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Pay compression happens when the pay levels within an organization start to converge, and there’s less and less differentiation for things like years of experience and education levels. This happens far too easily—typically because the pace of raises doesn’t always keep up with the speed of market-level wage increases for new hires.
Earlier this year, the U.S. House passed the Paycheck Fairness Act to further the cause of gender wage parity. Now, I’m not against government regulation, but I’m skeptical of change that’s enforced from the top down because lawmakers can’t mandate corporate buy-in. In my experience, businesses do best when solutions come from the bottom up.
The U.S. Department of Labor (DOL) has released its highly anticipated proposal to change the minimum salary threshold for overtime eligibility. Placing the new threshold at $35,000 per year (or $679 per week), the proposed regulations would make over a million more workers eligible for overtime pay.
In part 1 of this article we explored problems with pay equity and discussed an approach for getting pay equity right. Today we’ll provide you with 7 questions that every HR professional should ask about pay equity.
Fairness is a major factor that tends to color how employees view the workplace. If a happy, engaged employee learns that another employee doing the same job is getting 15% more than he or she is getting, all the other things that made the job seem great turn to ash.
A total compensation statement is something many employers opt to provide to employees to quantify and communicate the monetary value of their full compensation package. Also known as a total rewards statement or a “hidden paycheck,” a total compensation statement would include base pay plus bonuses/incentives, and also could include the quantified value of benefits […]
Currently, as per federal law, employers are required to pay employees at least $7.25 per hour, although many state laws (and some cities and counties) have different minimum wage requirements. However, many federal lawmakers and citizens want to increase the federal minimum wage to $15 per hour because they claim that workers making less than […]
Winning the war for talent requires a variety of methods to attract jobseekers to your company. One way to attract top talent is through your company’s benefit package. But does your benefits package stand up against the competition?
With Congress considering a couple of bills aimed at preventing wage discrimination—and several states with pay equity laws already on the books—employers may want to take a close look at their compensation practices, according to attorneys who help employers with pay matters.
With a stated aim of providing clarification on how to determine employees’ regular rate of pay, the U.S. Department of Labor (DOL) has announced a new proposed rule updating what forms of payment employers can include and exclude in the “time and one-half” overtime pay calculation.