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“Money is a terrible master but an excellent servant.” – P.T. Barnum
How much money does it take to be considered financially successful in the United States? A recent survey by Empower, conducted on September 13–14, 2024, asked 2,203 U.S. adults to define financial success in terms of annual salary and overall net worth. READ MORE
If New Yorker Caroline Colvin can make it here, she’ll make it anywhere — her full-time job in Baltimore, for example.
Unlike countless 9-to-5ers commuting from small hometowns into big cities for big checks, this Gen Z gal is doing things backwards.
“I’m a reverse super-commuter,” Midtown resident Colvin, 23, told The Post. READ MORE
The millions of Americans who work overtime have a little more reason to hope for tax relief.
Republicans this week eked out a slim majority in the House, winning 218 seats, with a few races still uncalled. This means a Republican trifecta and more chance of passing proposals floated by President-elect Trump on the campaign trail, including one that would scrap taxes on overtime. READ MORE
On November 15, 2024, the U.S. District Court for the Eastern District of Texas vacated and set aside the U.S. Department of Labor (DOL)’s final regulation increasing the salary threshold for the “white collar” overtime exemption under the Fair Labor Standards Act (FLSA) on a nationwide basis.
The court held that each of the three components of the rule exceeded the DOL’s statutory authority under the FLSA. And given the nationwide scope of the rule, it concluded that the rule is struck down on a nationwide basis. The court had previously enjoined enforcement of the rule against the State of Texas in its capacity as an employer of state employees; its final decision now vacates the rule for all employers nationwide. READ MORE
The National Association of Realtors (NAR) has spent much of the past few years having its dirty laundry aired across public domain and in courtrooms. Now a new report is taking aim at compensation for NAR executives.
On Monday, The New York Times published an expose about the lavish perks enjoyed by NAR’s executives. Chief among them is the salary of former CEO Bob Goldberg, who earned $1.2 million per year that later ballooned to $2.6 million. READ MORE
Remember all those ambitious sustainability targets large corporations announced to great fanfare not so long ago? Net zero emissions by 2050, significant increases in diversity among senior leadership and boards, and commitments to nature preservation and supply chain transparency were a few of the most popular pronouncements. Now, however, as the reality of what it takes to achieve those goals comes into focus, many companies have started to realize that they need to start delivering against their promises. For many of them, there is a real possibility that they may not be able to do so. READ MORE
Elon Musk and Vivek Ramaswamy are asking Americans who are “high-IQ small-government revolutionaries” and willing to work over 80 hours a week to join their new Department of Government Efficiency – at zero pay.
In a new X post on Thursday that doubled as a job announcement and another one of Musk’s trolling attempts, the account for the newly formed Doge wrote: “We don’t need more part-time idea generators. We need super high-IQ small-government revolutionaries willing to work 80+ hours per week on unglamorous cost-cutting.” READ MORE
In 2009, Congress increased the federal minimum wage to $7.25 per hour, but it has not increased it since. Most states pay more than the federal minimum, of course, and the effective minimum wage (the average wage for all minimum-wage workers in the country) was $11.80 in 2019.
If the minimum wage of $7.25 passed in 2009 had been indexed to inflation, it would actually be $21.45 per hour today. So, if you earn less than this per hour, you are actually comparatively earning less per hour than a minimum-wage worker made in 2009. READ MORE
We got the latest inflation numbers — the Consumer Price Index — for October this morning. CPI increased 0.2% month over month, and prices were 2.6% higher in October than they were a year ago. For the most part, the pace of price gains has been gradually slowing since inflation hit a pandemic-era peak of 9% in June 2022.
But wages have also been increasing at a pretty steady pace. Average hourly earnings growth surpassed the rate of price growth back in May 2023, which means Americans’ real earnings have been improving. READ MORE
In a November 10 appearance on CNN’s State of the Union, United States Senator for Vermont Bernie Sanders dismissed a question from host Dana Bash about whether Democrats’ poor showing in the 2024 election came down to messaging over policy.
