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When workers consider the pros and cons of making a lateral move within their organization (or at a different employer), there’s no lack of information available to help them in this process. A simple Google search can offer a variety of articlesOpen in a new tab and resourcesOpen in a new tab.
From the angle of the employer, however, there are much fewer insights to help compensation professionals suss out the potential ramifications. READ MORE
A comfortable living may look different for everyone, but it typically means you can cover your basic expenditures and still have enough money for leisure, savings and even investing opportunities.
This is easier for couples who often have two incomes, but when you’re a single person, the salary you need to live comfortably may actually have to be higher. Where you live also plays a role. For instance, you can get by on less than $65,000 in St. Louis, Missouri, but in many California cities, you need between $100,000 and $200,000 just to live comfortably! READ MORE
On Tuesday, April 23, 2024, the U.S. Department of Labor (“DOL”) published the final version of a rule originally proposed in September 2023, raising the salary threshold for the Fair Labor Standards Act’s (“FLSA”) exemption for executive, administrative, professional, and computer employees and the total annual compensation level for the highly compensated employee exemption. The final rule also provides for periodic, automatic increases going forward. So, what should employers know about the final rule, and how can they stay compliant with this shifting landscape? READ MORE
Former and outgoing members of Congress from both parties agree that one of the biggest problems with the job is that they don’t make enough money, despite a six-figure salary — even as they acknowledge the Americans they represent don’t want to hear about it.
“If I go back to my district, where the average salary in some places is $32,000, and I say, ‘I don’t make enough,’ when I make $174,000, they would go ballistic,” former Rep. Ken Buck (R-Colo.) told the New York Times in a video interview published Tuesday. “I’d be out of office in a heartbeat.” READ MORE
After modest gains the previous year, the pay packages for CEOs at large U.S. public companies took off again in 2023, according to new research from ISS-Corporate.
In a preliminary analysis of executive compensation trends for S&P 500 companies, the proxy advisory firm found that median CEO pay rose by 9.2% to US$15.7 million for the latest filing period, up sharply from the 3.1% gain reported in the previous year. READ MORE
Starting July 1, 2024, employers must satisfy a higher salary threshold in order to consider employees as exempt from Fair Labor Standards Act (FLSA) overtime rules. Following proposed rulemaking in August 2023, the U.S. Department of Labor (DOL) finalized a rule on April 23, 2024, setting the standard salary level for the “white collar” exemptions under the FLSA at $844/week as of July 1, 2024 (up from the current $684/week). The weekly salary requirement for white collar exempt employees will then increase to $1,128/week on January 1, 2025. This represents an almost 65% increase in the minimum exempt salary threshold by January 1. It is important to note that paying the minimum salary alone does not establish that an employee is properly classified as exempt. Rather, white collar exempt employees must also satisfy the relevant “duties test” under the FLSA, the content of which remains unchanged by the final rule. READ MORE
The report of slower salary increases preceded the release Thursday of Commerce Department data showing that the economy expanded 1.6% last quarter, far less than forecast, as personal spending rose a less-than-expected 2.5%. Gross domestic product during the final quarter of last year increased 3.4%. READ MORE
The 2024 proxy season is in full swing, as public companies are in the process of submitting their proxy statements (DEF14A) to the Securities and Exchange Commission (SEC) ahead of annual shareholder meetings. The proxy statement features detailed information on pressing matters related to executive compensation and corporate governance. This analysis focuses on 2024 proxy statements submitted by 163 Equilar 500 companies (the 500 largest U.S. public companies based on revenue) through March 15, 2024 and offers early trends in executive compensation and Pay Versus Performance (PvP) disclosures. READ MORE
A pair of top Boeing Co. bosses who announced their departures as the company faced scrutiny over near-catastrophic manufacturing flaws in its 737 series jets are still poised to collect a combined $45 million in compensation based on the most recent company disclosures. READ MORE
Meta, Netflix and other Bay Area tech giants recently participated in the once-a-year tradition of disclosing how much they’re paying their chief executive officers. The numbers are, as usual, way detached from most people’s real lives.
