Average Fintech Salaries Are In The Six Figures

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Fintechs have seen increased interest in light of digital trends accelerated by the coronavirus pandemic. Jobs at these startups can pay into the six figures starting out, and an opportunity to receive equity in the company, making them attractive prospects for finance industry newcomers.

McKenna Quint, head of people at Plaid, spoke to Business Insider about three tips that newcomers can use to help land a fintech job. Are you a young person working on Wall Street? Contact this reporter via email at rhodkin@businessinsider.com, encrypted messaging app Signal (561-247-5758), or direct message on Twitter @reedalexander.

Visit Business Insider’s homepage for more stories.

Fintech is hotter than ever in 2020. The coronavirus crisis has only intensified interest in the growing financial technology space. From investors to traditional players, engagement with the startups has arguably never been higher.

In addition to growing demand for fintech products and services, another reason why the space may be so attractive is the earning potential it offers. Nationally, the average salary of a job in fintech, which, albeit, is a large and diverse field, is $113,359, according to ZipRecruiter. That’s higher than the average …read more

From:https://usa-today-news.com

Source: https://www.businessinsider.com

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As Employers Cut Coronavirus Hazard Pay, What About A Living Wage?

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As more Americans emerge from their homes and resume their day-to-day routines, there is a new casualty stemming from the coronavirus — hazard pay.

To understand why, first we need to go back in time. When the highly contagious virus first gripped the nation, there was a prevailing sense by business owners that essential workers should be compensated for continuing to show up to work, particularly as much of America was staying at home. As a result, many employers opted to increase the pay of those continuing to work in the risky environment of the early days of the pandemic, deploying a practice commonly referred to as hazard pay.

But despite the fact that companies were lauded for paying more to their employees, it didn’t change the fact that many of the those individuals who are deemed essential workers, such as grocery cashiers, transit worker, package handlers, and food workers are often paid an hourly pay rate that makes affordable living difficult. So while the marginal increase in pay was a welcome development for workers who often struggle to make ends meet, there was always a sense that the hazard pay may be only temporary.

As states reopen, increasing numbers of companies are ending their practices of hazard pay. Some of the larger companies are in the process of phasing out the raises by the end of May, with the plan to return to pre-pandemic wages in June. For example, in mid-March Amazon increased pay for its warehouse workers by $2 and doubled overtime compensation, but the Seattle-based company plans to end the supplemental pay at the end of the month. Rite Aid ended its additional $2 pay on May 16th and other retailers such as Kroger, Starbucks and Target all plan on sunsetting their additional pay at the end of May — in some cases giving final bonuses to employees in lieu of continued hazard pay.

But even as the supplemental pay disappears, the higher risk conditions that necessitated them continue. While some states have seen a reduction of coronavirus cases, there are many states that have maintained a high number of infections even as states accelerate their reopening. The expectation that cases may rise over the summer as people loosen social distancing practices is also a risk. And then there is the research that shows that the chance of contracting the virus is higher depending on your amount of exposure – which is something front line workers might not be able to avoid.

But perhaps the most enduring risk for the employees who have received hazard pay is that many of them don’t earn a living wage in the first place. Researchers at MIT calculate that national living wage — the earnings that are needed to meet a family of four’s basic needs (two working adults and two children) — is $16.54 per hour, or $68,808 per year. But that number is much greater in urban areas, and cities like NYC ($93,851) and San Francisco ($94,741) require significantly higher living wages. For those earning only the federal minimum wage of $7.25 per hour, making a living wage is almost impossible.

While many companies pay workers higher than the federal minimum wage due to higher local pay standards as an as a consequence of the tight pre-pandemic labor market, the fact remains that most ‘essential’ American workers are woefully underpaid. In fact, some are so underpaid that they can’t even earn a living wage to keep their families supported while they risk their own lives.

Which is why now is the time to ask the question, why roll back the hazard pay at all? Understandably many employers are struggling in the faltering U.S. economy, but with over $1.3 trillion of worker income having disappeared since the start of the pandemic, more and more workers risk falling through economic safety nets. By cutting back, especially at a time of greater need, employers risk increasing the financial hazard of their employees, at the same time their work remains physically hazardous.

