Pay Transparency Laws Can Help Fix The Wage Gap But Not Erase It

Coming soon to a job posting near you: Knowing how much it pays.Getty Images

A series of local and state laws, both newly adopted and soon to be in effect, will force companies to divulge what a job pays when posting an open position. Besides being common sense, the intent of these laws is to shrink the persistent wage gap that divides white men from women and people of color. Lowering the pay gap would be an important step forward for equality in the US, affecting everything from Americans’ quality of life to how they see themselves.

But while pay transparency is a much-needed improvement, a lot more is needed to truly create balance for all Americans. In the US, women and people of color get paid less than white men, regardless of job or experience. Pay gaps often begin at the start of careers, then compound over a lifetime as women and people of color are less likely to get raises. A variety of other factors contribute to the gap as well, like the motherhood penalty, wherein women who take time off paid work to care for kids are paid nearly 40 percent less than those who don’t.

There’s occupational segregation, in which jobs that are filled predominantly by women or people of color, like home health aides or food service workers, are paid less.  (The pay and prestige of computer science, for example, rose only as more men entered the field.) Women and people of color are also seriously underrepresented in leadership positions, which are paid the most. In sum, that means the median hourly wage for women is 86 cents per hour for every dollar a man makes. Black women make 68 cents.

There’s been little progress on closing the pay gap in the last three decades. Enter this new spate of pay transparency laws. “Transparency is one of the leading tools we’ve identified for closing the wage gap,” Andrea Johnson, director of state policy at the National Women’s Law Center, told Recode. “It is absolutely crucial for both increasing worker power and employer accountability.”

While some of the new pay transparency laws protect workers’ rights to discuss pay without retaliation, others go further. Laws that prevent employers from asking candidates about their salary histories, which have been cropping up from Connecticut to Hawaii in recent years, keep past pay inequality from informing how much a person makes at their next job.

Most promising are laws that require employers to post the pay range for a job when they first start recruiting. One such law went into effect in Colorado in 2021. One in New York City goes into effect in November, while California’s and Washington’s go into effect in January. New York’s governor is expected to soon sign a state-wide law of this nature that would go into effect next year.

Disclosing a pay range lessens the likelihood implicit bias will creep into new salaries because it changes the need for negotiating salary, which typically works out unfavorably for women and people of color. When women ask for raises (which they do as much as men), for example, they’re simply less likely to get them.

“Whenever we take negotiation out or reduce the role of individual negotiation, pay-setting tends to get more equal,” Ariane Hegewisch, senior research fellow at the Institute for Women’s Policy Research, told Recode.

The very act of establishing a pay range for a position forces companies to evaluate their compensation practices and potentially fix disparities between existing employees. Finally, pay transparency for new roles would allow already-employed people to negotiate for better pay if they’re making less than others in similar positions. Relying on workers to identify and negotiate the difference is obviously imperfect, but it will certainly help.

“It’s very simple: The more data that’s out there, the better positioned talent can be to know how much they’re worth,” said Josh Brenner, CEO of Hired, a hiring platform that releases an annual study on the wage gap in tech. The company’s software also notifies employers when it detects bias in their salary offers (Hired said the nudge results in updated salary offers about 5 percent of the time, and those offers are on average 11 percent higher).

While research on the effects of pay range laws is new and therefore limited, experts point to the much smaller pay gaps in the public sector and at union jobs, where salaries are more transparent and regimented. For transparency efforts to be successful, the ranges can’t be too large and companies have to be actively penalized for not following pay transparency rules.

Research on Colorado’s new pay transparency law showed that the fraction of job postings with salary information has so far grown 30 percentage points since the law went into effect in 2021, but more compliance is expected over time. Data shared by compensation software company Payscale showed that employees working at companies with pay transparency make 7 percent more than employees with the same job and qualifications at companies without that transparency.

And although these laws are being set at the city and state level for now, it’s possible their effects will reverberate outside of those municipalities, influencing companies to voluntarily share pay information, whether it’s to simplify job posting or to attract talent in a tight hiring market.

