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With all the layoffs in the news we're seeing, there's always the question: Why don't the highly paid executives take a pay cut? Couldn't they trim their massive pay packages and save some jobs?
In my more than 40 years in business, including being the vice president of human resources for Microsoft, I've seen more than a few layoffs. This observation is a fair one. The executives in charge never seem to pay a price for the pain they cause, and here are several reasons. READ MORE
Compensation costs for civilian workers increased 0.9%, seasonally adjusted, for the 3-month
period ending in December 2023, according to a U.S. Bureau of Labor Statistics report posted Wednesday (Jan. 31).
Wages and salaries also rose 0.9% and benefit costs increased 0.7% from September 2023, the report noted. Inflation-adjusted wages and salaries increased 0.9% for the 12 months ending December 2023. Inflation-adjusted benefit costs in the private sector increased 0.2% over that same period. READ MORE
Elon Musk was dealt a major financial blow on Tuesday when a Delaware state court judge voided his $56 billion executive compensation package from Tesla.
The ramifications of the historic ruling started to emerge Thursday, when Musk said Tesla shareholders will vote on whether to change the state where the company is incorporated from Delaware Texas. READ MORE
Grocery employees at a pair of Florida supermarkets got underpaid by $901,625 by management that also committed child labor violations, the U.S. Department of Labor announced.
Labor said 75 employees at Sarasota’s La Primavera Supermarket & Restaurant and Fort Pierce’s La Primavera Grocery Store will get that money, which averages $12,021.67 per worker. READ MORE
Striking the right compensation balance that allows a private company to measure up when competing with peers for leadership talent can be difficult. The data, after all, isn’t public, and most headlines focus on CEO compensation at the largest public companies in the country, hardly a reference point for those operating in the middle market.
For that reason, every year, Chief Executive Research collects and compiles CEO and senior executive compensation data at more than 1,600 private companies in the U.S. and presents it across various peer groups to help you better inform and align your pay strategy. Here are the key highlights of Chief Executive Group’s 2023–24 CEO & Senior Executive Compensation Report for Private Companies. READ MORE
Public companies must abide by strict rules when granting stock options to their top executives, including pricing them where the company’s shares are trading on the day they are granted and disclosing them swiftly.
Private companies planning to go public face some of the same requirements, but have more leeway in pricing their stock options — since there is no publicly traded price — and more time to disclose them. READ MORE
On January 30, 2024, the Federal Acquisition Regulatory Council (FAR Council) issued a Proposed Rule, “Pay Equity and Transparency in Federal Contracting.” READ MORE
In recognition of the 15th anniversary of the Lilly Ledbetter Fair Pay Act, the Biden administration released on Monday, January 29th, a Notice of Proposed Rule Making (NPRM) that would prohibit federal contractors from using job applicant’s prior salary history when setting pay and would require federal contractors to post the expected salary range in its job postings. READ MORE
Which tech hubs pay tech professionals the most? While older hubs such as Silicon Valley and New York City are famous for shelling out sky-high salaries for specialized technology skills, the burgeoning tech scenes in other cities can likewise translate into significant paychecks.
According to Dice’s latest Tech Salary Report, tech salary growth slowed in 2023, dipping slightly to $111,193 (compared to an average salary of $111,348 in 2022). Tech professionals with five or fewer years of experience, along with talent working in major tech hubs such as Silicon Valley, Seattle and Boston felt this salary stagnation the most, while other regions enjoyed an increase in compensation. READ MORE
Everything's bigger in Texas, as the saying goes. Elon Musk hopes that applies to his compensation package as well.
After a judge in Delaware voided Elon Musk's $56 billion pay plan from Tesla late Tuesday, its billionaire chief executive is considering moving the automaker's incorporation to the Lone Star state, according to his posts on X. READ MORE
I think Elon Musk deserved his $55 billion Tesla CEO compensation plan, and I voted for him to get it, but it doesn’t mean he should get it.
