Here's the average salary each generation says they need to feel 'financially healthy

Almost 4 in 10 Americans say they feel “financially unhealthy,” as prices remain high after a year of record-breaking inflation. However, how much you think you need to get financially well may depend more on what year you were born than how much is sitting in your bank account.

Gen Z says they require an average salary of $171,633 to feel financially healthy — the highest income compared to older generations, like baby boomers at $78,317 — according to a survey from personal finance company Personal Capital and retirement plan provider Empower, conducted by The Harris Poll. READ MORE

Are Tech Pros Happy with Pay?

Tech salaries have leveled off—and tech professionals aren’t happy about it, according to Dice’s latest Tech Salary Report. In 2022, 30 percent of tech professionals reported that they were either very dissatisfied or somewhat dissatisfied with their salaries; in 2023, that percentage increased to 35 percent.

Some reasons for that unhappiness are obvious. Although certain specialized skills saw a notable increase in average compensation last year (especially skills related to cloud and data infrastructure/analytics), significantly more tech professionals (12 percent) reported that their salaries have gone down over the past 12 months; In 2022, only 6 percent reported a decreased salary. READ MORE

CPA Salary Guide: How Much Do CPAs Make?

Becoming a Certified Public Accountant (CPA) is not just a career choice; it’s a pathway to a wide range of financial and professional benefits. With a salary spectrum that spans from $45,000 to $300,750, as highlighted by Robert Half, the CPA credential is a significant lever for accountants with a CPA license. Opportunities for CPAs are available across various sectors and positions, including private corporations, public accounting firms, and government agencies. With experience and expertise, a CPA can progress to high-ranking positions like a Chief Financial Officer or a top-tier tax consultant. READ MORE

What living on 6 figures looks like in 4 different cities across the United States

The dollar is not equal in all cities. In Morristown, Tennessee, $100 is worth $118. In San Francisco, it’s $83.

To understand what life looks like for people with the same salaries who live in different parts of the country, Fast Company spoke with four women in four very different regions to ask about how they’re doing financially. For context, we pulled cost-of-living numbers from GOBankingRates, circa June 2023. READ MORE

How long will it take Purdy to earn Mahomes' salary? The massive Super Bowl pay gap

As Super Bowl LVIII looms on the horizon, the financial disparity between its two starting quarterbacks couldn't be more pronounced. Brock Purdy, the San Francisco 49ers' signal-caller, will face off against Patrick Mahomes of the Kansas City Chiefs at Allegiant Stadium in Las Vegas on Sunday, February 11. The contrast in their earnings is a stark reminder of the NFL's salary spectrum-from the league's Cinderella story to its highest echelons of quarterback compensation. READ MORE

OPM offers guidance for agencies implementing salary history ban

The Office of Personnel Management on Friday set a deadline of October for agencies to comply with new federal regulations barring the federal government from using a job applicant’s salary history when setting their pay.

Earlier this week, OPM finalized regulations barring agencies from soliciting or otherwise relying on past compensation during the hiring and pay-setting process in most cases. The Biden administration also proposed similar rules this week that would ban the practice for federal contractors and subcontractors, though those would not take effect until at least April. READ MORE

CEO Pay Packages May Face Increased Scrutiny Thanks To Elon Musk

The largest compensation package in history was recently voided by a Delaware Court of Chancery judge, sending a message to corporate board members that it is their fiduciary duty to negotiate in good faith on behalf of investors. A key question for board compensation committees to ask, “Is it necessary to overpay to retain a company CEO?”

