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California is on the cusp of putting the fast-food industry into a curious economic experiment – mandating a custom minimum wage for larger restaurant chains.
Come April, fast food’s biggest players will be paying workers $20 hourly vs. 2024’s statewide $16 wage floor. The thinking behind the legislation is that the industry’s workers have long been underpaid, and a bold move was required to get these poorly compensated workers some hope of surviving California’s high cost of living. READ MORE
Salary compaction considerations started primarily in government jobs as a method of addressing and fixing issues that could arise when a long-time employee is making less than a new employee in the same position. Or supposedly even more seriously for employee morale: a boss making less than a number of new hires. READ MORE
Those on the market for a new job, take note: A high salary might be hiding where you don't expect it.
Some expressed surprise last week when Walmart revealed its new salary program that has store managers set to make upward of $128,000 after some pay and bonus guidelines are updated next month. READ MORE
In this article, we will look at the 30 cities with highest average salary in the US. We have also discussed the growing economic importance of smaller cities. If you want to skip our detailed analysis, head straight to the 10 Cities With Highest Average Salary in the US.
In a shift away from traditional tech hubs, recent data from job and internship platform Handshake reveals an interesting trend among young workers seeking tech jobs in smaller US cities. Columbia, Maryland, leads the list with 190% year-over-year increase in job applications, followed closely by Boise, Idaho, at 116%. The appeal of these cities lies in factors such as lower living costs, diverse industry opportunities, and less stressful commutes. READ MORE
Companies have crossed the Rubicon in integrating environmental, social & governance (ESG) performance into their executive incentive plans. With three-quarters of S&P 500 index companies embedding some type of ESG metric into their leadership compensation policies, the practice is now deeply ingrained. But there is an opportunity to move beyond generic goals and tailor ESG performance measures in a way that contributes to competitive advantage and long-term growth.
The Conference Board and ESGAUGE conducted a thorough analysis of executive incentive plans described in 2023 proxy statements, and the following are our key findings and insights on the use of ESG performance metrics. READ MORE
Near the end of last year, the Los Angeles Dodgers rocked the sporting world, signing Shohei Ohtani to a 10-year, $700 million deal, easily the most lucrative contract in the history of American sports. Even though nearly everyone expected Ohtani to sign for big money, the size of the contract was nonetheless shocking, despite his incomparable gifts as both a hitter and pitcher.
Yet what might have been more surprising is how the contract was structured: Almost all the money will be deferred. Officially, that allowed the Dodgers to sign other players without paying huge penalties for violating Major League Baseball’s spending rules. (And, in the interim, they have). READ MORE
Executive compensation is a key driver of escalating wealth disparity. In 2023, top executives continued to reap substantial salaries and bonuses, even in a year that was economically challenging for many.
More broadly, data shows the ratio of CEO to worker compensation in the 350-largest publicly owned companies has increased by a multiplier of 16 since 1965. The provision of tax breaks to corporations is a driving force behind increasing executive compensation. READ MORE
Starting salaries for MBA and business masters graduates entering the management consulting sector—including at top firms such as Deloitte, McKinsey, and EY-Parthenon—stagnated going into 2024, according to a new industry report.
The annual Management Consultant Salary Report, based on data sourced directly from new hires across the consulting industry, revealed that consulting salaries in 2024 were flat when compared with 2023. READ MORE
Advertised salaries for prospective employees have grown above inflation, despite a sluggish end to the year and cost of living pressures.
Data from employment website Seek revealed the growth of advertised salaries on its platform rose by 4.5 per cent in the year to December 2023, outpacing inflation which stands at 4.3 per cent. READ MORE
How much you earn varies greatly depending on where you live, and also where you are in your career. Are you just starting out? In your peak earning years? Or are you retired?
According to a recent study by Scholaroo, overall, Generation X has the highest salaries in the country. But they aren’t bringing in big bucks in Mississippi, where millennials, Generation X and baby boomers all have the lowest median income. Gen Z has the lowest salaries overall, and their median salary is the lowest in West Virginia, the study found. Meanwhile, the highest-earning boomers are in Hawaii. READ MORE
Walmart managers are in line for a pay increase with the potential to see bonuses up to 200% their base salary.
In a memo sent to U.S. store managers, Cedric Clark, Executive Vice President, Store Operations, Walmart U.S., Walmart said it was raising the average pay for managers and redesigning its bonus program. READ MORE
As of September 30, 2023, the average federal employee salary reached $101,610.
This average salary does not include the 5.2% average pay raise for federal employees starting in January 2024. This was the largest federal employee raise in more than 40 years. The average salary also does not include employee benefits, which had an estimated value of $44,021 in 2021 for each employee. READ MORE
On January 12, 2024, D.C. Mayor, Muriel Bowser, signed the “Wage Transparency Omnibus Amendment Act of 2023.” If not overturned during the subsequent 30-day Congressional review period, beginning June 30, 2024, employers with at least one employee in D.C. will be required to publish wage and benefit information to prospective employees and wage information for candidates for advertised promotion and transfer opportunities. Employers with at least one employee working in D.C. will also be prohibited from “screening prospective employees based on their wage history.” READ MORE
Tesla's profitability and deliveries will be on top of investors' minds when the world's most valuable automaker reports results on Wednesday, days after sharp price cuts and announcement of a production pause at the Berlin factory.
Falling prices of battery materials are expected to let Tesla show a slight rise in profit margin from the previous quarter. READ MORE
Hannah Williams isn’t afraid to ask strangers how much money they make. In 2022, she quit her six-figure job to make a business out of it, Salary Transparent Street, which brought in $1 million last year.
Since launching her TikTok channel, Williams, 27, estimates she’s interviewed upwards of 1,000 people, from teachers to nurses to entrepreneurs and more, about their earning power and money habits. READ MORE
Businesses advertising job openings in Washington, D.C., will have to include a pay range and will be barred from asking job applicants their prior salary history, under legislation Mayor Muriel Bowser signed into law Friday.
The measure (B25-0194) largely mirrors the job posting pay transparency laws that have spread to California, Colorado, Hawaii, Illinois, New York, and Washington state. Similar bills came close to passing in the Maine and Massachusetts legislatures in 2023. READ MORE
On January 1st, 22 states and 38 cities and counties raised their minimum wages, sparking some celebration for 10 million workers who get a pay hike, and many doubts for the rest.
While this is perhaps a well-intentioned policy, intentions don’t indicate a policy’s effectiveness. Many economists argue that this decision will disadvantage the people it aims to help, namely, lower-skilled workers. READ MORE
While December's Consumer Price Index (CPI) data came in hotter than expected month-over-month and annually, experts are finding this inflation print to be an inspiration for more to come under President Biden's economic policies.
National Economic Council (NEC) Deputy Director Daniel Hornung sits down with Yahoo Finance's Rachelle Akuffo to discuss the progress in Biden's legislation to ease inflationary costs for American consumers. READ MORE
For many employers, the near year means new employees. If you are in the season of publishing applications and interviewing job applicants, you may want to reflect on pay equity developments that went into effect this year or will go into effect in the near future. READ MORE
Cha-ching! That’s the sound of 27 states implementing minimum wage increases in 2024 or in the near term via annual indexed increases or tiered jumps. As employers strive to remain both compliant and competitive, experts say, they need to conduct a comprehensive evaluation of their compensation strategy and ensure it is rooted in a strong pay philosophy. READ MORE