“I would say about half of our customers came to us without any requirements on the legal end that they have to post,” said Payscale senior corporate attorney Lulu Seikaly, referring to company inquiries about setting pay ranges. “They know with states like California, Washington, New York, and Colorado being forced to post their salary ranges, they’re going to be also forced to post their salary ranges just to get the talent in the door.”

Other strategies to close the pay gap

Extending these pay transparency laws to existing positions — rather than just new job postings — and to more companies in more states would be even more effective. But pay transparency alone won’t completely close the pay gap. “There is no silver bullet,” Elise Gould, senior economist at the Economic Policy Institute, said. “But I think pay transparency moves us in the right direction.”

While the experts Recode interviewed for this story expect that pay transparency laws will certainly lessen the pay gap, they don’t think that will mean women and people of color will all of a sudden have truly equal pay. As we know, the pay gap is caused by a number of issues, so it will likely take a variety of tactics to solve it. Here are some that experts told us would help.

The National Academies of Sciences, Engineering, and Medicine, in an independent review of the data collection, recently found, unsurprisingly, that doing so is a key tool to combat pay discrimination, and recommended that the EEOC broaden and strengthen its data collection (the Trump administration stopped the practice but it’s expected to return under Biden).

Going a step further and making that data publicly available could do more to compel companies to rectify their wage gaps, rather than waiting for discrimination charges to make them do so. Additionally, better funding for the EEOC would make the organization better able to address the pay discrimination complaints they handle.

Raise the minimum wage: Part of the reason for the pay gap is that women and people of color are overrepresented in the lowest-paid industries. Therefore, raising the federal minimum wage, which has been stuck at $7.25 since 2009, would disproportionately help women and people of color and would go a long way toward lessening their pay gap.

Affordable, high-quality child care: There’s a child care crisis in America, and it deeply hurts the career prospects of women, who shoulder more child care duties. Without adequate child care, women will continue to be pushed out of the workforce and their wages will continue to suffer. The sector needs more government investment, which will in turn improve the personal and working lives of women.

Make it easier to unionize: Unions help rationalize pay bands and lower the wage gap, but it is incredibly difficult to unionize in the US. Passing the PRO Act, which is stalled in the Senate after passing the House, would make the unionization process easier, and more unions means more pay equality.

Of course, all of this is easier said than done, and it will take a long time for the wage gap to disappear. But the new transparency laws show that progress is possible, and so are more changes on the horizon.

By:

Source: Pay transparency laws can help fix the wage gap — but not erase it – Vox

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Social Security’s ‘Taxable Maximum’ Jumps 9%—But Will It Make a Dent In The Trust Fund?

Getty Images/iStockphoto 

Social Security’s payroll tax cap was raised nearly 9% for 2023, meaning more income will face Social Security taxes next year, but the rise is unlikely to affect the solvency of the trusts underpinning the system.

Citing the increase in average wages, the Social Security Administration said the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200 from $147,000 starting in January. The announcement was part of the release of the cost-of-living adjustment, or COLA, on Thursday. The taxable maximum for 2021 was $142,800.

While the increase is sharper than in recent years, it’s unlikely the higher taxable maximum will affect the overall Social Security system, experts said.

The higher taxable maximum “will generate more revenue and tax benefits from higher earning households,” said Rob Williams, managing director of financial planning at Charles Schwab. “It will contribute more to the system. Generating more income may help the solvency but we won’t know for sure until the Social Security trustees release their next report.”

The Social Security and Medicare Board of Trustees issues a closely watched report every year on the financial health of the program’s two trust funds that support benefits to retired, survivor and disabled beneficiaries. In June, the most recent report said that without any changes in the next 13 years, Social Security beneficiaries can expect to see a 20% cut to their Social Security checks in 2035.

The change in the taxable maximum will only be felt by the people with income thresholds between $147,000 and $160,200. Those people who earn more than that maximum—even millions of dollars above that level—will pay the same taxes as someone making $160,200, said Eric Bronnenkant, head of tax at Betterment at Work.

“These changes are not designed to move the needle one way or the other,” Bronnenkant said. “It would require legislative changes to do something on the order of changing the retirement age or changing benefits.”

