On July 28, an independent study from the National Academies of Sciences, Engineering, and Medicine (National Academies) concluded that the U.S. Equal Employment Opportunity Commission (EEOC)’s first-time collection of pay data “may be used effectively” to help identify and combat pay discrimination. The report, commissioned through a unanimous vote by the EEOC in 2020, analyzed […]
Inflation is hitting the workforce hard. But Chief Financial Officers (CFOs) and Chief Executive Officers (CEOs) aren’t reacting by raising all salaries even during the Great Resignation. A June 2022 Gartner survey found that out of the 130 CFOs and CEOs surveyed 28% plan to give all employees a raise in response to inflation. But […]
As with every other business cost, the minimum wages are adjusting up in 2022. Across the nation, 30 states and 46 localities have adopted a minimum higher than the federal wage. Of these, 18 states and D.C. have indexed their wage for inflation and automatically adjust each year. California is one of them, with a […]
Despite the likelihood of the recession that’s looming in the not-too-distant future, 64% of U.S. companies plan to budget for an overall average salary increase of 4.1% in 2023. That’s up slightly from 2022 (4.0%) and the highest since the Great Recession of 2008. And it’s all thanks to the Great Resignation that created a […]
Yesterday, we told you about two main compensation strategies for determining remote employees’ compensation – single rate and location-specific – to stay competitive in this tight labor market. Today in part two, we’ll talk about how organizations are figuring out and managing remote compensation. “When it comes to managing your compensation, it’ll depend on the […]
The current market for job candidates is competitive, to say the least. Employers are trying to offer salaries that attract the cream of the crop. And the goal of many organizations is to ensure their pay is externally competitive and internally equitable. But what about remote employees? How do you compensate them so that they’re […]
The Roe v. Wade reversal has topped the headlines in recent days. While it is easy to get swept up in the emotion of it, employers will want to determine its impacts on benefits and prepare a response. The Basics In 1973, the U.S. Supreme Court ruled in Roe v. Wade that the Constitution of […]
Did you know that a company with 10,000 employees that has a culture of recognition can save $16.1 million in turnover costs … annually! And when companies provide their employees with appropriate recognition workers are 56% less likely to shop around for new jobs. Unfortunately, according to a study by Workhuman and Gallup, employees say […]
Twenty-nine percent of employees don’t think their organization pays employees fair wages. And 48% don’t even know what their total compensation is. With the Great Resignation still going strong, and with the job market in employees’ favor, these aren’t statistics that should sit well with HR. Especially since beqom’s 2022 Compensation and Culture Report found that employees’ […]
