25 States with Highest Average Salary in America

In this article, we will look at the 25 states with highest average salary in America. We have also discussed some statistics related to the US economy. If you want to skip our detailed analysis, head straight to the 10 States with Highest Average Salary in America.

Since around 1890, the United States has held the position of the world's largest economy by nominal measures. With a gross domestic product (GDP) of $27 trillion, the US economy constitutes over 15% of the global gross world product at purchasing power parity (PPP). The average gross annual wage per full-time employee in the USA was $74,738 in 2021, or around $6,228 per month.  READ MORE

Some companies may soon not be able to ask for your salary history

On the 15th anniversary of the signing of the Lilly Ledbetter Fair Pay Act, the White House announced new rules intended to promote equal pay for federal workers and contractors.

The new rules, which have yet to take effect, apply to federal agencies and contractors. The rule would prohibit these employers from seeking and using information about job applicants' salary history when making employment decisions. READ MORE

Trends in Director Compensation

Historically, public company directors served without pay and with light workloads. Even after 1969, when Delaware law first authorized directors to set their own compensation, pay remained nominal. Directors generally kept a low profile, with a mandate often limited to advising or cheering on the chief executive.

All that has changed—gradually for several decades and more rapidly in recent years. Today, serving as a public company director entails increased demands on directors, along with related liability risks.  Directors are expected to adhere to stringent independence standards; preside over both strategic direction and oversight of every possible risk; and be on call to respond to crises. READ MORE

New independent contractor rule signals a busy year for compliance

The U.S. Department of Labor recently announced a final rule that aims to clarify when a worker qualifies as an employee or an independent contractor under the Fair Labor Standards Act (FLSA). The long-awaited rule kicks off a year in which legal experts expect HR leaders to increasingly focus on compliance issues.

According to a DOL press release, the new rule, which became effective Jan. 11, “provides guidance on proper classification and seeks to combat employee misclassification,” which the DOL says can impact workers’ right to minimum wage and overtime pay, as well as facilitate wage theft and harm competition. READ MORE

Your salary history can hold you back from making more money throughout your career

Across the economy and country, women — and especially women of color — are paid less than their peers. The Biden administration wants to change that.

On Monday, the administration announced that it's rolling out two new policies to try and level the playing field. In the federal government, the Office of Personnel Management will institute a new rule that will prohibit the use of an applicant's salary history in setting pay for a role in the federal government. In other words, applicants for federal jobs won't have their salary histories held against them. READ MORE

NY restaurant owners say messing with rules on tipping will mean higher menu prices, possible layoffs: survey

New York restaurant owners have a tip for lawmakers: don’t change the rules about wait staff gratuity.

A whopping 95% of restaurateurs oppose a legislative campaign to eliminate the tip credit system that allows owners to pay wait staff who earn tips less than minimum wage, according to a new survey by the NYC Hospitality Alliance set to be released Monday. READ MORE

Virginia bill to require salary ranges in job posts, bar salary history requests advances

Amid a docket of new policy proposals, a Virginia Senate panel heard a familiar one Monday when Sen. Jennifer Boysko again presented legislation to require employers to list a wage or salary range in all job postings and prohibit them from asking prospective employees for a salary history.

“This is the eighth time I have introduced this legislation,” Boysko told the Senate Commerce and Labor Committee before vowing to keep reintroducing the measure until it reaches the governor’s desk.  READ MORE

January 2024: Resolve to Review Employee Classifications and Salary

Recent and upcoming changes to federal regulations and New York laws make this the ideal time and opportunity for employers to review – and possibly change – worker classifications.

Employers often suspect a certain percentage of employment-related misclassifications on their rosters – whether independent contractors who may be more appropriately classified as employees or employees whose positions have been designated as exempt but may actually hold non-exempt positions. Still, employers are often reluctant to analyze their workers’ classifications because of the challenges brought about by making such changes. READ MORE

76% of companies link pay to ESG performance in rising trend

The biggest U.S. companies are weaving ESG into pay incentives despite a backlash against the use of sustainability as a metric for corporate performance. The opponents — including Republicans such as former Vice President Mike Pence — have labeled the focus on ESG a cornerstone of “woke capitalism.”

Investors have cooled to ESG goal setting, with the flow of capital into sustainable funds worldwide waning during several quarters. Such inflows fell to $13.7 billion during the third quarter from $23.6 billion during Q2, according to Morningstar. Investors during Q3 pulled $2.7 billion from U.S.-based sustainable funds. READ MORE

36% of companies plan to raise pay in 2024 amid tight labor market

The U.S. labor market, while loosening in recent quarters, remains unusually tight. U.S. job openings fell to 8.8 million in November, the lowest level since early 2021 but still well above pre-pandemic levels, the Bureau of Labor Statistics reported this month.

Hiring declined to the lowest level since early 2020, while the ratio of openings to unemployed people remained at 1.4, the same level as in October. READ MORE

How tech can ‘democratize’ employee rewards and recognition

In terms of corporate success, the value of a company extends far beyond its financial indicators. Gallup reports that 84% of an S&P 500 organization’s worth is tied to its employees’ talents, skills, knowledge, work ethic and health. Unfortunately, only two in 10 U.S. workers strongly feel connected to their company’s culture, according to Gallup. This means that much of that value is at risk of leaving the company if employees become disengaged.

However, experts from Sapient Insights Group say there are ways HR can navigate around disengagement, particularly through technology designed to recognize employees positively. A tech-fueled recognition strategy, they say, can incentivize behaviors aligned with organizational culture and key performance indicators. READ MORE

It's Time for a Fresh Look at DEI Metrics in Executive Compensation

It is estimated that over 84 percent of companies in the S&P 1500 use some form of "social" metric when determining their executives' incentive compensation. Many of these social metrics set forth diversity, equity and inclusion ("DEI") goals—some quantitative, others qualitative—usually summarized to some degree in a company's publicly filed proxy statement. For calendar year-end companies, decisions regarding the metrics of incentive compensation programs are typically made in the first quarter of each year. READ MORE

Best Jobs To Get A Pay Raise in 2024

Healthcare, information technology, government and manufacturing are among the fields likely to see the most job growth and highest wage increases in 2024, according to research from Resume Genius. 

These fields in particular are expected to stand out in 2024 as broader economic trends improve in the U.S. Despite the rising cost of living, a recession appears less likely than a year ago. Inflation is trending lower, and the U.S. labor market is expected to hold steady in 2024. That’s good news for the economy and job seekers. However, the U.S. continues to experience shortages in skilled workers. READ MORE

Is $94,000 the Magic Number for Financial Freedom?

How much do you need to make in order to really feel like you’re in a good spot in life? The average American says “financial independence” means making upwards of $94,000 per year, and 60 percent feel optimistic they can reach this milestone.

In a recent poll of 2,000 adults, spenders and savers say financial freedom is synonymous with resilience and independence: not needing money from family and friends (47%), reaching a certain net worth (44%), and contributing to a 401(k) (42%). The new study by financial services company Empower, conducted by OnePoll, also reveals that more than two in five define “making it” as reaching financial independence (44%). READ MORE

35 Richest Countries by Median Income

The richest countries by median income in the world tend to have a strong economic system that offers a wide range of jobs and business opportunities. The world’s most developed economies have suffered since the COVID-19 pandemic as things have not been the same since the pandemic. Despite the economic disruptions, the world has gone through a transformative decade of development with the practical application of technologies such as AI, Cybersecurity, Blockchain, and Metaverse, among others. However, the global economy is set to end 2024 on a downward side - the slowest half-decade of GDP growth in 30 years, as per the World Bank’s latest Global Economic Prospects report.  READ MORE