Roughly 80% to 85% of all wages are below this taxable maximum, according to the Center for Retirement Research at Boston College. And only 6% of all earners will be impacted by the change, or roughly six to seven million people, said Jim Blankenship, a financial adviser located in New Berlin, Ill., specializing in Social Security retirement benefits who also writes for MarketWatch.

There’s been proponents who have called for even higher hikes in the taxable maximum as a way to help shore up Social Security. When campaigning for president for the 2020 election, both Bernie Sanders and Pete Buttigieg proposed hiking the payroll-tax cap.

Read: Social Security is at a crossroads this election season—and older voters have enormous power ..“We’ve had so much income and wealth inequality that I do think the higher income people should pay more,” said Nancy Altman, president of Social Security Works.

There have been proposals to stabilize Social Security, such as raising the retirement age, increasing payroll taxes or cutting benefits, and allowing more legal immigration, but legislators have been reluctant to engage the subject of major reform. Social Security has long been referred to as the “third rail” of politics, because it’s deadly if you touch it, but lawmakers aren’t expected to act until the trust funds run lower.

“What it’s going to take is a looming disaster similar to what happened in 1982,” Blankenship said. Read: This could be the perfect time for Social Security reform—except for one thing..Higher wages allowed for workers under the full retirement age

The earnings limit for workers who claim Social Security before their full retirement age will increase to $21,240 and the earnings limit for people reaching their full retirement age in 2023 will increase to $56,520, the Social Security Administration also announced. There is no limit on earnings for workers who are full retirement age or older for the entire year.

“Basically, if you claim Social Security before your full retirement age but are still earning above a certain limit ($21,240 in 2023) then Social Security will withhold part of your benefit and give it back to you later. This is because when you claim early, you receive an actuarially lower benefit. Most people time their retirement and Social Security claiming together,” said Anqi Chen, assistant director of savings research at the Center for Retirement Research at Boston College.

“This just allows someone to earn a little more,” Schwab’s Williams said. “But working in retirement is not just about income. It’s social and an activity and some people still want that.” Some advocates argue that allowing retirees to earn money during retirement raises the question of why Social Security isn’t higher to make such work unnecessary.

“It’s another signal that the Social Security benefits are too low,” Altman said.

By: Jessica Hall

Source: https://www.marketwatch.com

.

Related News:

Gloucester City Business Owner Admits Payroll Tax Fraud and Pandemic Loan Fraud U.S. Department of Justice (Press Release)Law passed to stop hospitality staff paying payroll tax on tips Royal Gazette

11:22 Fri, 07 Oct
18:41 Mon, 03 Oct
17:19 Thu, 22 Sep
23:15 Mon, 19 Sep
Social Security Benefits To Jump 8.7% In 2023, As Top Tax Hits $19,865 Forbes

07:16 Tue, 04 Oct

18:04 Tue, 20 Sep

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Want A Pay Raise? Switching Jobs Has Much More Upside Amid Soaring Inflation, Report Finds

A new report from Pew Research Center finds that 60% of workers who changed jobs between April 2021 and March of this year reported an increase in their wages, as adjusted for inflation, significantly more than the 51% of job switchers who said they saw wage gains the year before. It really does pay to change jobs. During the second year of the pandemic, according to a new Pew Research Center analysis, half of workers who changed jobs saw their pay increase nearly 10%. The median worker who stayed put saw an inflation-adjusted loss of almost 2%.

It’s long been thought that changing companies leads to bigger bumps in pay than asking for a raise from the same employer. Now, a new analysis of government data confirms that conventional wisdom—but appears to suggest a growing gap in the fortunes of those who stay put versus those who switch jobs, as high inflation and record turnover rates amid the Great Resignation have shaken up the job market.

Sixty percent of workers who changed jobs between April 2021 and March of this year reported an increase in their wages, as adjusted for inflation, significantly more than the 51% of job switchers who said they saw wage gains the year before, according to a new report released Thursday from Pew Research Center that analyzed data from the Census Bureau’s Current Population Survey. Among workers who stayed with their employers, the share that reported an increase in real wage gains fell from 54% to 47% over the same period.