So perhaps rather than claw back hazard pay and further deepen an already historic level of income inequality in America, now is a time for employers to sustain the hazard pay they implemented early in the pandemic and convert it to a living wage raise for their employees. In a time when many people think the pandemic is changing things for the worse, this kind of support for front line workers would be one thing that could change for the better.

And that’s the kind of healthy change that can even be done without a vaccine.

Follow me on Twitter or LinkedIn. Check out my website.

As the founder of Applied Optimism, a business and community design lab, I help leaders of all types catalyze the shared purpose, knowledge, and wonder of their customers to strengthen and achieve their organization’s objectives. My 20 years of experience with global corporate and philanthropic organizations has made me passionate about the ways leaders apply optimistic and inclusive solutions to their most difficult challenges.

Source: https://www.forbes.com

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A proposed increase to the minimum wage “will have to go onto the back-burner for the next 12 months at the very least,” according to 6PR’s Oliver Peterson. The Australian is reporting “hundreds of thousands of low paid workers could have wage rises delayed for up to six months after the Fair Work Commission revealed it was looking at deferring minimum wage increases for stressed companies operating under the JobKeeper scheme. Mr Peterson said “the nation simply cannot afford an increase to the minimum wage right now” especially given “our minimum wage is the highest in the industrial world”.

The 6 Craziest Ways Millennials Can Save Money To Retire Early

saving, save money, investment, frugal, FIRE movement, Financial independence retire early

Financial independence, retire early.

It sounds like the dream. But it takes a lot of work to be part of the elite group of Americans in the so-called FIRE movement. While their counterparts were splurging at bars, they committed to save money from their corporate jobs…or even take on side hustles to build their income.

Inspired in part by the personal finance tome, “Your Money or Your Life” by Vicki Robin and Joe Dominguez, these millennials are pinching pennies in order to build up big nest eggs. The goal is to then live off their investments.

And while the end sounds nice – who doesn’t want a break from the office – the road there can be tough, with millennials in the FIRE movement saving anywhere from 60% – 90% of their paychecks.

From keeping a car from 2006 to saying no to out-of-state weddings, here are six resolutions for 2020 for some of the leaders in the financial independent, retire early movement. While some ideas might be a bit zany for you – like sharing your personal finance history with a friend – it’s helpful to see what the experts recommend.

Even if your goal isn’t to retire by 40, there’s something to be said about being frugal going into this new decade. Here’s some of the craziest ways FIRE leaders jumpstarted their savings.

Kiersten and Julien Saunders are co-creators of the award-winning blog, rich & REGULAR. On their platform, they document their journey through parenting, work life, entrepreneurship, real estate investing and their pursuit of financial independence. They can also be seen in the 2019 documentary, “Playing With Fire.”

Give yourself an allowance.

We stopped thinking of savings as leftovers. It’s a bit of a brain hack, but the idea is that most people do their budget and then use the leftovers as their baseline savings rate. This approach assumes that everything is savings until you spend it.

This is saving, but in the affirmative. So you’re starting with a 100% savings rate and any time you spend money you subtract a %. It helps you easily identify the areas of life you need to change to meet your goal. If your goal is a 50% savings rate but the moment you pay your car note, your 100% starting point drops to 60%, then you know the car is an impediment to the goal.

Julie Berninger is a 30-year-old new mom, blogger, and Etsy-seller living in Seattle, WA. Julie and her husband paid off over $100,000 of debt and are now saving towards financial independence. She blogs at Millennial Boss, interviews early retirees on her podcast, Fire Drill, and teaches others how to blog and sell printables for profit at Gold City Ventures.

Say no to out-of-state weddings.

I stopped saying ‘yes’ to out-of-state weddings and expensive events associated with weddings such as destination bachelorette parties. We sent a nice note and a gift instead. We prioritized the events where we were closer with the couples but avoided spending hundreds of dollars on weekend trips. We’ve not attended at least three out of state weddings since making this decision and I did not attend a destination bachelorette. I estimate that saved us a few thousand dollars total.

