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Americans are expecting higher pay, even as the outlook for the job market has dimmed a bit, according to a July consumer survey released recently by the Federal Reserve Bank of New York.
The Fed's July SCE Labor Market Survey uncovered new findings about the current job market. This report analyzes worker expectations and the current state of the job market to identify potential misalignments. READ MORE
The CEOs of the top 100 companies paying the lowest wages made an average of $601 for every $1 earned by the average worker last year as executive compensation continued to climb to record highs.
A new report from the Institute for Policy Studies singles out which 100 companies in the S&P 500 pay their workers the least, companies the report dubs the “low-wage 100”. These companies paid their employees – including workers outside the US and part-time workers – a median wage of $31,672 in 2022, while their CEOs took home an average $15.3m. READ MORE
For years the Metropolitan Museum of Art housed its directors in a $5 million apartment on Fifth Avenue, where they lived for free and paid no taxes on that benefit.
The American Museum of Natural History’s president also lived for decades in a rent-free, tax-free luxury East Side apartment owned by the museum that is just down the block from Central Park. READ MORE
With more conservative (or as some would say, "sane") startup valuations, it can be a good time to get in at a lower "entry price" as an employee — but it's not exactly a free-for-all all either.
Zooming in: Not only has hiring been down this year compared to 2022, but employee equity packages are down as well, according to equity management software company Carta. READ MORE
The hours are punishing and the politics — internal and external — can be demanding. But executives at some of America’s most influential arts organizations are compensated handsomely. READ MORE
NFP, a leading benefits consultant, property and casualty broker, wealth manager and retirement plan advisor, reported findings today from its inaugural Executive Benefits Trends Study. In a notable show of effectiveness, 92% of the study's respondents said offering a nonqualified deferred compensation (NQDC) plan helps them retain their top executive talent, with 93% ranking executive retention as important or critical to their company's success.
The survey also revealed employers have opportunities to improve their NQDC plans, including driving higher usage and better long-term outcomes. Respondents reported their NQDC plan eligibility rates have increased by 45% since 2020, a favorable trend, but have only seen a 32% increase in participation rates over the same period. Most respondents seem content with the status quo of their NQDC plans, as only a limited number (25%) intend to make adjustments in the near-term that could increase their appeal. READ MORE
Salary negotiations — among the most high-stakes, emotionally fraught and psychologically complex processes many employees will ever experience — could soon get the artificial-intelligence treatment.
What's happening: Pactum AI, the world's largest provider of automated procurement negotiation, has been using AI chatbots to negotiate the packages of its employees since 2021. READ MORE
Executives at public and private companies will soon run the risk of having their compensation subject to forfeiture for financial misstatements and corporate criminal misconduct under their watch thanks to new “clawback” rules from the federal government. The new public company clawback standards– proposed in January and expected to take effect this December – are being issued by the NYSE and NASDAQ as required by the Securities and Exchange Commission with a complimentary program in effect for both public and private companies behind the full weight and force of the U.S. Department of Justice. At one time solely the province of public company executives, the DOJ program will work to scoop money out of the pockets of private company leaders. What are the five steps you should take to address these new clawback rules? READ MORE
The location where a former employee filed a lawsuit had little relationship to his compensation arrangement with the employer, the contract’s formation, its performance, or its breach, the Texas Court of Appeals said in a recent case.
The plaintiff was employed as an associate at Domingo Garcia’s law office in Dallas County, which was the principal office from which the firm operated. He worked there for almost 10 years and mostly handled cases valued between $30,000 and $50,000. READ MORE
These company shares are issued to employees upon meeting predetermined performance goals and/or remaining with the company for a stipulated period, according to a vesting plan.
However, this compensation is a little more complex than a cash bonus and is different from the shares you buy in the open market. It’s important to fully understand what restricted stock units are so you can make an informed decision on your compensation package. READ MORE
If you’re looking to hire a new employee, you should know that what employers are offering has risen dramatically in the past year. But what employees want has also gone up. That’s according to the Federal Reserve Bank of New York’s Center for Microeconomic Data July 2023 Survey of Consumer Expectations (via Reuters). The report parses respondents’ thoughts and expectations on inflation, household finances, and the labor market.
Regarding the labor market, the report found that both the salary being offered to employees to switch jobs and the salary employees say they expect have risen dramatically in the past year. READ MORE
Many people might find it difficult to walk away from a million-dollar salary, no matter how miserable they are. But taking the leap to explore a different career can make you realize how much happiness money can’t buy.
That was the case for 44-year-old Khemaridh Hy, who I interviewed for my book, “Next! The Power of Reinvention in Life and Work,” about how to navigate change and find meaning in the way we live and work. READ MORE
Look, we all know that public accounting salaries always have been and probably always will be a major point of contention. It’s a career path of extremes when it comes to compensation, with analysts working long hours for tough pay, new staff barely scraping by, and some higher ups really raking it in. These variations and feelings about them – good or bad – make compensation a favorite topic among accounting professionals. READ MORE
Sen. Raphael Warnock (D., Ga.) used a sketchy accounting loophole to rake in more than four times the allowable outside income allowance for senators in 2022, a move experts say doesn’t pass legal muster. READ MORE
SVB Financial Group, the bankrupt former parent of Silicon Valley Bank, reportedly said it is changing its executive bonuses after pushback from the Department of Justice, according to a Bloomberg report.
James Bromley of Sullivan & Cromwell said Tuesday that bonus benchmarks for nine leaders of SVB Capital, the capital and investment arm of SVB Financial Group, are now more “substantive and focused,” Bloomberg reported. READ MORE
My first job out of college was as a software developer for a defense contractor. I was paid a salary of $60,000 a year. I stayed at the company for three years and only saw my salary increase 4% each year, the standard raise.
After those three years, I moved to another company and my starting salary was $90,000. It was a 36% increase in salary. READ MORE
Employers are focused on upgrading their nonqualified deferred compensation retirement plans in the ongoing tight labor market, to the benefit of key executives and higher-paid employees, according to a Willis Towers Watson survey released Wednesday.
Of 396 U.S. employers surveyed, three-quarters (75%) either made changes to their nonqualified defined contribution retirement plans in the last two years or plan to make changes in the next two years, the advisory and brokerage found. Employers with defined benefit plans clocked in a bit lower, with 55% either having made changes in the past two years or having plans to in the next two years. READ MORE
With the late Steve Jobs and Steve Wozniak, Apple Inc.'s co-founders, dominating the tech world for decades, it’s easy to overlook the vital role played by a lesser-known figure: Mike Markkula.
While Jobs and Wozniak captured the limelight, Markkula’s contributions to Apple's success were no less significant. From angel investor to CEO and chairman, Markkula’s journey with Apple showcased his belief in the power of personal computers. READ MORE
Grant Cardone, a renowned sales trainer, speaker and entrepreneur with an estimated net worth of $600 million, recently took to X, formerly Twitter, to raise a thought-provoking question: "Can someone explain to me how public servants (politicians) are becoming multimillionaires on $100,000 salaries?"
While the message did not specify which public servants he was referring to, it is presumed that Cardone’s remarks were primarily aimed at members of the U.S. Congress. READ MORE
Retirement millionaires saw a jump in their numbers in the second quarter, according to a Fidelity Investments report.
In its second-quarter retirement analysis of its accounts, the financial services company reported double-digit growth in the number of people holding seven-figures in their 401(k) accounts and individual retirement accounts (IRAs), with the former rising by 10% and the latter climbing by 13%. READ MORE