The difference was stark: During the second year of the pandemic, half of the workers who changed jobs saw their pay increase 9.7%, while the median worker who stayed in the same job experienced a loss of 1.7%.

In addition to Pew’s analysis of government data, it also surveyed 6,174 U.S. adults about their job search plans, which could reveal concerns about a slowing economy. While 22% of workers surveyed shared plans to search for a new gig within six months, a greater share—37%—said they expect finding a job to be difficult.

“That’s the feeling on the ground, which may or may not contradict what we hear about labor shortages,” says Rakesh Kochhar, who led the research on Pew’s analysis. “But it may be some insight into what lies ahead, or what people are thinking lies ahead.”

Kochhar says the difference between the two groups reporting real wage gains during the first year of the pandemic was not statistically significant. He speculated more workers who switched jobs during those early months may have done so involuntarily, which could explain why more of their new jobs didn’t pay more.

But as the Great Resignation took hold, the benefits for job switchers appear to have grown. The findings are another indicator of how the tight labor market has continued to hand workers a bigger payday while employers struggle to hire.

“Across the board, workers are going to their bosses asking for more money,” says Ben Cook, CEO of the job negotiations firm Riva HQ. “But it’s often difficult to get large percentage increases at your current role, so that’s driving workers to seek other opportunities.” Over the past year, those other opportunities were often coming with a 10% or more jump in pay, according to Cook, who says he believes newfound confidence among employees has had the most impact on the increased turnover rate.

The Pew analysis of government data found that 2.5% of workers, on average, quit their jobs each month in the first quarter of 2022, a rate that suggests some 50 million workers could switch jobs this year. Its survey of U.S. adults also found that Black and Hispanic workers, young adults and those without a high school diploma were more likely to change jobs in any given month, as well as that about half of job switchers also change industries or occupations in a typical month.

The report closely follows the Federal Reserve’s announcement of another move to cool inflation, raising interest rates Wednesday by 75 basis points for only the second time since 1994.

The Fed’s aggressiveness, plus uncertainty in Ukraine and other factors, including Thursday’s report that GDP shrank 0.9% in the second quarter, have stoked fears of a recession. Layoffs in tech have accelerated—Shopify shed about 10% of its workforce earlier this week, for example—and venture-capital funding for startups has slowed. But U.S. employers added 11.3 million jobs in May, and that rate, while down from previous months, still exceeds the pre-pandemic norm.

“We’re not seeing a profound, pervasive decline in labor market activity at all — that’s what you’d normally see in a recession,” says Julia Pollak, chief economist at the online employment marketplace ZipRecruiter.

In a survey published in April of 2,064 U.S. adults who had started a new job within the past six months, Pollak’s team at ZipRecruiter found that 69% of new hires who voluntarily left their old jobs ended up with a higher salary under a new employer..

“We can see in the data that this was not a Great Resignation out of the labor force,” she says. “This Great Resignation was really the ‘Great Trading-Up.’”

While most workers who quit their jobs in 2021 did so for higher pay, others stepped down primarily to escape burnout, which surveys show has reached more than half of American workers.

Whatever the reason for changing jobs, higher pay is often a helpful byproduct. Take Bethlehem, New Hampshire, resident Ashley Willumitis, who a year ago swapped her job as a school admissions director for a program management role at a software company.

“One of my friends actually said to me, ‘if you’re going to be miserable at work, can you at least make some more money?’” recalls Willumitis. The 35-year-old, who earned less than $50,000 in her education job, has more than doubled her paycheck, enabling her partner to step away from work for a break.

After quitting, she met with a career coach and therapist, and first took up a low-stakes marketing job where she practiced shutting off her computer at the end of the work day and letting emails sit more than a few minutes before responding, freeing up more time for activities she loves, like biking.

“You gave your whole self to it and didn’t necessarily make a ton back,” Willumitis says, referring to the way she used to think about work. “It was through having some other people point out my skills to me that I realized I could not only make more money elsewhere, but arguably work a lot less.”

