“This pay initiative is an important part of our strategies to continue attracting and retaining the best talent in order to deliver a great shopping experience, remain competitive on wages in our U.S. markets and stay focused on our value mission,” TJX Chief Executive Carol Meyrowitz said in a statement.
Having noticed from afar the recent groundbreaking announcements that have come from major retailers in the U.S., that decision has given me cause for hope.
First Wal-Mart and now Target has, on their own initiative, decided to raise the wages of their workers. That is a good sign. I particularly liked the above statement, tying it to “attracting and retaining.” Read more…
By John E. Thompson
Expectations are that the U.S. Labor Department’s proposed regulations re-defining the federal Fair Labor Standards Act‘s executive, administrative, professional, outside-sales, and derivative exemptions will be released in the next few weeks, if not within days.
As we have said, these provisions will probably include:
- A substantial increase in the minimum salary amount; and,
- A significant narrowing of the duties-related requirements. Read more…
Last week, compensation solutions expert PayScale released its annual 2015 Compensation Best Practices Report.
PayScale titled its report Attack of the Out-of-Date Comp Plan (cute, huh?), because they believe:
- Compensation data gathered in real time (versus “aged” data) is needed to make the best compensation decisions; and,
- No company can afford to not understand that, lest said company find itself a victim of its own out-of-date business practices. (At least that’s what I think they believe.) Read more…
In case you haven’t been on the Internet in the last 36 hours, Patricia Arquette is being celebrated for more than just her Oscar win for Best Supporting Actress in Boyhood.
During Sunday night’s live Academy Awards telecast, the seasoned performer stood up for women everywhere, making a rousing plea to take action about the notorious gender pay gap.
The problem of pay disparity between men and women in Hollywood was already in the public eye thanks to the high-profile cyber-attack against Sony last December. Read more…
By Jason Storipan
Following his office’s 2013 investigation into payroll cards and release of a report on the issue in 2014, New York Attorney General Eric Schneiderman recently sent legislation regarding the use of payroll cards by employers to pay employees to the State Legislature for consideration and action.
A payroll card is a debit card used by employers to pay employees’ wages in lieu of payment by paper check or direct deposit. Each payday, the employer deposits an employee’s wages electronically into an account connected to a payroll card. The employee then uses the card to access the funds similar to using a traditional bank issued debit card. Read more…
By John E. Thompson
A recent post appearing on the U.S. Department of Labor’s blog begins, “The federal tipped minimum wage has been $2.13/hour since 1991. That’s right – it’s been the same for nearly a quarter century.”
Actually, that’s wrong.
As we explained previously, there is no such thing as a purportedly lower “tipped minimum wage.” The federal Fair Labor Standards Act’s minimum wage for tipped employees is precisely the same as for all other non-exempt, non-tipped workers: $7.25 an hour at present. Read more…
Picture the scene: Your company is seeking to employ a Department Manager, and the leading candidate is currently “in transition.”
Human Resources has pegged the market value of the job at $75,000, but you suspect that the preferred candidate (Bob) will accept $65,000.
A seasoned and experienced professional, Bob was previously paid $77,000 by his last employer, but was caught up in a restructuring staff reduction. He’s been out of work for almost a year and is getting desperate, worried about feeding his family and paying the mortgage.
When the decision point arrives other, less qualified candidates are already making $70,000 and are asking for $75,000 and up. Some hiring managers would look at this situation as a no-brainer. “Let’s hire Bob and save $10,000 to $15,000” would be the smug decision. Read more…
Across the U.S., employers and the agencies that help them fill jobs are feeling increasing pressure to raise pay for workers with special skills.
Although hiring in many parts of the country and for certain sectors — manufacturing being one of the more frequently mentioned — was strong the last several weeks, growth nationally was generally minimal, the Federal Reserve said in a report on economic conditions released today.
The Fed’s so-called Beige Book summarizes reports from business and employment contacts in the 12 Federal Reserve districts to provide a ground level view of conditions. Read more…
For five years now, I have been writing stories based on consultants and analysts projections of what kind of raises businesses are planning to give employees in the coming year.
And for five years, I have been reading these salary surveys and writing the same thing: raises next year will be about 3 percent.
Yes, one of the defining characteristics of our mediocre economic recovery has been the miserly increase in employee pay even as businesses recovered and recorded record profits. Read more…
Editor’s Note: It’s a TLNT holiday tradition to count down the most popular posts of the year. This is No. 3. Our regular content will return on Monday.
By John E. Thompson
The U.S. Department of Labor has released its proposed regulations implementing Executive Order 13658, President Obama’s directive to raise the minimum-wage rate for workers on federal contracts from $7.25 per hour to $10.10 per hour (subject to annual increases after 2015).
We wrote about this initiative earlier in the year; we will not repeat those discussions here. Read more…