Ted Sarandos, co-CEO of Netflix, received almost $50 million in total compensation from the Los Gatos-based streaming company in 2023, per a Thursday filing. Such executives’ pay packages are complex and often lean heavily on stock grants and awards, but they give a window into the extreme wealth of the Bay Area’s richest executives. The average full-time American worker’s annual salary is about $60,000, according to U.S. Bureau of Labor Statistics. READ MORE
On 23 April 2024, the US Department of Labor (DOL) announced a Final Rule raising the minimum salary and annual compensation thresholds to qualify for the executive, administrative, or professional (White Collar) exemptions from overtime under the Fair Labor Standards Act (FLSA). The Final Rule also increased the salary requirements for the highly compensated employee exemption (HCE Exemption). Under the Final Rule, an initial increase in salary thresholds will take effect on 1 July 2024, and a full increase to the thresholds takes effect on 1 January 2025. Further, the Final Rule introduces changes in the methodologies used to calculate and periodically update these salary thresholds to reflect current earnings data, which employers can expect to be applied every three years. READ MORE
Getting a salaried job is great until you realize your bosses may now believe they own your soul and don’t need to pay overtime for it. You are always on the clock in their minds. Thankfully, a final rule announced on Tuesday by the U.S. Department of Labor (DOL) is working to change that for millions of salaried workers.
The rule amends the Fair Labor Standards Act section 13(a)(1). Under these new guidelines, lower-paid salary workers who work more than 40 hours a week will receive overtime protections. Say hello to time and a half and possibly even double time. READ MORE
What does it take to be considered rich in America? It depends a lot on where you live.
The richest of the rich live in Washington, D.C., where it takes a salary of $719,000 to land in the top 5% of earners. That’s according to a recent analysis from GoBankingRates, which looks at the average household income of the top 5% of earners in each state, based on the latest data available from the 2022 American Community Survey. READ MORE
Unilever hit the headlines in 2014 when it paid its then CEO, Paul Polman, a £432,000 bonus for his work on the company’s sustainability reforms. While this case drew criticism from those who saw it as a fat cat profiting from addressing global problems that his firm may have been part of, it fuelled the theory that the best way to persuade business leaders to manage their assets for the public good is to pay them to do so.
The movement to tie bosses’ rewards to their companies’ environmental, social and governance performance has since gathered momentum. By 2022, more than 90 of the FTSE 100 were incorporating ESG measures into their executive incentive plans, according to a Deloitte study. READ MORE
Mark Zuckerberg received the lowest salary of all of Meta’s staff in 2023, with his measly $1 salary — though the Big Tech chief raked in a staggering $24.4 million in “other compensation.”
According to a proxy filing statement, the lion’s share of this “other compensation” covered Zuckerberg’s security costs. READ MORE
While four-year colleges and universities have long been seen as the path to a successful life, many are finding similar financial and professional benefits in trade jobs.
“As a society, we’ve been doing a better job of promoting potential careers in the trades and working with your hands,” Michael Krupnicki, president of the American Welding Society, said in a recent interview with NewsNation. READ MORE
The top spot doesn't pay like it used to, at least in some startups.
On average, startup CEOs make $141,000 in 2024, down approximately $1,000 from last year, according to a new report from the accounting firm Kruze Consulting that analyzed more than 450 U.S. startups. It adds that this salary slide signals "a cautious approach amidst a challenging funding landscape." READ MORE
The White House budget office has cleared a US Labor Department rule expected to expand overtime pay protections to millions more workers, signaling it will soon be released to the public.
The Office of Management and Budget completed its review of the overtime rule (RIN: 1235-AA39) on April 10, according to its website. READ MORE
A viral social media video about a $25 McDonald's "deal" recently sparked an online debate about California's minimum-wage increase.
A TikTok user who posts videos under the username @shannon_montipaya shared the video on March 27. She was in the drive-thru of a Southern California McDonald's location when she saw a sign for a 40-piece Chicken McNugget meal deal, which also included two large orders of fries. READ MORE
The owner of the famed In-N-Out burger chain says she fought to keep costs down in California as legislation bumping up the minimum wage took effect.
"I was sitting in VP meetings going toe-to-toe saying, ‘We can’t raise the prices that much, we can’t,'" In-N-Out President Lynsi Snyder said in a Wednesday interview with "Today," adding that she felt "an obligation to look out for our customer." READ MORE