I’m an editorial intern on the Leadership and Communities team, covering founders, small business and Under 30. Previously, I worked in business development for a startup

Source: Want A Pay Raise? Switching Jobs Has Much More Upside Amid Soaring Inflation, Report Finds

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Women are Far Less Financially Prepared For Retirement Than Men

Many women aren’t financially prepared for retirement, according to a recent report from TransAmerica. Men have about twice as much money saved for retirement ($118,000) than women do ($57,000). Of concern, nearly a quarter (24%) of women currently have less than $10,000 saved for retirement, compared to just 14% of men.

Seventy-nine percent of men are confident in their ability to fully retire with a comfortable lifestyle, compared to just 64% of women. Both men and women think that they’ll need to have saved $500,000 in order to retire comfortably. A third (33%) of women do not have any retirement strategy at all, which is significantly more than the 18% of men. Women are also far less likely than men to be currently saving for retirement, at 77% and 86%, respectively.

Financial preparedness for retirement, women vs. men

Despite the fact that the vast majority of both men and women worry that Social Security will run out before they retire, 27% of women and 17% of men expect to rely on Social Security payments as their primary source of income during retirement.Keep reading to learn the challenges women face when saving for retirement, as well as how women can better financially prepare to retire. If you’re searching for ways to improve your financial situation ahead of retirement, visit Credible to compare a variety of financial products from debt consolidation loans to high-yield savings accounts.

Women face unique challenges when preparing for retirement

There are a number of obstacles that women must overcome when saving money for retirement — starting with the gender wage gap, according to Stacy J. Miller, a Tampa, Fla.-based certified financial planner (CFP). Women typically earn less money than men, which results in lower retirement savings.

Miller said that because “women are often the caretakers in the family,” they may have to leave the workforce to care for children and aging parents. Missing periods of work can result in lower earnings over time and “fewer opportunities for pay raises and promotions.”Most woman caregivers have had to make work adjustments, such as missing days of work (36%), working an alternative schedule (28%), reducing their hours (27%) and even quitting their jobs (10%), TransAmerica reports.

Work adjustments due to caregiving, men vs. women

“Additionally, women statistically live longer than men, and therefore their retirement portfolio would need to be larger than men to last longer,” Miller said. Without proper financial planning and adequate retirement savings, some retirees may become reliant on credit card spending to cover basic expenses. If you’re struggling to pay down high-interest credit card balances, you may be able to save money through debt consolidation. You can learn more about credit card consolidation on Credible to determine if this is the right financial strategy for you.

How women can better prepare for retirement

If you’re one of the many women with an insufficient retirement nest egg, there’s still time to save. Consider these tips from female financial advisors on how women can be more financially prepared for retirement:

Maximize your retirement contributions

Both working women and self-employed caretakers should find a way to contribute the maximum amount to retirement plans, according to Kimberly Foss, a CFP in Roseville, Calif. — “especially in older women’s peak earning years, which often occur as they are nearing retirement.” In 2022, employees can defer up to $20,500 of their annual income into their workplace retirement plan or 401(k). The current contribution limit across all individual retirement accounts (IRAs) is $6,000 per year.

Women who are near retirement age should take advantage of catch-up provisions to grow their account balances, Foss said. This allows individuals ages 50 and up to contribute an additional $6,500 annually to their 401(k) plans and an added $1,000 to their traditional IRAs and Roth IRAs.

Allocate your investments

Besides maximizing their contributions, women should also consider their how their retirement investments are allocated, according to Joyce Streithorst, a CFP in Melville, N.Y. “Default investments make an impact on one’s long-term growth and returns,” Streithorst said. “Lifecycle or target date funds can help provide an allocation to equities and fixed income to attempt to align risk to your age and anticipated retirement year.”

Retirement savings accounts are typically invested in bonds as well as the stock market in the form of index funds and mutual funds. Investment allocations range between conservative, moderately conservative and moderate, depending on the risk tolerance. An investor’s retirement portfolio will typically vary based on market conditions. Since consumers have their own unique financial goals and obligations, it’s important to determine the right asset allocation strategy for your needs.

