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If you need further proof that the nation’s formerly sizzling job market has gone cold, look to what had been perhaps the hottest part of the post-pandemic hiring frenzy: pay for newly hired workers.
After adjusting for inflation, average wages for new hires fell 1.5% over the 12 months ending in July – from $23.85 an hour to $23.51– the largest such decline in a decade, according to an analysis of Labor Department figures by the W.E. Upjohn Institute for Employment Research. READ MORE
The median household income in 2023 was $80,610, up 4% from the previous year, according to the U.S. Census Bureau. That's the first meaningful change in income, and increase, in recent years, when accounting for inflation.
While your industry and position largely dictate your earnings, you may want to know how your salary compares to the national average income of your peers or the general population. After all, the more you make, the more you can (usually) save for an emergency or retirement. READ MORE
The SEC approved a new exchange listing standard for public companies required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which required listed companies to adopt a clawback policy by December 1, 2023. This policy requires the clawback of “incentive-based” compensation erroneously received by current and former executive officers, regardless of fault, during the three years prior to an accounting restatement. Although the legal requirements for a clawback policy are straightforward, the implementation of a clawback can be complicated. READ MORE
The world of work continues to evolve, but one thing remains constant in the current job marketplace: the demand for remote and flexible work. From improved working relationships to better work-life balance, flexible work can benefit everyone—and job seekers agree.
To better understand workers’ career decisions, work preferences, and perspectives on the current job market, FlexJobs polled more than 3,000 U.S.-based professionals between August 5 and 18. READ MORE
The tech sector has been dealt some tough blows this past year. In 2024, sweeping layoffs befell a number of mega tech companies including Cisco, Dell and Intel. Despite the rough patches the industry has endured, tech is still a booming sector with a number of high-paying, in-demand positions. READ MORE
At the height of the Great Resignation a few years ago, salary increase budgets told the story: Employers were willing to pay a premium to get workers in the door. Today, that urgency has lessened slightly, as organizations navigate a changing job market amid a backdrop of economic uncertainty.
New research out this week from The Conference Board found that—of the 300 compensation leaders the organization surveyed—projected salary increase budgets for 2025 are expected to edge up about 3.9%, a slight increase from the actual 3.8% these organizations reported this year. While the figure is among the highest projections the agency has seen in the last two decades, researchers say, it represents a drop from the actual increases of 4.4% in 2023. READ MORE
On September 11, 2024, the U.S. Court of Appeals for the Fifth Circuit upheld the U.S. Department of Labor’s (DOL) authority to use a salary basis to define its white-collar overtime exemptions.
Quick Hits
The Fifth Circuit upheld the authority of the DOL to include a salary basis in the test in defining the white collar overtime exemptions.
The ruling is a win for the DOL, which is currently defending its latest increase to the minimum salary thresholds for the white-collar exemptions. READ MORE
Base salary budget increases are projected to continue in 2025, close to the fastest pace in two decades, according to a Sept. 8 report from The Conference Board.
Employers reported planned salary increase budgets of 3.9%, which is slightly higher than the actual growth of 3.8% in 2024, the report showed. READ MORE
With historically low job openings, mass layoffs and a shaky economy, job jumping to increase your salary is a risky move in this market. Though this strategy to land a higher salary worked during the "Great Resignation," when the supply-demand equation favored employees, the conditions have changed.
Whether you're in the job-hunt trenches or you're switching roles at your current company, it's important to know what you're worth and how to get it. READ MORE
The failure rate fell to its lowest level (about 1%) in six years, with average support levels and favorable votes of at least 90%, slightly higher than 2023, as reported through July 31, 2024. These results may be largely attributable to strong stock price performance, given the S&P 500 was up more than 24% in 2023 ― making it less likely that shareholders would push back on executive pay levels ― and a “return to normal” with special actions to address challenges like COVID in the rearview mirror. Also, Institutional Shareholder Services (ISS) issued fewer “against” recommendations than in prior years and, failure rates where ISS issued an “against” recommendation were significantly lower, perhaps indicating that companies are successfully engaging with shareholders to address their concerns. READ MORE
Despite the role executive benefits play in retaining workers, NFP’s data showed that only 29% of respondents said they fully understood their benefits.
