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Millions of workers heading back to their 9-to-5 jobs now that the holidays are over, and younger people are introducing new work trends heading into 2024.
On social media, the latest themes emerging include what’s being called “Lazy Girl Jobs” and “Bare Minimum Mondays”. READ MORE
Pay equity continues to be top of mind for organizations. As the year begins, this is a good time to reflect on how organizations might refine their pay equity processes. The benefits of effective pay equity practices are numerous, including compliance with regulations, reduced risk of discrimination lawsuits, enhancement of the organization’s brand, improved attraction and retention of top talent, and higher rates of employee engagement.
However, organizations make various mistakes that limit the impact of their efforts. To improve results and drive efficiencies, here are six common mistakes we have seen, as well as guidance on how organizations can do better. READ MORE
On December 27, 2023, and just in time for the 2024 ball to drop, the New York State Department of Labor (NYSDOL) finalized the salary thresholds for exempt employees that were proposed as a part of Minimum Wage Order Updates in October 2023. Similarly, New York passed Senate Bill S5572 in September 2023, increasing the salary thresholds for exempt employees under Article 6 of the New York Labor Law.
As a reminder, the classification of exempt or non-exempt is particularly important for determining which employees are (1) exempt from the overtime laws, meaning that such employees are not eligible to receive overtime pay, and (2) exempt from certain wage payment laws under New York Labor Law Article 6. READ MORE
Harvard’s former president, Claudine Gay, is set to keep her nearly $900,000 annual salary despite resigning as president, the New York Post reported. Gay resigned after she said it may not violate Harvard’s rules to call for the genocide of Jews.
I thought that when Gay resigned in disgrace she was going to be ousted from Harvard altogether, but no! She still works at the school. READ MORE
The share of S&P 500 companies integrating climate-related metrics into their executives' compensation plans more than doubled over the past two years, according to a new report from The Conference Board based on disclosure data from ESGAUGE.
Executive compensation was tied to climate-related metrics by about 25% of S&P 500 firms in 2021 but rose to 54% in 2023. The percentage also doubled in the Russell 3000 index, going from 16% to 32%.
Moreover, as the rate of adoption of climate and other ESG performance metrics increases, companies have also started using them in long-term incentive (LTI) plans: The share of S&P 500 companies that use ESG metrics in both annual and long-term incentive plans grew from 7% in 2021 to 12% in 2023. READ MORE
I read an interesting post by Sara Zorich of Amundsen Davis concerning the year-end wage hour issues that employers must deal with, and I agree with the concepts set forth in that article. There are a number of implications for these year-end issues which may inadvertently expose employers to liability if they do not take heed.
As the post notes, there is a concern with the giving of bonuses to non-exempt workers. Unless this is a true Christmas bonus or a bonus given in a totally discretionary (i.e., subjective) manner, that bonus must be included in the regular rate of employees if they work overtime. If the bonus is part of an incentive program or a production bonus or promised in any way to workers, it is includible. If it is a year-end bonus, then it must be allocated over fifty-two weeks, an equal portion thrown into each week and then overtime must be calculated or re-calculated. READ MORE
Warren Buffett is a legendary investor, the boss of a $800 billion company, and one of the richest people on the planet. Yet he's earned a modest annual salary of $100,000 for over 40 years, Securities and Exchange Commission filings show.
As Berkshire Hathaway's CEO and chairman, Buffett recommends to his board of directors how much he should be paid, and decides the rest of the executives' compensation. The 93-year-old has received $100,000 a year since 1980 — a fraction of the $18 million average pay of S&P 500 CEOs in 2021. READ MORE
It's not uncommon for recruiters to ask about salary expectations when interviewing a candidate, but what's the correct way to answer? An interview expert has recently gone viral after sharing her best tips to answer the question the right way.
In a clip shared in December under the username anna..papalia, she explains that when the interviewer asks you about your salary expectations you should not give them a number right away. READ MORE
Local newspapers are key to keeping residents informed about civic affairs, and the threat of negative media coverage keeps nonprofit leadership salaries in check, according to new University at Buffalo School of Management research.
Published in the Journal of Accounting and Public Policy, the study found that when a newspaper goes out of business, total executive compensation at local nonprofits goes up by more than $38,000 on average—an increase of nearly 32%. READ MORE
The dynamics of the workforce, shaped by technological advancements, cultural shifts and global events, necessitate a profound reassessment of compensation strategies in 2024. Businesses must adapt to emerging trends, reconsider traditional approaches to performance-based compensation and embrace principles of equity and inclusion. Staying agile and knowledgeable on compensation-based developments is imperative to remain competitive and prosperous in the new year.