Judge Kathaleen McCormick determined that Tesla CEO Elon Musk’s 2018 10-year pay agreement that would have awarded him 12 tranches of Tesla stock options that would vest if the company’s market capitalization grew by $50 billion and revenue targets were reached was “unfair” to investors. The company’s market cap has grown from $50 billion in 2018 to more than $586 billion today (it briefly topped $1 trillion in 2021), which would mean Musk’s options would have vested. READ MORE

A former Tesla lawyer broke down in tears during Elon Musk's compensation lawsuit

You want your lawyer to be on your side. The more passionate they are, the better. If they’re so passionate they can’t control their emotions, though, you might be in trouble. That’s exactly what happened to Elon Musk in a recent court case. Todd Maron, former General Counsel for Tesla and the billionaire’s former divorce attorney, broke down crying over his love for Elon during a deposition about how much the billionaire got paid. READ MORE

Proposal Would Prevent Government Contractors From Using Pay History in Setting Compensation

Some employers ask applicants about how much they made at a prior job in order to establish their compensation for the new position. A number of states have recently adopted legislation that prohibits or limits the ability of employers to use an applicant’s pay history for purposes of setting the future hire’s compensation. These measures are based on the argument that if an applicant was discriminated against at a prior job, using that pay as a basis to set the new job’s compensation perpetuates that discrimination.

On Monday, the Biden administration announced new proposed regulations that would apply this prohibition to federal contractors and subcontractors. The proposal was included in a set of measures intended to commemorate the passage of the Lilly Ledbetter Fair Pay Act 15 years ago. Contractors would be prohibited from either asking about or using pay history when setting employee compensation. READ MORE

Compensation plays a bigger role in search for new employment, study finds

Many employees are struggling to pay their bills and the search for higher compensation is driving them to look for new roles. A new report by Achievers Workforce Institute, found that almost three-quarters of employees say they either struggle to make ends meet or must budget carefully in order to meet their needs. As living costs continue to increase and salaries see little change, compensation is playing a higher role in the search for new employment. 

Sixty-five percent of employees say they have one foot out the door and 2 in 5 employees say they will actively look for a new job in 2024. Historically, the opportunity for career progression was the most common factor behind switching jobs. But in 2024, twice as many employees say they will look for a new role with the hopes of receiving better compensation. READ MORE

RSUs in Compensation: New Changes May Affect Workers’ Compensation Premiums

Several years ago, California clarified that equity-based compensation is considered includable remuneration, with a few notable exceptions. The National Council on Compensation Insurance (NCCI), which governs 35 other states, enacted similar regulatory and administrative changes effective January 1, 2024. This will impact workers’ compensation premiums for companies that use equity-based compensation to attract and retain employees in a competitive recruiting environment. READ MORE

Voiding Elon Musk’s $56 billion Tesla pay plan is a 'wake-up call' for directors at all companies

A decision by a Delaware judge to throw out Elon Musk's $56 billion Tesla (TSLA) pay package is a threat to the wealth of the world’s richest man. It also could alter the way CEO compensation is decided at companies across America.

"It’s a big deal," said Cornell University visiting lecturer Brian Dunn, who noted this was the first case ever to overturn a board’s decision on compensation. READ MORE

The Fed’s key wage gauge slows to lowest level since 2021

The Employment Cost Index—the Fed’s key metric for wage growth that accounts for labor composition—slowed to the lowest level since June 2021, according to the Bureau of Labor Statistics on Wednesday.

The overall index eased to 0.9% in the fourth quarter on a seasonally adjusted basis, down from 1.1% in the previous quarter. That is equivalent to a 4.2% increase on a year-ago basis, down slightly from 4.3% previously. READ MORE

The Most Underrated Strategies for Earning a Salary Increase

The salary you earn can impact all aspects of your personal finances. A raise could spell the difference between being able to rent a larger place to live, affording a car, and other such things that can lend to a better quality of life.

In a recent Monster.com survey, 81% of workers say their current wage has not kept up with the rising cost of ​living. So if you're eager to see your salary go up, that's understandable. READ MORE

Feds get 7.4% pay raise under congressional Democrats' plan

A pair of congressional Democrats on Tuesday introduced legislation that would provide federal employees with an average pay raise of 7.4% next year.

The Federal Adjustment of Income Rates Act, introduced by Rep. Gerry Connolly, D-Va., in the House and Sen. Brian Schatz, D-Hawaii, in the Senate, would provide federal workers with a 4.0% across-the-board increase in basic pay next year, as well as an average increase of 3.4% to locality pay. The measure has 59 cosponsors—all Democrats—in the House. READ MORE

Why don't many executives take pay cuts to avoid layoffs? An ex-Microsoft HR VP explains.

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