MORE
Nike could be fined over $530m for misclassifying thousands of workers
Nike may have misclassified thousands of temporary office workers and faces potential tax fines of more than $530m, according to documents obtained by the Guardian.
The sporting goods company employs more than 79,000 people worldwide, and, like many large corporations, relies on an army of independent contractors to do much of the work, including business consulting, T-shirt graphics, photography and event planning. READ MORE
Employee Reaches The Cap Of His Salary After 10 Years, Quits And Finds A Much Better Job
Bosses expect hard work, great results, and loyalty. But those don’t come for free. Staying at the company has to make sense for the employee. And if management puts a hard limit on how much you can grow professionally and how many raises you can have, then it’s only logical to look for greener pastures once you’ve hit that ceiling. Imagine how shocked some bosses must be when that actually happens. READ MORE
Getting Your First Job After College? 3 Signs Your Starting Salary Is Too Low
A big reason many people are willing to take on the expense of college is that having a degree tends to lead to higher wages. Workers with a bachelor's degree earn a median $2.8 million over the course of their careers, according to the Georgetown University Center on Education and the Workforce. By contrast, workers with only a high school diploma earn a median $1.6 million.
If you've recently graduated college, you may be aware that you're probably not going to manage to command the most impressive salary. After all, your experience may be minimal to nonexistent, and if you didn't study in a specialized field, you may not have a six-figure paycheck hitting your bank account right away. READ MORE
Heads of failed banks questioned on executive pay, how they handled risk at Senate hearing
Executives from two large U.S. banks that failed dramatically in March appeared in front of the Senate Banking Committee to respond to questions about why their banks went under and what regulators could have done to avoid the calamities.
Along with questions about how these banks failed, senators used the hearing to also address executive pay and whether senior executives in the U.S. are being rewarded more for short-term gains — like rising stock prices — than for ensuring their companies’ long-term health. READ MORE
How do you align executive pay with long-term value creation?
Executive pay is a hot topic in the corporate world, especially in times of crisis, disruption, and stakeholder scrutiny. How can you design a compensation package that motivates your top leaders to drive long-term value creation for your organization and its stakeholders, while avoiding excessive risk-taking, short-termism, and misalignment with your strategy and culture? In this article, we will explore some key principles and practices for aligning executive pay with long-term value creation. READ MORE
How Early- To Mid-Stage Startups Should Use Incentive Compensation In This Economic Environment
With the global economy slowing during this exceptional period of uncertainty, it is essential that companies, especially early- to mid-stage startups dependent on outside investors, leverage incentive compensation to drive revenue growth.
Offering a commission on top of a base salary has served to motivate salespeople to meet or exceed their quotas. A well-designed incentive comp plan is an important strategic lever that can be applied to dramatically improve the financial results of a company. Well-designed incentive comp programs allow companies to improve productivity and reduce employee attrition. It also motivates employees to do their best work. READ MORE
Chipotle, Papa John’s link ESG goals to bonus compensation, and pay practice is moving below the C-suite level
The political debate around corporate focus on environmental, social and governance issues is nowhere near over, but more C-suites and corporate boards are putting their own money where there mouth is when it comes to the the importance of these strategies. Companies are increasingly linking ESG metrics to executive compensation packages. READ MORE
2023 Proxy Season Portends More Say-on-Pay Successes
As the midway point of proxy voting season in the U.S. nears, investors’ views on compensation, as measured by say-on-pay vote outcomes, provide some mixed messages compared to historical outcomes. In 2022, WTW observed a record number of failed say-on-pay votes among Russell 3000 companies.
Results in 2023 suggest we’ll likely see far fewer failures, as opposition rates appear to be decreasing. READ MORE
Why is Congress watching these 2 drivers of rising healthcare costs?
Employers are getting sick of rising healthcare costs, but recent actions by Congress and the states may leave them feeling even more ill.
That’s the prognosis dished out by Ilyse Schuman, senior vice president of health policy for the American Benefits Council. READ MORE
Salaries for financial professionals rise 5% yet lag inflation
Financial professionals during the 12 months through January netted the biggest increases in base salaries in a decade, gaining a 5% pay hike on average compared with 4.4% during the prior year, according to the Association for Financial Professionals.
Average base salaries for CFOs rose to $256,038 in January from $245,797 in January 2022 for a 4.2% increase, the AFP said, describing a survey in February of 1,408 finance professionals. READ MORE
What are the key steps and challenges in communicating and implementing your compensation survey findings?
A compensation survey is a valuable tool to benchmark your organization's pay practices against the market and align them with your business strategy. However, conducting a survey is only the first step. You also need to communicate and implement the findings effectively to ensure that your employees understand and appreciate your compensation philosophy and policies. In this article, we will discuss the key steps and challenges in communicating and implementing your compensation survey findings, and offer some tips to overcome them. READ MORE
Warner Bros. Discovery Shareholders Slam CEO’s Compensation In Say-On-Pay Vote
Stockholders have expressed serious displeasure with 2022 executive compensation at Warner Bros. Discovery led by CEO David Zaslav, according to the result of a vote at the annual meeting Monday that was filed with the SEC today.
The so called say-on-pay vote saw nearly half of all votes cast coming out against last year’s comp, which was ratified with just over 50% approval. The votes are advisory only, meaning they’re non-binding, but they do have a impact. Most public companies get over 90% approval and anything under 70% is considered pretty dismal. READ MORE