Reach out to a financial advisor

TransAmerica reports that while 43% of men use a financial advisor to help them manage their savings and investments, just 34% of women do. This could be due to a lack of female advisors, said Tess Zigo, a CFP in Palm Harbor, Fla.

“Because we don’t see many women in finance and as financial advisors, it doesn’t feel approachable or accessible,” Zigo said. “Many women feel more comfortable working with someone relatable.”Retirement planning can at times be overwhelming, so you might consider enlisting a professional to help guide you through the process. You can search for advisory services in your area on the CFP website.

And if you’re searching for the right financial products to set yourself up for success in retirement, it’s important to shop around. You can visit Credible to compare interest rates on everything from personal loans to mortgages for free without impacting your credit score.

Source: Women are far less financially prepared for retirement than men: TransAmerica study | Fox Business

Critics by : Mallika Mitra

For women, the salary gap they face in their working years eventually turns into a retirement savings gap. Only about 6 in 10 women have a plan to keep them from outliving their savings once they retire, according to a recent study by Nationwide Advisory Solutions. Among men, it’s more than 3 out of 4.

The firm polled about 1,021 financial advisors and 824 investors in February and March. “We’re in an industry that is inherently addressing the issues of men,” said Kristi Rodriguez, leader of the Nationwide Retirement Institute at Columbus, Ohio-based Nationwide. “We have to instill confidence in female investors.”

Women face unique challenges when saving for retirement. For one, they live longer than men — on average by six to eight years, according to the World Health Organization. They’re also subject to higher health-care costs. A woman retiring at age 65 in 2019 is likely to pay around $150,000 in health-care costs throughout retirement, while the number drops to $135,000 for men, according to an annual analysis by Fidelity Investments released earlier this year.

Women also tend to spend more time away from work to care for children. Once they return, they can fall behind in rank and miss out on opportunities for promotion. This “motherhood penalty” costs women $16,000 a year in lost wages, according to an analysis of Census data by the nonprofit advocacy organization National Women’s Law Center in 2018. Financial advisors must address these obstacles and ensure women feel comfortable discussing these challenges.

“You can find an advisor that meet the needs of both you and your spouse,” Rodriguez said. “But what is important is to find someone who creates that environment to make you feel welcome.”

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More Than 40% Of Companies Say Workers Have Asked For Higher Pay To Offset Inflation. Few Have Revised Salary Budgets

Inflation may be hitting new 40-year highs, but less than a quarter of U.S. organizations say they are revising their salary budgets due to inflation—despite many workers asking for raises or other actions to cope with higher prices, according to a new survey.

Mercer, the human resources consulting firm, surveyed more than 300 U.S. employers in March and found that 45% do not factor inflation into salary budgets. Less than 25% say they are making changes to their salary budgets because of inflation—yet 42% say workers have been asking them to take financial actions to help with rising costs.

Still, the survey found that nearly half of organizations say they will conduct additional salary reviews for either some or all of their employees as a response, a sign some may be growing concerned about losing workers if they don’t take action. A full 77% said dissatisfaction with pay or an offer of higher wages at another firm were the top reason they were seeing turnover among their ranks.

“Organizations are being cautious about setting a practice of paying primarily based on cost of living, as opposed to cost of labor,” Tauseef Rahman, a partner at Mercer, said in an email about the new survey data. He was referring to the way many employers make decisions about compensation, determining what people with certain job titles in specific regions are typically paid.

He’s not surprised by the disconnect between what employees are requesting and what employers have done so far in response. As Rahman says, “the concern is that organizations can create the expectation that pay is entirely based on cost of living, and not based on the cost of labor which has more to do with availability and demand of talent.” One challenge, he says, is that employers “might not have been clear with candidates and employees as to … [how] pay was being set.”

At the same time, Mercer’s survey also finds that 50% of organizations say they’re paying more than market rate due to the challenges they face finding and keeping employees, and 41% say they are implementing some kind of retention bonus.

Meanwhile, 60% of respondents reported seeing an increase in the number of counter-offers candidates are receiving, and about 30% say they are beating or matching counter-offers.