Tanja Hester, author of WORK OPTIONAL: Retire Early the Non-Penny-Pinching Way, is a former political communications consultant. Since retiring early from formal employment at the age of 38 along with her husband Mark Bunge, she devotes all her time to fun and purpose: writing her award-winning financial independence blog Our Next Life, podcasting on The Fairer Cents, gathering women together to talk about financial independence at Cents Positive retreats, volunteering in her community, traveling the world, and skiing, hiking, biking, paddling, and climbing around her home in North Lake Tahoe, California. Basically: living the dream.

Set up your paycheck to auto deposit into savings. 

Back when I was in debt and struggled to save any money at all, I decided to do new payroll paperwork at work so that part of my paycheck went straight to savings instead of checking, so I’d never feel like I had that money to spend. I started with $50 a paycheck, but you can do any amount. Especially if you get a raise at the start of the year, challenge yourself to live on what you earned last year and save as much of your new money as possible.

Sam started Financial Samurai in 2009 to help people achieve financial freedom sooner, rather than later. In 2012, after spending 13 years in investment banking, Sam decided to retire at the age of 34. He spends his free time writing, playing tennis, and taking care of his two young children. 

Talk about your financial habits. 

One of the best ways to learn is to teach. Therefore, of the best ways to elucidate your financial weak spots is explain your financial habits to someone close to you. Not only will you better understand your spending and savings habits, the person listening may also offer some constructive criticism. Get rid of complacency. Seek criticism to improve your financial health!

Mabel A. Nunez is the founder and Chief Investment Officer of Girl$ on The Money – a stock market investing education company targeted to women, minorities, and individuals that are underrepresented in the world of investing. Through courses and resources, she empowers women to take action towards wealth creation and to take control of their lives. 

Live frugally and keep your old car. 

In 2006, as I got started in my career after undergrad, I paid full price (less than $5,000) and bought myself a high quality used car to take me to work and back. My commute totaled more than 1.5 hours both ways, Monday through Friday. I am not ashamed to share that I drive the same car to this day. I am confident that this key decision allowed me to save and invest thousands of dollars over the years.

Kristy is a world-traveling, early retiree. She and her husband Bryce used to live in one of the most expensive cities in Canada, but instead of drowning in debt, they rejected home ownership. What resulted was a 7-figure portfolio, which has allowed them to retire in their 30s and travel the world. They now spend time helping people with their finances and realizing their travel dreams on their blog millennial revolution. Their also wrote a bestselling book “Quit Like a Millionaire.”

Embrace minimalism.

I grew up poor so hoarding was a big problem of mine. I wouldn’t even throw out empty CD cases (remember CDs?) just in case I might need them again. Luckily, before our one bedroom apartment turned into an episode of “Hoarders”, I realized how much money we’d be wasting by moving to a bigger apartment (our rent would have increased by 50%), so I started donating and de-cluttering our belongings, while making a pledge not to buy anything that wasn’t an absolute necessity.

This saved us a lot of rent – probably about $550 a month or around $6,600 by not upgrading to a two bedroom.

Follow me on Twitter. Check out my website.

Based in Lebanon, I cover travel and personal finance topics for millennials. I’m committed to a life of adventure and have lived in four countries before turning 30. My work appears regularly in Playboy Magazine, Outside Magazine and AFAR Magazine, among others. Before becoming a full-time writer, I was the founding Editor-in-Chief of StepFeed in the Middle East.

Source: The 6 Craziest Ways Millennials Can Save Money To Retire Early

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When Employers Ask About Your Salary Range, Try This

A client recently remarked on that weird moment when a potential employer asks for your salary range. She wondered, “Should it be X% over what I’m making now? Based entirely on salary calculators?”

For my money, the employer should tell you what the range is since they actually know specifics of what the job entails, their budget, and the market value/going rate. Or as Vu Le says, when you don’t disclose salary range on a job posting, a unicorn loses its wings.

