Searching salary history in evolve Magazine,Workspan Daily,Workspan Podcast on page 1

While the impending rules pertain only to federal employees and contractors, salary history bans and pay transparency legislation are both on the rise, with more jurisdictions likely to follow.; Reuse Permission An executive order prohibiting the use of salary history data in hiring by federal agencies and federal contractors has been announced by the Biden administration.

A Worrisome Workplace Impact According to Zety’s report, these worker concerns may have a trickle-down effect on employers and the workplace: ;90% of surveyed employees said their emotional well-being is regularly affected by their finances.; ;70% feel disengaged at work due to their current salaries.; Additionally, Korn Ferry found employees who felt their salary wasn’t keeping up with the cost of living were more likely to leave their role within three months.

As a result, WorldatWork’s “ 2022-23 Salary Budget Survey ” revealed that salary increase budgets reached their highest level in 20 years in the United States, rising to an average of 4.1% in 2022 with a 3.8% median.

Previous reports and 2025 projections included: ;WorldatWork: 3.8% mean U.S. salary increase budgets;The Conference Board: 3.9% average U.S. salary increase budgets;WTW: 3.9% median U.S. salary increases;Payscale: 3.5% average U.S. salary increases; ; “Salary increases are strongly influenced by labor supply and demand,” said Alicia Scott-Wears, a compensation content director at WorldatWork.

For WorldatWork Members 2024-2025 Salary Budget Survey , research;Salary Data Center , tool;Dive into the Future: Salary Budget Planning for the Year Ahead , on-demand webinar; For Everyone Global Salary Increase Budgets Contracting; U.S.

Reuse Permission As reported by CNBC , Target is doubling its bonus payments to salaried employees as its profits recover.

Salary Budget Survey 2024-2025: Participation Closes May 15 Mercer’s latest survey findings fell below WorldatWork’s 2023-24 Salary Budget Survey of 2,146 participating U.S. organizations, which in July 2023 projected 4.1% pay increase budgets in 2024.

“However, a significant percentage of organizations do plan to increase salaries, and it’s essential for HR and compensation professionals to gather specific compensation market data and intelligence to inform their hiring salaries,” she said.

Healey on Wednesday, July 31 signed into law “An Act Relative to Salary Range Transparency” (H.4890), which increases equity and transparency in pay by requiring employers in the state to disclose salary ranges and protecting an employee’s right to ask for salary ranges.

Lauren Mason, senior principal, career, at Mercer, said the projected decrease in salary budgets from 2023, which saw salary increase budgets average 4.4% , is likely a combination of economic uncertainty and labor market softening.