Josh Bersin, a human resources industry analyst, says he’s hearing from companies that inflation is having an impact. “Everyone I talk to is going through this re-evaluation, saying ‘you know what, we’ve got to add more money. We’ve got to reset salaries more often to adjust,’” he says.

“There’s a saturation point—you can’t compete based entirely on wages,” Bersin says. “But we’re at the point right now [of people saying] ‘I will not work for you unless you can pay me more money.’ So there’s this stair-stepping process going on, [where] everybody’s raising their wages a tiny bit at a time.”

“There’s this stair-stepping process going on, [where] everybody’s raising their wages a tiny bit at a time.”

—Josh Bersin, human resources industry analyst

Bersin thinks the Department of Labor’s data may be a little behind what’s happening within employers’ payrolls. Consumer prices rose 7.9% in the 12 months that ended in February, according to data the Labor Department released last week. At the end of the fourth quarter of 2021, the U.S. employment cost index showed that compensation costs for civilian workers increased 1% for the three-month period ending in December 2021, with wages and salaries increasing 4.5% last year.

While that is a two-decade high, Bersin thinks “wages are probably going up faster than the federal government realizes,” he says. One human resources executive he spoke with recently told him “we’ll issue a job offer on Monday, they’ll accept the job on Thursday … [and] they don’t show up. Over the weekend they got a job for 50 cents more an hour. It’s just that fast.”

Some companies are finding other ways to provide more compensation to people. For instance, Jonathan Johnson, Overstock.com’s CEO, says his company issued stock to a broader group of employees. The company’s research shows it is above the national average on pay in the markets where they compete for talent, Johnson says.

“You can’t spend your equity at the gas station, but it can help you create wealth and it maybe helps you save,” he says. The company also did not increase what employees pay for medical and dental benefit premiums this year.

Rahman says that where companies are offering raises due to inflation, they tend to be “targeted adjustments” that are based on things such as the competitiveness of pay, an individual’s performance, or business needs. Just “like inflation is complex and not a single number for everyone, pay adjustments are similarly complex.”

I am a Senior Editor at Forbes, leading our coverage of the workplace, careers and leadership issues. Before joining Forbes, I wrote for the Washington Post for more than a decade…

Source: More Than 40% Of Companies Say Workers Have Asked For Higher Pay To Offset Inflation. Few Have Revised Salary Budgets.

.

Critics:

By Stephen Miller, CEBS

Employee demands are driving changes in compensation strategy as employers respond to labor shortages and surging inflation, new research shows. Pay data and software firm Payscale’s 2022 Compensation Best Practices Report reveals that 85 percent of organizations are concerned about rising inflation eroding the value of pay increases.

The survey gathered responses from management-level decision-makers at 5,578 organizations, mostly based in North America, from November 2021 to January 2022.

In January 2022, inflation was 7.5 percent higher compared to a year earlier—a 40-year high. The unprecedented jump in inflation rates has 85 percent of organizations worried that planned 2022 pay increases won’t be enough. At the same time, 76 percent of organizations faced labor shortages or difficulty attracting talent in 2021, and 49 percent said that voluntary turnover had increased compared to previous years.

The survey also highlights which benefits have become more common, such as:

  • A 25 percent increase for remote-work options (now being offered by 65 percent of surveyed employers).
  • An 8.3 percent increase in work-from-home stipends (offered by 15 percent).
  • A 7.7 percent increase for flex-time options (offered by 37 percent).
  • A 7 percent increase in mental health or total wellness programs (offered by 66 percent).

In addition, 40 percent of organizations said they were interested in location-based pay strategies with geographic differentials to determine pay for widely distributed workforces.

More contents:

Wages and Salaries Up 5% for Private Industry Workers in 2021, Less than Inflation

Revised 2022 Salary Increase Budgets Head Toward 4%

Turbulence Ahead: Will 2022 Break Compensation Budgets?

Surging Gas Prices Take a Bigger Bite out of Workers’ Wages

DOL Issues Guidance on Prohibited Retaliation Under FLSA and FMLA

Gender Pay Gap Improvement Slowed During the Pandemic

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