The labor market is tightening and turnover is increasing, but banks are planning to grow employment, according to data from the Crowe Horwath LLP 2017 Bank Compensation and Benefits Survey. Crowe, a public accounting, consulting, and technology firm, conducts the annual survey, now in its 36th year. The survey, which compiled data from 375 banks, […]
This topic provides guidance on how to handle compensation issues in a way that attracts and retains the best talent and advances the strategic goals of your business. You get news and tips on what’s going on nationally and in the states, and updates on changes in regulations, possible governmental action, and emerging compensation trends.
It’s no secret that the recession of 2007/08 resulted in an array of new regulations, especially in the financial services arena. Banking, especially, became subject to new regulation intended to avoid the circumstances that originally led to the recession. The regulation doesn’t end with your mortgage loan or bank money market account. We spoke with Kathy Smith, President of Bank Compensation Consulting to find out how the industry’s highly regulated environment has led to creative compensation solutions—many of which can apply to any industry.
Late last year, the Massachusetts Appeals Court ruled that commissions are “due and payable” under the Massachusetts Wage Act at the time an employee resigns or is terminated, even if the employee might not be eligible to receive the payments under the terms of the company’s commission agreement or plan. (See, Commission Structure Doesn’t Justify […]
Police officers and firefighters have special overtime rules. Overtime pay for most employees is based on a 7-day workweek. Overtime pay for police officers, firefighters, and related employees, on the other hand, may be determined on a 28-day work period.
Employers may be breathing a sigh of relief after the announcement on August 29 that the pay data collection aspect of the EEO-1 form has been suspended.
Transparency is a corporate value to strive for, but not all companies are ready to be completely transparent about pay. While some employers feel the benefits of open salary policies outweigh the risks, others are understandably concerned about the potential challenges they can create.
How much of an increase in pay are your employees receiving in 2017? What level of pay raise is your organization projecting for 2018? 2017 Merit Increases This year’s BLR®—Business & Legal Resources Pay Budget and Variable Pay Survey is practically a replay of last year’s survey, with 18.6% (up from 17.9% last year and […]
Like other professionals, compensation professionals can throw around a bunch of terms and acronyms that may or may not make a lot of sense to those not in the field. And, when we’re asked what they mean, we’re sometimes stymied when providing easy to understand definitions that are clear and concise.
With the growth of the gig economy, more and more employers find themselves with employees who have another job on the side. This might be a part-time job, or it might be a side gig or “side hustle” as it’s sometimes called. For example, perhaps some of your employees also drive for Uber or Lyft, […]
In a recent decision, Florida Federal District Judge James Moody upheld the U.S. Department of Labor’s (DOL) rule that a tipped employee may be paid a direct wage that is less than the Florida minimum wage of $8.10 per hour only if he spends no more than 20% of his time on duties that do […]