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The Senate Banking Committee is set to vote Wednesday morning on a bipartisan bill that would allow the FDIC to claw back some compensation from senior executives at failed banks.
Why it matters: The bill has the backing of two key senators on both sides of the aisle and looks to be lawmakers' main response to the failure of Silicon Valley Bank, which set off a mini-banking crisis this spring. READ MORE
Last December, Yun Yati Naing began searching for the job she would begin after graduating from Baruch College in New York City. It was one month after a law passed by the city went into effect requiring employers with four or more employees to post salary ranges on all new job advertisements.
“All my friends were talking about it,” Ms. Naing said. “It really made a difference going into the work force as a fresh graduate. We had no idea what the wages of these entry-level jobs were.” READ MORE
The proliferation of studies, surveys and analyses of public disclosures are turning executive compensation data into a commodity. Those who use this data day in and day out know that finding relevant and robust market data to inform critical pay decisions isn’t easy.
This is especially true for pre-IPO and other non-publicly traded companies. READ MORE
Vast workforces will feature a diversified set of needs, which requires total rewards leaders to lean on data to offer benefits that are befitting their entire employee base.
This was one of several key messages the panel of practitioners conveyed to nearly 2,000 attendees in Tuesday’s opening session at WorldatWork’s Total Rewards’23 Conference in San Diego. READ MORE
Alphabet, the parent company of Google, and Meta were among the top-paying public companies in 2022, according to an analysis by the Wall Street Journal.
The Journal analyzed data compiled by public-company analysts MyLogIQ about the median salaries at 278 companies in the S&P 500. READ MORE
In response to the Black Lives Matter movement that gained traction following the murder of George Floyd in 2020, companies in the U.S. have committed $340 billion to address racial inequity. Three years later, corporate leaders are facing headwinds that could challenge those commitments.
Now, there are concerns that an anticipated Supreme Court ruling could strike down affirmative action in college admissions. The potential impacts of the decision could extend beyond college campuses and reach into corporate America. Companies’ diversity, equity, and inclusion (DEI) efforts could face an even greater backlash and corporate leaders may be pressed to make the case for why this work matters. READ MORE
In the early 2000s, the wage gap between Black and white workers in the U.S. was as large as it had been in 1950.
That is a shocking statistic and a sign of the country’s deep racial inequality. Over the past five years, however, the story has changed somewhat: The wage gap, though still enormous, has shrunk. “It’s a pretty meaningful reversal,” Elise Gould, a senior economist at the Economic Policy Institute, told me. READ MORE
Whatever career you choose, your job becomes a big part of your life. It may even form part of your identity, letting others know about your values, your skills and your interests. If you think a work path that’s a bit more unusual may suit you, you have plenty of options. You can pick a nontraditional job with a salary that allows you to live comfortably.
Earlier this year, the job site Indeed came out with a list of 15 of these jobs. READ MORE
Given rising layoffs and a stubbornly high inflation rate, you’d think companies would be pinching pennies on worker salaries these days.
Yet the opposite is happening, according to a new study.
In general, annual compensation (i.e., salary, bonuses, and benefits) rose higher in 2022 than in 2021 at 278 S&P 500 Index companies according to data collected by MyLogIQ and analyzed by The Wall Street Journal. The review of each company’s security filings tracked 453 S&P mainstay U.S. companies. READ MORE
The events of the last few years triggered a fundamental shift in workplace flexibility standards, mostly for office-based and corporate employees. But how can other workers experience similar flexibility, like those working in quick-service restaurants (QSR), retail, and gig positions, says Tate Hackert of ZayZoon. READ MORE
There’s no question that artificial intelligence is changing our lives. A bot that sounds almost human can author your emails, teach you a new language, book your trip,s or even be your friend. READ MORE
A six-figure salary is a goal for many Americans, but depending on where you live, it might not go as far as somewhere else.
The purchasing power of a $250,000 salary, for instance, depends largely on a city’s cost of living and overall tax environment. High earners might be able to maximize their earnings and take advantage of lower tax rates by moving cities. READ MORE
If the last few years have taught us anything, it’s that the modern economy is turbulent and often challenging. However, a growing number of Americans feel that having just enough money to get by — and managing to live well with less stress — is the true meaning of “wealthy.” READ MORE
"Playing with my money is like playing with my emotions." As an 11-year-old kid watching Ice Cube's classic film Friday, I didn't realize how much this quote from the movie's secondary antagonist, Big Worm, would stick with me throughout my life and career.
It rings in my ears whenever I have a conversation about money in the workplace. It's been present with me whenever I have a salary negotiation for a new job, whenever I've been up for a promotion and, most of all, it's top of mind when I’m able to compare how much I get paid relative to my peers and competitors for the same kind of work. READ MORE
The top senators on the Senate Banking Committee unveiled bipartisan legislation Thursday that would allow regulators to claw back compensation from senior executives of failed banks.
The Recovering Executive Compensation from Unaccountable Practices (RECOUP) Act would allow the Federal Deposit Insurance Corporation (FDIC), as well as a bank’s board, to seize executives’ compensation from the 24 months before a bank’s failure. READ MORE
As required by Section 10D of the Exchange Act, the proposed listing standards require recoupment if incentive compensation paid to an executive officer was calculated based on financial statements that were required to be restated due to material noncompliance with financial reporting requirements and that noncompliance resulted in overpayment of the incentive compensation within the three fiscal years preceding the date the restatement was required. READ MORE
Top-earning CEO compensations have been under the scrutiny of the public ever since they were revealed, stunning people. The top 5 highest-paid CEOs of 2023 don’t draw hefty salaries as they are tax-inefficient and rather grease the wheels of stock awards and other incentives for the entirety of the compensation. Often rewarded for their crucial contributions to the success of the company, the top-earning chief executive officers in the US are a diverse group dedicated to a stringent regime of expansion and growth. READ MORE
Lawmakers are gearing up to introduce legislation to recover compensation from executives of failed banks. Punchbowl News Financial Services Reporter Brendan Pedersen breaks down the proposal. Pedersen also discusses a new disclosure from Atlanta Fed President Raphael Bostic about his trading activity shortly before a 2022 FOMC meeting. READ MORE
Your company’s compensation philosophy, process, and bands determine how most of your hires are compensated. Executive hires, however, are a little different. You’re often dealing with heated competition for a small pool of talent. Competitive compensation packages generally need to be more bespoke, and the challenge is putting together a competitive offer while also balancing the cost and consistency with existing leadership team compensation. READ MORE
Employers spent more on employees' overall compensation in March, according to figures released today, although momentum may be starting to slow as inflation continues to dip.
According to the latest Employer Costs for Employee Compensation report, released June 16 by the U.S. Bureau of Labor Statistics (BLS), employers spent 1.4 percent more on wages and benefits in March 2023 compared to December 2022. Total employer compensation costs for private-industry workers averaged $40.79 per hour worked. Wages and salaries averaged $28.76 per hour worked, accounting for 70.5 percent of employer costs, while benefits costs averaged $12.02 per hour worked, accounting for the remaining 29.5 percent, according to the report. READ MORE