“It’s not messaging, Dana,” Sanders said. He said the economy has been weak for average Americans for decades. READ MORE
The United States Department of Labor issued a final rule on April 23, 2024 that increases the minimum salary threshold for the FLSA’s familiar white-collar overtime exemptions. Effective, July 1, 2024, the salary threshold for exempt workers increased from the previous rate of $684 per week (i.e., $35,568 annually) to $844 per week (i.e., $43,888 annually). The changes don’t end there. Under the DOL’s final rule, the salary threshold will again increase on January 1, 2025, up to $1,128 per week (i.e., $58,656 annually). The rule also provides for automatic increases every three years based on up-to-date wage data. READ MORE
In the past few years, a growing number of states have put laws on their books requiring employers to disclose pay ranges for open positions — either in their job postings or during the hiring process.
Today, Washington, DC, and 13 states have pay transparency laws in place: California, Colorado, Connecticut, Hawaii, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New York, Rhode Island, Vermont and Washington. Most are already in effect, but the laws in four of those states (Illinois, Massachusetts, Minnesota and Vermont) won’t take effect until next year. READ MORE
Deloitte’s recent research indicates that nearly 90% of executives want their compensation tied directly to human capital performance metrics. This isn’t just a reaction to market trends; it signifies a strategic acknowledgment of human capital’s essential role in driving economic value-creation. With a new administration potentially incentivizing short-term profit at the expense of sustainable people investments, this executive commitment highlights a critical truth: human capital remains the cornerstone of long-term profitability and competitive edge. This is especially true in the US, where 80% of our economy is driven by services, and people are critical in delivering services that drive revenue. READ MORE
When searching for a new job, there are numerous factors to take into consideration—the demands, the hours or even the location. But according to a recent survey, one of the most important things that Americans want listed on a job ad is the salary.
A new survey conducted by Talker Research revealed that 86 percent of Americans think a job advertisement should note the salary for the role. In contrast, just 8 percent think it's not a necessary addition. READ MORE
Americans are continuing to pile on debt at record levels — but for many households, those IOUs are completely manageable, according to new data released Wednesday.
US household debt (not adjusted for inflation) moved up to a fresh record total of $17.94 trillion as of September 30, according to the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit. READ MORE
Wall Street firms are expected to pay out higher bonuses this year in what would be the first increase since 2021, according to a report by compensation consulting firm Johnson Associates.
Bonuses are expected to rise after recent months saw an uptick in deal-making, the Federal Reserve cutting interest rates and the stock market surging to record highs. READ MORE
Many companies are still hesitant to post salaries in job postings. According to a study of more than 4,000 live LinkedIn job listings in the US, over a third (36%) didn't include salary details, even in states that have passed salary transparency laws.
People Managing People analyzed active job postings across every U.S. state over a range of seniority levels including associate and junior roles, as well as senior positions, across 22 different sectors. READ MORE
U.S. lawmakers have come a long way since making $6 a day in 1789, but their six-figure annual salary has remained frozen in time since 2009.
The current annual salary for a U.S. senator — as well as members of the U.S. House of Representatives — is $174,000. The government-paid salary, set in 2009, reflects a $4,700 pay bump from 2008, but has not been raised since. READ MORE
In October, Institutional Shareholder Services (“ISS”) released an off-cycle update to its Executive Compensation Policies Frequently Asked Questions (the “FAQs”), which are available at this link: US-Compensation-Policies-FAQ.pdf (the new questions are highlighted in yellow). As described in more detail below, the updates to the FAQs address ISS’s criteria for recognizing “robust” clawback policies and realizable pay methodology. The FAQs are typically updated in November or December of each year, making this off-cycle update noteworthy. ISS indicated in its release that a subsequent update to the FAQs is expected in December 2024. READ MORE
Everything old is new again. That’s more than some cliche thrown at you by an aging millennial lamenting the return of low rise jeans. It’s also descriptive of Biglaw’s stance on lateral partner compensation. Law.com has an article explaining that multiyear guarantees — whether in guaranteed points, shares, or specific amounts — are back again for partners they’re hoping to lure to the firm. READ MORE
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