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No surprise: It pays to climb your way to the top of the org chart.
The highest-paid CEOs in the US aren't necessarily household names, but they're enjoying some pretty sweet pay packages — more than enough to avoid worries about higher prices for that morning coffee. READ MORE
A growing number of America’s biggest companies are revising diversity metrics for executive pay, a possible sign that conservative-led attacks on DEI are weighing more heavily on corporate culture.
A review of about 1,200 companies found that the proportion of corporations using a diversity, equity and inclusion metric to set compensation has dropped to 28% from closer to 33% in 2023, according to an analysis of regulatory filings by Farient Advisors. So far this year, 56 companies, including Best Buy Co., Chipotle Mexican Grill Inc. and Johnson & Johnson, removed or de-emphasized DEI when setting executive pay, the consulting firm said. READ MORE
According to the monthly jobs report recently released by the National Federation of Independent Business (NFIB), a net 18% (seasonally adjusted) of small-business owners plan to raise compensation in the next three months by August, down three points from April and the lowest reading since March 2021.
Seasonally adjusted, a net 37% of owners reported raising compensation, down one point from April but historically high. READ MORE
Just weeks after losing a $1.1 million arbitration award to former advisors in a fight over deferred compensation, Morgan Stanley on Monday defeated a similar lawsuit from eight former brokers who sued the wirehouse in 2022 seeking $855,000 in deferred compensation they had claimed should be handed to them because it was retirement money protected by ERISA – the Employee Retirement Income Security Act of 1974.
A panel of three arbitrators under the aegis of Finra Dispute Resolution Services decided against the eight former Morgan Stanley advisors, who are scattered across Florida and have jumped in the past few years to a variety of Morgan Stanley competitors, including Wells Fargo Advisors, Raymond James & Associates Inc. and Ameriprise Financial Services. READ MORE
In August 2022, the U.S. Securities and Exchange Commission (SEC) adopted final rules implementing the pay vs. performance (PVP) requirement in the Dodd-Frank ActOpen in a new tab. These rules require registrants to disclose, in both tabular and narrative format, how their executive compensation is paid in relation to their financial performance.
WTW is among the organizations that have kept a close eye on PVP disclosure trends, providing insight on early trends as well as broad consensus on disclosure practices among first-year filersOpen in a new tab. In addition, WTW tracks the SEC’s Compliance and Disclosure Interpretations (C&DIs) that accompanied the final rules, most recently in November 2023 (see SEC issues November 2023 guidance on pay versus performanceOpen in a new tab). READ MORE
On May 24, 2024, the US Court of Appeals for the Fifth Circuit in New Orleans, which covers Louisiana, Mississippi, and Texas, recently upheld a district court’s decision that two highly compensated IT engineers were not properly paid on a salary basis and, therefore, not exempt from the Fair Labor Standards Act’s (FLSA) overtime requirements. The Fifth Circuit’s opinion reiterates that no matter how much money an employee earns, a guaranteed weekly salary must be paid in accordance with the FLSA’s specific rules and regulations in order to maintain most exemptions from the overtime pay requirements. READ MORE
Pay transparency laws are on the rise nationwide, but so is the share of companies that use the ambiguous phrase “competitive salary” to describe what they’ll pay.
As of May, the phrase appeared in 3% of U.S. job postings on Indeed, up from 2.5% of postings at the same time last year, the employment website told CNBC Make It. READ MORE
The recent astronomical compensation package awarded to Elon Musk by Tesla has sparked a heated debate on the intersection of legality and morality in corporate governance in global capitalism. READ MORE
The Tesla shareholder meeting has prompted plenty of headlines and broader discussions about CEO pay. Shareholders voted to reinstall CEO Elon Musk’s compensation package, which had been approved by them in 2018 and then voided by a Delaware Chancery judge after a shareholder lawsuit.
The actual Delaware ruling was not based on whether or not the payment amount was excessive or unfair. It stemmed from the judge’s view that the process for obtaining the original board and shareholder approval was “inadequate.” READ MORE
Vermont has joined the growing list of jurisdictions with pay transparency laws.
On June 4, 2024, Vermont Governor Phil Scott signed “An Act Relating to Disclosure of Compensation in Job Advertisements” (the “Act”). Pursuant to the Act, which will take effect on July 1, 2025, many employers will soon be required to ensure that any advertisement of a Vermont job opening includes a disclosure regarding the compensation, or range of compensation, available for the job opening. Proponents of the bill cite advancement of pay equity and reduction of gender and racial pay gaps as among the expected outcomes of implementation. READ MORE
Many people enter federal roles for job security, not for the money. But some federal jobs can offer both.
Data from the US Office of Personnel Management from September indicates 64 federal job categories have positions that pay over $200,000 — and some pay as much as much as $400,000. READ MORE
Pursuing an online MBA is not a cheap endeavor.
Some of the largest and most prestigious programs can cost a student over six-figures–all just to learn online. At the same time, other universities offer relatively affordable online MBA programs, running sometimes less than $30,000. READ MORE
Looking to earn six figures or more? You might not need an expensive college degree.
There are a wide variety of jobs that can pay more than $200,000 a year, according to a recent Reddit thread, and many of them are very different from the doctors, lawyers and other white-collar workers that might immediately come to mind. READ MORE
If you’re thinking of living on your own, you’ll need to make about $45,000 per year in most states just to get by.
That’s roughly the median income needed to cover basic expenses, according to a new analysis by SmartAsset, which looked at estimates for housing, transportation, health care, taxes and other common expenses, as tracked by the MIT Living Wage calculator. READ MORE
US bosses’ pay is increasing at the fastest rate for at least 14 years, according to new figures that critics say illustrate how ballooning reward packages such as Elon Musk’s risk exacerbating social inequality.
So far in 2024, median chief executive pay at S&P 500 companies has risen by 12 per cent, according to ISS Corporate, part of proxy adviser Institutional Shareholder Services. That compares with a 4.1 per cent year-on-year increase in US wage growth, according to official figures. READ MORE
Elon Musk's X Corp. is reportedly demanding money from at least six Australians who were laid off, saying the company accidentally overpaid them. The Sydney Morning Herald reported today that "X is threatening to take some former Australian employees to court, demanding they return entitlements it claims were overpaid to them after it bungled the currency conversion from US to Australian dollars on the payments."
Emails sent this year by X's Asia Pacific human resources department to the laid-off employees said there was "a significant overpayment in error in January 2023." The alleged overpayments ranged from $1,500 to $70,000 for each employee. READ MORE
Tesla shareholders decisively backed a proposal to affirm Elon Musk’s multibillion-dollar pay package, according to details of the vote released on Friday.
The vote of confidence in Mr. Musk reduces the risk that he would leave Tesla, but may also validate behavior that some investors say has hurt the carmaker, analysts and investors said. READ MORE
Tesla (TSLA) shareholders reapproved Elon Musk’s record-breaking pay pact and signed off on a new Texas incorporation in a show of support for the CEO as he fights legal battles on multiple fronts.
"Hot damn, I love you guys," Musk said after the votes were tabulated while speaking at the company's annual shareholder meeting in Austin, Texas. READ MORE
In an impassioned letter registered with US regulators, Tesla's chair Robyn Denholm pleaded with shareholders to approve the reinstatement of CEO Elon Musk's astronomical $56 billion pay package, which was thrown out by a judge in January.
The topic is on the agenda at next week's annual shareholders meeting, where investors will vote on the matter. READ MORE