“There’s a clear need for improved communication,” Greene said. “Employers should enhance their outreach and education to ensure executives fully grasp and appreciate the value of their benefits, particularly complex offerings.”
Companies are offering nonqualified deferred compensation plans, performance-based incentives, supplemental executive life insurance and first-class air travel as part of their executive benefits packages, the report found. READ MORE
Bank of America is pledging to pay its bank tellers and other hourly workers at least $24 per hour starting in October.
The company says that this pay raise, from $23 per hour currently, will affect “thousands” of its 212,000 employees. The wage increase will particularly affect tellers and other customer-facing employees, such as call-center workers. READ MORE
The gap between what men and women in the US earn recently widened for the first time in two decades, according to a Census Bureau report drawing on 2023 data.
Men working full-time, year round earned a median $66,790 in 2023, a 3% change from the previous year, the report found. Women, meanwhile, saw wages grow by half that much, earning a median of $55,240, up 1.5% from 2022. READ MORE
Discount grocery chain Aldi will add 13,000 workers this holiday season while boosting the average hourly wage to $23.
The jobs will be in stores and warehouses, the chain said in a statement, with an average starting wage of between $18 and $23 per hour, respectively, based on market and the position. Aldi currently has more than 49,000 employees and 2,000 stores across 36 states. READ MORE
Fresh research shows that high-paying remote job opportunities are making a comeback—specifically with regards to hybrid remote arrangements.
At the beginning of the year, high-paying hybrid jobs—the roles that pay $250,000 or more—equated to just 1% of total jobs available, reveals the high-paying job platform Ladders in their latest report; while by the second quarter of 2024, high-paying hybrid jobs yielding the same salary comprised nearly 3% of all listings, evidencing positive upward progress. READ MORE
The common understanding of performance-based equity compensation is that if an executive leaves before a liquidity event – typically when the company is sold – they’re out of luck. They can keep whatever time-based equity they have that’s vested, but their performance-based equity goes away.
But before assuming that, equity compensation specialists say, executives should examine the terms that were negotiated when the management team’s equity pool was created. If the terms include what might be called post-termination tail eligibility, they might still be in luck if their leaving the company was on good terms. READ MORE
A pay audit entails understanding the work an organization does, who is doing what parts and how much, and whether people doing similar work are paid the same. Many organizations fall short in that last area.
There are various reasons why organizations do not pay people the same. Often, those reasons are valid. But research and data showOpen in a new tab women and people of color are consistently paid less than their colleagues. And typically, it has little to do with differences in the work or workers’ education, skills and potential. READ MORE
In today’s world, money seems to matter more than ever. The price of groceries—and just about everything else—is sky high, and your buck doesn’t go as far as it did even a year or two ago. That means finding a job that pays well is top of mind for many—especially those who are thinking about getting a college degree.
A new report from salary data provider Payscale looked at the education and employment history of 3.1 million college graduates. From the data, it ranked schools and majors based on the potential future salaries for graduates. READ MORE
In today’s world, the vast majority of students attending law school have been saddled with seemingly insurmountable six-figure debt loads. Many law students are under the mistaken impression that they’ll be able to pay off that debt quickly; after all, they believe their starting salaries after graduation will be in line with the now-standard starting salary of up to $225,000 at Biglaw firms across the country (depending on office location). Unfortunately, these high-salary positions account for only a small percentage of entry-level jobs for recent law school graduates. The vast majority of law school graduates will be left wondering how they’ll ever be able to pay down their debt in a timely fashion, if at all. What’s a prospective law student to do? READ MORE
If you're looking to start your career in an industry that is famed for its continuous learning and progression, with extensive career development opportunities, competitive salaries where six figures can easily be achieved, and multiple easy entry routes, look no further than technology.
The tech industry is renowned for being one of the world's largest and fastest growing sectors; it is projected to be worth $807 billion by 2028, while more than half of Gen Z still aspire and prefer to work at Big Tech and view this accomplishment as one of their ultimate dream career goals. READ MORE