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Walmart's (WMT) updated pay structure sent another signal to Wall Street that the labor market appears to be shifting.
In mid-July, Walmart changed the way it pays entry-level workers. Stockers and personal shoppers for online orders who join the Walmart workforce now make the same starting wage as cashiers — about $1 less per hour than the starting wage for those roles three months ago. Pay for existing workers did not change. READ MORE
Stephanie Heredia’s promotion came a year too late and more than a few dollars short. Heredia, 29, started an accountant job at a small Tampa, Florida firm, with the promise that her $60,000 base salary would rise to $100,000 after one year.
But at the last minute, she told Fortune, the timeline became two years. Her eventual salary—$90,000, plus commissions. As the firm grew from four people to 25, Heredia’s responsibilities ballooned. She was charged with opening a new unit in Puerto Rico, which went on to generate an additional $2 million annually for the firm, but asking for a raise felt “like talking to a brick wall,” Heredia said. READ MORE
Groundbreaking employment legislation for contract worker rights in New Jersey (NJ) is now law. NJ is the first US state to mandate equal pay for temporary workers, followed closely by Illinois.
Effective August 5, the Temporary Workers’ Bill of Rights carries significant legal implications for temporary staffing agencies and their clients. READ MORE
Labor Day was created over a century ago to commemorate the achievements of the American workforce, and in 2023 the nation's 167 million workers have something to celebrate: wage gains that are putting them ahead of inflation.
Wage growth has been particularly strong for low-paid workers since March 2020, when the pandemic shut down the U.S. economy, said Elise Gould, senior economist at the Economic Policy Institute. Because of government stimulus such as expanded unemployment benefits, low-paid workers had a stronger safety net as they looked for better-paying jobs. As a result, many employers have boosted pay during the past three years. READ MORE
Big Tech giants make up a significant portion of the highest-paying employers in the U.S. The median salary at social media giant Meta (META) - Get Free Report was $296,000 for 2022, making it the second highest-paying employer in the country; Google parent Alphabet (GOOG) - Get Free Report took third place, clocking in at around $280,000, beating out ETSY (ETSY) - Get Free Report, which came in at $248,000.
And even as tech companies across the board have been working to trim their staffs, conducting mass layoffs, annual compensation has been shooting up lately, according to The Street's Brian O'Connell. READ MORE
Hiring has become a minefield for employers. Why? Many business owners are facing challenges with recruiting and retaining top level staff. Employers are locked in a competitive battle to attract new talent, with the added pressure of retaining existing key players.
So, it’s time to assemble your benefits packages to come out ahead of your competitors, lock down that ideal candidate and win the war for talent. READ MORE
The “Nuts and Bolts” of a divorce includes understanding the income and assets of each spouse. When one party is a highly paid executive, income is often more than simply a salary that is reported on a W-2. It is important for the non-working spouse to be familiar with all forms of compensation. READ MORE
Companies are starting to tie bonuses for their chief executives and other top leaders to cybersecurity metrics, a move that governance experts say could make them more secure against hackers.
The practice is inching up among the biggest U.S. companies, with nine of the Fortune 100 companies linking a portion of short-term bonuses for named executive officers to a cyber goal in 2022, according to new research from accounting and consulting firm EY. That is up from zero in 2018, EY said. READ MORE
Stress about finances transcends income level, financial acumen and experience, and today’s economic climate is presenting challenges even for seasoned company leaders. In fact, Morgan Stanley at Work research shows that 83% of executives who receive equity compensation say financial stress is negatively impacting their work and personal lives. READ MORE
After several delays, the U.S. Department of Labor (DOL) on Wednesday proposed an increase of the minimum salary threshold for overtime eligibility under the Fair Labor Standards Act to $55,068 per year, which would guarantee overtime pay for most salaried workers earning less than $1,059 per week.
In its releaseOpen in a new tab, the DOL announced in a notice of proposed rulemaking that the new threshold would restore and extend overtime protections to an estimated 3.6 million salaried workers. READ MORE
After a few years of hefty pay increases for new hires, the trend is reversing, potentially spelling the end to a brief golden age of wage growth for job seekers.
That's according to data collected by online job board ZipRecruiter, which analyzed year-over-year changes in pay posted for more than 20,000 online job ads. It found that the average posted pay for more job titles declined more than increased so far this year. Last year, the opposite was true: Three-quarters of job posts offered higher pay compared to 2021. Additionally, 48% of companies surveyed by ZipRecruiter in July said they had reduced pay for certain roles this year. READ MORE
The “Nuts and Bolts” of a divorce includes understanding the income and assets of each spouse. When one party is a highly paid executive, income is often more than simply a salary that is reported on a W-2. It is important for the non-working spouse to be familiar with all forms of compensation. READ MORE
Google and Meta tend to pay their software engineers more than their peers in Big Tech, according to new data from Blind, an anonymous forum for tech employees.
Apple and Microsoft, meanwhile, pay the least for entry-level engineers on average, though compensation tends to become more comparable across Big Tech for senior talent. Amazon’s promotions can take longer than its peers, and its pay ranges for engineers are the widest. READ MORE
When we take on an eminent domain case, our primary goal is to put our client in the best position possible. In some cases, that means fighting the taking itself, as my dad (and boss) did in the well-known Wayne County v. Hathcock case, which established a new precedent for what constitutes a “public use” for which the government may condemn private land in Michigan. In other cases, our primary objective is to maximize the compensation available to our clients. READ MORE
Blind, the anonymous social network for verified corporate employees, released new compensation data for software engineers working at Amazon, Apple, Google, Meta, and Microsoft. READ MORE
Since July 24, 2009, the federal minimum wage is $7.25 per hour. This is the longest period without an increase since the nationwide minimum was established in 1938, according to The New York Times. Individual states can raise the minimum wage for their residents and many do.
But in the aftermath of essential workers, early retirement, rage quitting, quiet quitting, loud quitting and plain old quitting the U.S. saw a labor market in which there were 5 million more job openings than unemployed people. This created a space for workers to negotiate higher wages and has essentially “rendered the minimum wage increasingly meaningless,” according to the New York Times. READ MORE
The White House recently released its annual report to Congress on White House Office staff which included their yearly salaries. An analysis of the report conducted by Mark Perry, first reported in the Wall Street Journal, revealed that women working for the White House earned 80 cents for every $1 paid to men on average, and escalated the conversation around the concept of the gender pay gap around the U.S.
The gender wage gap, as defined by the U.S. Department of Labor, is a calculation based on “earnings data for women and men who work full-time, year-round in order to control for differences in work hours and experience”. However, some describe the phenomenon as a more nuanced subject. READ MORE
In the United States, the federal minimum wage has been $7.50 an hour for about 14 years, marking the longest period without an increase since the base salary was created in 1938.
However, 30 states, including California, Florida, and New York, as well as the District of Columbia, have adopted wages above the federal minimum.
Some of these states have legislation that establishes automatic increases at the beginning of the year, while others link the increases to salaries in relation to changes in the cost of living and inflation. READ MORE
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
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