I would probably vote for it again. Hear me out.
There’s a lot of confusion among the reactions to the judge’s decision to rescind Elon’s $55 billion CEO compensation plan from Tesla. READ MORE
Companies globally are increasing the use of ESG factors in their executive compensation programs, with more than 80% of incentive plans now incorporating at least one ESG metric, and the integration of environmental metrics rising particularly rapidly, according to a new study released by professional services and solutions provider WTW.
For the study, WTW’s fourth annual Report on ESG Metrics in Executive Incentive Plans, WTW reviewed the public disclosures from over 1,100 listed companies across North America, Europe and Asia Pacific. READ MORE
Elon Musk may be one of, if not the wealthiest person in the history of the human race, but in some ways, he's just like you and I. For instance, much like Musk, you and I also are likely not getting a corporate compensation package worth $50 billion anytime soon. But while you and I were (probably) not counting on such a generous payout in the first place, Musk very much was. READ MORE
How much is quality of life worth to you? It turns out, most people believe it’s 20% of your paycheck.
Of 16,086 adults worldwide surveyed between August 11 and September 1 by Ford Trends, 52% overall and 51% of Americans said they would accept a 20% pay cut to prioritize their quality of life. READ MORE
Elon Musk isn’t going to get that $55 billion pay package after all, a Delaware Chancery Court judge has ruled.
Tesla shareholders approved the package in 2018, which gave Musk incentive to hit specific milestones, including a market valuation of $650 billion, which was more than 10 times the valuation at the time. The trial hinged on a specific question: did Musk mislead the shareholders when he gave them the plan? READ MORE
The Office of Personnel Management issued a final rule Monday limiting the criteria on which federal agencies can set salaries for new or returning federal civilian employees.
Under the regulation, agencies may not use non-federal salary histories when establishing pay for employees in General Schedule, prevailing rate, Administrative Appeals Judge, Administrative Law Judge, Senior Executive Service and senior-level and scientific or professional pay systems. READ MORE
Dice’s annual Tech Salary Trends report released Tuesday found that in 2023, tech salaries stagnated and even slightly dipped by $155 to an average of $111,193. For comparison, from 2021 to 2022, average tech salaries grew by 2.3%.
Some of the occupations with the biggest statistically valid declines include among cloud architects/engineers (-15.8%), and product managers (-6.7%). On the flip side, other occupations saw significant salary growth, such as systems administrators (+11.2%), software developer (+6.5%), and program analyst/manager (+6.1%). READ MORE
We all know that Elon Musk (currently the second richest in the world After Bernard Arnault) is very rich. In fact, Mr Arnault, Mr Musk, Jeff Bezos and others are richer than many countries on the planet. It would be interesting to know how long it would take a tech CEO earn your entire year's salary, tackle your entire student debt or pay off your entire mortgage. There is a website that will give you these exact numbers, as they apply to 15 tech moguls.
The company that has created the website says it uses data on salary, bonuses, earnings from equity and other forms of compensation. It is based on the 2019 SEC filings, so the latest wealth figures are expected to give you more heartburn. READ MORE
Hello from Miami. I’m here at the iConnections Global Alts conference to moderate a panel on impact investing.
And it is a good time to talk about impact because sustainable investing overall has had a difficult few months. Our colleagues on the climate team dug into the Morningstar numbers for sustainable investing in 2023. Climate-focused funds attracted $37.8bn of new investor money in 2023, compared with a record $151bn in 2021, they reported. Last year was the weakest for net inflows since 2019, when interest in green investments intensified. READ MORE
Archer-Daniels-Midland Co will delay paying performance bonuses to some executives until its financial statements are completed and audited, according to a staff memo seen by Reuters.
The delay, detailed in a memo sent to staff on Thursday, comes days after ADM sidelined its chief financial officer and brought in outside lawyers to launch an investigation into accounting practices last week. READ MORE