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Construction workers could see their wages increase under the Biden administration’s plan to update a federal labor rule.
Vice President Kamala Harris will announce at an event in Philadelphia on Tuesday that the Department of Labor is preparing to issue a final rule to update the Davis-Bacon Act. The federal law was created in 1931 and requires the payment of prevailing wage rates to all laborers and mechanics on federal or federally assisted construction contracts. READ MORE
Want to make more money before the end of the year? It’s possible.
With the constant rise in living expenses and economic uncertainties, everyone desires a higher salary to secure their financial future. However, negotiating a pay raise or seeking a higher-paying job can be daunting.
Fortunately, you can use various strategies and tactics to increase your salary before 2024. READ MORE
I am hiring someone for an entry-level position. It is meant for someone straight out of college and new to the field who is interested in learning a lot, meeting loads of highly connected people, and launching a potentially awesome career. I've set the salary to be a little above what other orgs our size do for this position to make it more competitive and retain staff. This seems to have worked well over the years. READ MORE
It’s hard to believe that in 2023 we still need to talk about a lack of pay equity—the principle that everyone, regardless of race, gender and age should be paid equally for doing the same work—in the workplace. The reality is that, on average, American women working full-time are paid 83.7% of what men are paid. This inequity affects Black and Hispanic women even more, as they're also more likely to be paid less than their white counterparts. READ MORE
Over 50 million Americans—roughly 44% of all workers—earn low hourly wages, according to the Brookings Institute. These wages average out to an annual salary of around $24,000. Low wages, inflation, and rising housing prices leave many workers struggling to make ends meet. READ MORE
Total rewards professionals find significant meaning and purpose in their careers, which allow them to utilize their skills and abilities to the fullest.
This was a main finding in WorldatWork’s “2023 Total Rewards Professional Career Study,” which surveyed 776 total rewards professionals about essential skills and career aspirations. READ MORE
More data is coming out to paint a picture of anticipated pay increases in 2024.
New research from Seattle-based compensation software firm Payscale finds that U.S. employers are budgeting for 3.8 percent pay increases next year—down slightly from this year's average 4 percent bump. READ MORE
Public company CEOs are richly compensated. The median 2022 pay package for CEOs in the S&P 500 was $14.5 million, down slightly from the previous year, but more than double the median comp for S&P 500 CEOs in 2012. (In the same period, the federal minimum wage has remained flat, while median weekly earnings for full-time wage and salary workers in the U.S. grew roughly 36%.)
Founders, on the other hand, may not be paying themselves enough, says Waseem Daher, cofounder and CEO of Pilot, an accounting firm that serves startups and small businesses. READ MORE
We recently published a paper on SSRN (“Mega Grants: Why Would A Board Approve Nine-Figure CEO Pay?”) that examines the practice of awarding “mega grants” to CEOs.
Mega grants are large, one-time equity awards with long vesting periods (up to 10 years) granted in lieu of or in addition to annual awards with the intended purpose of providing significant incentive to achieve long-term targets. Mega grants were popular in the late 1990s (having been awarded to the CEOs of Oracle, Walt Disney, IAC/Interactive, and others) but fell out of favor in response to shareholder criticism. A 2005 accounting change that required companies to record the fair value of equity awards in the financial statements further decreased the attractiveness of large-scale option awards. READ MORE
The DOJ is advocating for increased consequences for individuals who engage in misconduct or fail to exercise proper oversight, via the implementation of compliance compensation programs that include financial penalties. Companies need to develop incentives and penalties in a balanced manner to maintain ethical performance, while ensuring the potential for accountability. A crucial aspect of enforcing these policies is the execution of robust clawback provisions as part of the executive’s contract and bonus terms. These clawbacks can act as a deterrent for misconduct, and their enforceability largely depends on the clarity of their language, among other things. In this episode of Corruption, Crime and Compliance, Michael Volkov explores compliance compensation systems and their role in corporate governance in detail. READ MORE
The standard 3% annual pay raise will no longer cut it, largely due to inflationary pressures on everything from gas to household goods and higher employee wage expectations.
According to Payscale's Salary Budget Survey, employers are budgeting for an average 3.8% salary increase in 2024. Last year, employers expected the same increase for 2023, though actual pay increases were 4%. However, Payscale anticipates actual raises for next year will stay at 3.8% as inflation cools and the labor market loosens. In fact, 22% of surveyed employers plan to lower their salary budget increase next year, up from 9% last year. READ MORE
After record-high pay raises in 2023, today’s tight talent market appears to be primed to continue driving employee compensation even higher next year—a reality that puts added pressure on HR and compensation professionals to get their salary budgets right.
Payscale—a provider of compensation data, software and services—reports that its eighth annual Salary Budget Survey found pay increases in 2024 are predicted to be 3.8% on average in the U.S., instead of the 3% that has been the standard for decades. And it projects higher increases in some states, industries and other countries. READ MORE
CVS Health is tying executive bonuses to meeting customer experience targets to ensure accountability for customer outcomes across the C-Suite.
Linking customer experience “to compensation gave us a seat at the table and made people start paying attention, like ‘Hey, if you don’t actually address this, you’re not going to get paid,’” said Srikant Narasimhan, vice president of enterprise customer experience at CVS Health, at a conference in Boston this week. READ MORE
Women are still getting the short end of the stick at work when it comes to pay, but many still don't feel confident enough to ask for a pay rise, a new survey found.
Ciphr, a HR systems company, surveyed 1,000 adults working full-time in the UK in June found that over a third of men had requested a pay rise from their employers, but only 26% of women felt confident doing the same. READ MORE
Thinking about asking that special someone for a second date, moving in together with your partner or even proposing? Don’t make a big move without first being bold about your financial needs and goals.
In a survey by Bread Financial, 64% of coupled consumers said they were financially incompatible with their partners due to differing approaches to money. READ MORE
The U.S. Labor Department has released new data showing that wage and salary increases for workers in the United States have slowed in recent months.
A report from the DOL on Fridayshowed that wage and salary growth slowed during the quarter from April to June. This is an indication that employers were feeling less pressure to increase pay for workers. READ MORE
Everyone has a list of wishes for their next job—perhaps it’s a generous pay packet, a more senior title or unlimited vacation days. For Gen Z, it’s apparently working for less than five hours a day.
One recruiter was left so shocked after interviewing a young job seeker who said he was looking for work-life balance (which tips heavily on the side of life) that she wrote about her experience on Twitter. READ MORE
A trove of economic data released Friday provides the latest evidence that price pressures are easing across the U.S. economy.
The personal consumption expenditures (PCE) index rose 3 percent from June 2022 to June 2023, down from a 3.8 percent annual increase in May, the Commerce Department announced. READ MORE
Sales leaders must identify what incentives will drive good sellers on their team to be the best and what will consistently motivate them.
Sales reps are motivated by a clear line of sight between their performance and pay. The key is to have both an ongoing analysis of their historical performance and a comprehensive personal sales forecast. READ MORE
Over the past few years, a lot of American workers have gotten raises, a welcome development for many after those initial coronavirus lockdowns.
At the same time, though, consumers have been dealing with record inflation that peaked around 9% last summer, something that has certainly cut into – and in some cases erased – those wage gains completely. READ MORE