But, for my client and the purposes of this article, let’s assume they’re expecting you to say the number first. Figuring out an appropriate salary range for a new position can feel like a ridiculous high stakes guessing game. Ask for too little, they won’t take you seriously and you’ll end up underpaid forever. Ask for too much, you’ll cut yourself out of the running for the job. No pressure.

It doesn’t have to be so fraught. Here are four tools to help you determine an appropriate range:

1. Many professional associations do an audit of salaries in the industry. Ask around to find out what membership groups or professional associations aggregate that data in your industry. Even if there’s not a formal study, there are likely people who you can chat with about industry trends.

Your email could say something like, “I’m seeking ___ type of position at ___ kinds of organizations. Based on my experience and the region, I’m looking to get a sense of the industry standards surrounding compensation. Are there any resources you recommend or individuals I could speak with on the subject?”

2. Networking can be a huge value, but studies show that people tend to network in single sex groups – basically, men network with men, women with women.  If you’re only talking salaries with other women, odds are decent you’re not getting good fair wage data. Remember that thanks to the wretched wage gap, there’s a good chance your lady friends are getting paid less than their male peers. Be sure you’re talking with both men and women so you’re getting the most fair and accurate wage information.

3. You can ask someone who was in the role previously or is familiar with the position, “Would you be comfortable sharing the salary range that’s appropriate for this role based on your experience?”  This way, you’re not asking them to disclose what they made but asking for their perspective.

4. Online salary calculators like payscale.com and glassdoor.com can be invaluable resources in determining your market value, but note that searching for salary info based only on a job title and your city won’t give you accurate results. Would you trust OKCupid’s suggested matches if all you’d entered was your gender?  You want data that’s specific to your region, level of experience, and the size of the company you’re considering, so be sure you’re putting in as much info as possible about yourself and the role to get the most accurate info.

Tools in Action

You probably won’t be able to use each of these tools for every job offer. Salary calculators couldn’t even generate a report for my client because of the specific context of the international job she’s considering. She did better interpersonally.

She told me, “I tend to confide in my closest friends and colleagues, most of whom happen to be female, but I reached out to a [male] former colleague tonight who’s held similar positions and that was helpful.”

The conversation also evoked additional questions for her hiring manager about compensation more broadly including:

  • Does the offer include housing? A driver?
  • What’s the tax situation in the posting country?
  • Will I be paid in USD or will my paycheck be subject to currency fluctuations?

The answers to these sorts of industry or job-specific questions should of course inform your salary expectations, and it’s appropriate to say as much. I recommended she send a warm, enthusiastic note to the person who interviewed her to the effect of,

“I’ve done a lot of thinking about the salary range and have a few questions before I’m able to share the salary range I’d be seeking in this position.” or

“Do you have an outline of the benefits the organization provides to team members overseas? I know these vary considerably among organizations.”

While we wait for the unicorn job offers that include the salary range in the job description, these strategies will position you to learn more about compensation for the role and determine a salary range that accurately reflects your market value.

Follow me on Twitter or LinkedIn. Check out my website.

I use a strengths-based approach to encourage women to navigate and negotiate work on their terms. A New Orleans native and enthusiast, I use a playful, approachable style when consulting nationally with businesses and professional associations that want to attract, retain, and support female talent. Women have been coming to me for years for help in workplace negotiations, so I launched my business to help women negotiate a raise, a promotion, a new position, and maternity leave. Cosmopolitan and Marie Claire recently profiled me for my unique approach, and I am regularly asked to speak at national conferences about negotiations, work-life balance, and leading as a female executive. Learn more at gowlandllc.com.

Source: When Employers Ask About Your Salary Range, Try This

British Airways Pins Hopes On Friendly Court As Pilot Negotiations Unravel​

British Airways has gone to court to seek an injunction to prevent its pilots from striking after union members voted, by an overwhelming majority, to strike rather than accept the airline’s proposed pay increase.

British Airline Pilots Association (BALPA) members voted 93% in favor of a strike on 90% turn out. British Airways is offering pilots a pay increase of 11.5% spread over three years, and said that both Unite and GMB trade unions—which represent almost 90% of BA staff—have recommended the airline’s offer to their members.