This article explores the essential elements that your organization should consider when rethinking compensation strategies. READ MORE
Institutional Shareholder Services (ISS) and Glass Lewis, the two most influential proxy advisory firms, recently released updates to their voting policies for the 2024 proxy season. The ISS US policy update will apply for shareholder meetings held on or after February 1, 2024. The Glass Lewis US policy updates, included in its 2024 US Benchmark Policy Guidelines, will apply for shareholder meetings held on or after January 1, 2024. This alert provides a high-level description of each firm’s key policy updates for the United States.
Following numerous substantive policy updates for the 2023 proxy season, ISS included only one US policy update for 2024. Glass Lewis’ US policy updates for 2024 also are relatively light, with a continued focus on executive compensation and board composition and risk oversight. READ MORE
The new year brings slightly larger paychecks to many Americans thanks to changes the IRS made to adjust for inflation.
Why it matters: Cost-of-living adjustments — such as those on taxes, wages and Social Security payments — are crucial as consumers cope with inflation and high prices.
The big picture: New IRS tax brackets and increased standard deductions go into effect Jan. 1 along with other tax inflation adjustments that include the mileage rate increasing by 1.5 cents a mile and higher contribution limits for tax-deferred retirement plans. READ MORE
The ferocious inflation that slammed Americans during the pandemic was partially offset by the strongest pay gains in years. Even as people paid more for everything from groceries to rent, real weekly earnings for the typical U.S. worker rose 1.7% between 2019 and 2023, government labor data shows.
Driven by a resilient labor market, some jobs saw particularly strong wage increases over the last year, according to a recent survey from compensation data firm Payscale. Here are the 10 jobs with the hottest wage growth in 2023 compared with the prior year, along with median pay. The analysis is based on responses from more than 3,500 workers across 15 job titles. READ MORE
Salary increments in 2024 are predicted to moderate but remain higher than historical averages, indicating a departure from the previous year’s trends. In an attempt to attract talent, employers are set to offer pay hikes despite expected lower increases compared to early-year forecasts. READ MORE
If you have a LinkedIn or other job search account, then you've likely had a recruiter slip into your DMs with some "amazing" opportunity. But, have you ever had a recruiter from a former job reach out? Well, that's what happened to redditor slobberypuppykisses, who we'll call SPK for short.
In an unfortunately relatable post, SPK vented: "A third party recruiter reached out to me asking for a call to discuss X role he was recruiting for at an undisclosed company. After going through my experience for about five minutes, he tells me the name of the company and the expected salary. It took everything in me not to laugh and hang up." READ MORE
Pay transparency is slowly but surely on the rise.
The introduction of legislation in California, New York and the European Union (EU) indicates that we’re moving towards a reality in which employers can no longer hide behind confidentiality clauses to low-ball candidates, and employees have a clearer starting point for salary negotiations.
This is good news. READ MORE
For anyone working a minimum wage job in this new year, they will be paid more in 22 states and in at least 40 cities and counties across the country than they were in 2023.
The higher hourly rates are due either to scheduled increases or lawmakers having indexed the minimum wage in their jurisdiction to inflation, most typically using the Consumer Price Index as their gauge. READ MORE
A federal judge has ruled that X, formerly Twitter, must face a lawsuit after staff accused the company of failing to pay bonuses promised to them. The judge on Friday denied X’s motion to dismiss the case.
X stands accused of failing to pay out annual bonuses to staff after its October 2022 acquisition by billionaire Elon Musk – despite repeated assurances from executives in the lead-up to and following the deal that the company would do so, according to a lawsuit filed in June 2023 on behalf of employees. READ MORE
Berkshire Hathaway Inc. said billionaire Jimmy Haslam admitted to offering payments to executives at Pilot Travel Centers as he prepares to sell his remaining stake in the truck-stop chain to Warren Buffett’s company. READ MORE
The end of the year often brings a bevy of holiday compensation: bonuses, paid days off, and higher rates of pay. However, it is critical for employers to keep the Fair Labor Standards Act in mind when doling out these benefits. Failing to do so could result in underpayment and liability exposure. Any employer with non-exempt employees – those that are eligible for minimum wage and overtime protection under the FLSA – has to carefully consider how holiday compensation is paid. Because, unless the holiday compensation falls into one of the FLSA’s tightly prescribed exceptions, it has to be included in calculating employees’ regular rate for overtime purposes. READ MORE