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Employers last month added 275,000 jobs, a higher-than-expected increase that veiled a cooling in wage gains and the overall labor market. Average hourly earnings last month increased only 0.1% compared with a 0.5% monthly gain in January.
Also, the unemployment rate rose to 3.9% and the Labor Department revised down the number of payroll gains in January to 229,000 from the earlier reported figure of 353,000. READ MORE
In an increasingly competitive hiring environment, employers are learning that recruiting and retaining talent doesn't simply come down to the benefits they offer — it's also about how much employees are able to personalize their total rewards.
The top request from employees related to improving compensation is having more types of rewards and the opportunity to personalize their rewards packages, according to Mercer's 2024 Global Talent Trends study. READ MORE
Some California fast-food locations are letting go of workers ahead of a new $20 minimum wage law slated to take effect in April that could dramatically impact their bottom lines.
Several eateries, particularly pizza chains, have begun to cut jobs, in an effort to get ahead of the possible financial repercussions, The Wall Street Journal reported. READ MORE
Bosses want their workers back on-site on a more permanent basis. They're willing to pay a premium to do so.
While many jobs still offer hybrid- or remote-working patterns, more bosses are mandating their employees to return to the office on a full-time basis. Boeing, UPS and JPMorgan Chase are among the large corporations that have enforced in-person attendance five days a week. READ MORE
At present, there is no federal pay transparency law in the United States. However, as Archinect frequently reports on, several states and cities across the United States have enacted their own requirements for employers seeking to hire or promote within their organization.
Below, we have listed the details of salary transparency laws across American cities and states as they exist in March 2024. As is noted towards the end of this resource, several more states with no existing requirements are currently in the process of debating or passing legislation to strengthen salary disclosure requirements. READ MORE
Rank-and-file workers are not the only employees that have been impacted by the widespread layoffs and cost-cutting measures that have taken hold since the Great Resignation. In 2023, nearly half of all observed job cuts were manager-level or higher, according to research from Live Data Technologies. Layoffs in leadership made up almost two times the share of total terminations compared to the previous five-year average. READ MORE
The SEC issued its final rule that amends Regulation S-K to require listed companies to disclose the relationship between executive compensation and certain measures of financial performance of the registrant for the five most recent fiscal years (phased in over the first three years and scaled for SRCs). READ MORE
The chief executives of some of the top publicly traded companies in the U.S. are seeing their pay soar. Semiconductor company Broadcom’s chief executive Hock Tan received a $161 million stock award that could reach over a billion dollars based on the company’s surging share price, with underlying shares valued at about $1.3 billion, The Wall Street Journal reports. READ MORE
Salaries for new roles are stagnating – and in some cases, falling. Some employers may be looking to cut costs, but the lack of wage growth may be a matter of post-pandemic correction.
The mass US layoffs of the past few years are continuing. In 2024 alone, thousands of workers across many sectors, including media and technology, have lost their jobs and are on the hunt for new ones. But some are finding an unwelcome surprise as they scan listings for open roles. A salary bump is all but impossible; in many cases, wages seem lower than their previous pay – even for the same jobs. READ MORE
Seven former Morgan Stanley brokers have won more than $3 million over allegations that the firm improperly withheld their deferred compensation when they moved to competitors, according to an arbitration award finalized on Friday.
The arbitration award could have broad implications for as many as 150 other ex-Morgan Stanley brokers who are arguing that the firm violated the Employee Retirement Income Security Act of 1974 by requiring them to forfeit backpay, according to Alan Rosca, one of the lawyers who represents the seven brokers. READ MORE
Bespoke Partners, the largest retained executive search and leadership advisory service firm for software companies, today released a new report focusing on key leadership trends in private equity backed software and SaaS companies, including compensation averages and exit readiness. READ MORE
More companies are tying executive compensation to sustainability metrics despite ESG backlash, according to a report by compensation consultant Farient Advisors.
“Companies are aware of an ESG backlash in the U.S., but maintain their focus on long-term value drivers, which often are inextricably tied to ESG factors,” said the report, 2024 Global Trends in Stakeholder Incentives: What’s Next? READ MORE
State and local governments are increasingly adopting laws and regulations that prohibit employers from requesting salary history information from job applicants.
The laws are aimed at ending the cycle of pay discrimination and some go further than merely banning pay history questions. A few also prohibit an employer from relying on an applicant’s pay history to set compensation if discovered or volunteered; others prohibit an employer from taking disciplinary action against employees who discuss pay with coworkers. READ MORE
A new front has emerged in state and local governments’ attempts to address pay inequity. Once an addendum to broader laws restricting the ability of employers to ask about pay during the hiring process, pay disclosure requirements have now become full-fledged, targeted pieces of legislation in a growing number of jurisdictions. READ MORE
Since 1996, advocates for women’s rights have marked “equal pay days” every year to raise awareness about the ongoing gender pay gap that persists despite women's increasing educational opportunities and workplace attainment. This year, Tuesday, March 12, marks that disparity—or how far into 2024 it takes a woman who works full time to make the same amount of money a man working the same hours made in 2023. On average, women still only make 84 cents for every dollar men make, with the gap far more stark for women of color. (Native women’s equal pay day, by comparison, won’t be reached until November 21.) And these figures don't include the unpaid domestic and caregiving labor that women continue to disproportionately bear. READ MORE
Many Illinois residents now have guaranteed access to paid time off without providing a reason to employers.
On January 1, 2024, the Paid Leave for All Workers Act was introduced to the Illinois General Assembly in a monumental milestone for workers’ rights.
According to the Illinois Department of Labor, guaranteed paid time off without specific cause has only been adopted by two other states, Maine and Nevada adopting similar acts in 2019 and 2020 respectively. READ MORE
Mind the gap – it’s more than $11,000 wide.
That’s the difference between the annual median earnings of full-time male and female workers across the U.S., according to the latest data from the U.S. Census American Community Survey. Among civilians working full time in 2022, the year of the most recent data, women’s median earnings were $51,400, while men’s median earnings were $62,668. That means that for every dollar that the typical man earned, the typical woman earned about 82 cents. READ MORE
Why do companies continue to struggle with pay equity, more than 60 years after the passage of the federal Equal Pay Act (EPA)? In 2022, U.S. women had median annual earnings that were only 84 percent as much as those for U.S. men, according to the U.S. Department of Labor. Meanwhile, a 2022 study sponsored by UKG found that less than half of employees (41 percent) believe their employers have successfully achieved pay equity, even though 74 percent of executives consider pay equity a moderate or high strategic priority.
Perhaps the problem isn’t a lack of awareness or support among business leaders. Instead, the issue may be that organizations are trying to solve the issue on a tactical level when a more strategic, systemic approach is needed. READ MORE
March 12 is Equal Pay Day, marking how far into the new year women must work to earn what men earned in the previous year. Pay inequity continues to plague U.S. workplaces, but new research by SHRM indicates that HR professionals are committed to paying employees more fairly.
Seventy-five percent of organizations say they regularly audit for pay equity, according to the survey of 777 HR professionals. The characteristics most commonly assessed in pay equity audits include gender (80 percent), race or ethnicity (68 percent), and age (62 percent). READ MORE
While the federal government applies a consistent tax system to every citizen, states have tax rates they set independently from Uncle Sam. States can apply flat taxes, graduated taxes, or no taxes to their residents. If you don’t know about your state’s current income tax system, finding out can help you compare how much you would pay by staying or moving to another part of the country. Here is every state that currently uses a flat income tax and how it could benefit you. If you’re looking for need hands-on guidance with tax planning, a financial advisor could help you lower your tax burden. READ MORE
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