The three unions made a joint claim for better compensation in November of last year. They cited the airline’s improved financial performance —from a £230 million ($238 million) operating loss in 2009 to a £1.8 billion ($2.24 billion) profit in 2017 — as justification.

BA has said the threat of a pilot strike could disrupt summer holiday travel for thousands of its passengers. However, BALPA have not set dates for the strike and the airline has yet to make any changes to its schedule.

BALPA General Secretary, Brian Strutton, claims the aim is not to disrupt summer holidays and blames the airline for the timing of the breakdown in talks.

“We have tried to resolve this matter through negotiation starting last November – it is BA who has regrettably chosen to drag this out into the summer months,” he stated.

Headed to court

British Airways went to court today for an injunction against industrial action by BALPA members, but the court has decided against the airline.

The airline claimed that the union had failed to comply with balloting rules. This claim has previously brought BA success in court, but has also caused controversy with the decision reversed on appeal.

The decision to go to court had put a halt to negotiations, though both parties said they would like to avoid strike action through negotiations.

Brian Strutton, general secretary of the BALPA union, indicated they would like to return to negotiations after the court’s decision. “Although legally clear to do so, we have still not set any strike dates to give BA one last chance to commit to negotiating on pilots’ pay and rewards with us,” he said in a statement.

British Airways said it will return to negotiations but seems unwilling to compromise.

“We will continue to pursue every avenue to protect the holidays of thousands of our customers this summer,” the airline said in a statement. “Our proposed pay offer of 11.5% over three years is fair.”

Balancing the books

The union says that one day of strikes would cost BA more than BALPA members are asking for, and the airline industry faces a critical shortage of pilots, but labor is a significant portion of airline costs and European airlines face pressures on yields. IATA estimates that the European airline industry generated $12 billion in operating profits during 2018, with an average operating margin of only 6%.

Ryanair isn’t budging either

The court’s decision is still welcome news for BALPA, as they negotiate with BA competitor and European low-cost behemoth Ryanair.

The pilots’ union has also warned of potential industrial action against Ryanair and those talks are going worse than talks with British Airways.

Strutton said, “We have not been able to make any progress with Ryanair at all on any of our areas of concern. As usual with Ryanair, it’s their way or the highway, and we are not prepared to put up with that.”

Ryanair has a history of tackling industrial actions by adjusting service as needed, even if it means shutting down bases, but the airline has a strong base at Stansted Airport that is critical to its operations.

BALPA will issue a ballot to its members to decide on a strike tomorrow, and the results will be announced on August 7. Follow me on Twitter or LinkedIn. Check out my website.

I worked in aviation from 1994-2010 before turning my experience to writing about airlines and airports for leading industry and consumer publications in 2013. I’ve spent months in the hangars of airlines and aircraft manufacturers, dressed aircraft seats by hand, and worked with crew at training centres around the world. I’ve negotiated with airline CEOs and worked with buyers, engineers, leading design firms, suppliers and aircraft manufacturers on the launch of new programs. I was the executive responsible to international regulators on the approval of cabin equipment, with oversight of production facilities, product testing laboratories, a maintenance center, and a certified hazardous materials repair station. I even hold a patent for a military-spec life raft. Now, I translate “aviation speak” into English, breaking barriers of acronyms and jargon to make the beautiful business of flight easier to value. I also really, really love being on a plane—even in the middle seat.

Source: British Airways Pins Hopes On Friendly Court As Pilot Negotiations Unravel​

17 Surprising Remote Jobs With A Great Salary -Zack Friedman

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It sounds like a dream comes true. Or is the grass just greener? Working from home is not for everyone – but if you find a job that works for you, it may be your ticket to a more flexible career and lifestyle. Here are 17 surprising remote jobs and the salary that you can earn, according to FlexJobs…….

Read more: https://www.forbes.com/sites/zackfriedman/2018/09/18/17-surprising-remote-jobs-with-a-great-salary/#19ef8e0a13fa

 

 

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