BUSINESS AND MONEY
2023 Salary Guide From Robert Half reveals how employers are stepping up pay, perks and benefits to win over talent
When it comes to what workers want in today’s job market, salary remains top of mind, research from talent solutions and business consulting firm Robert Half shows. According to the just-released 2023 Salary Guide, companies are under pressure to offer higher compensation to current and new staff for a number of reasons. But what else are employers doing beyond adjusting pay to attract and retain top talent in a tight hiring market?
Following is a snapshot of salary-related numbers to know heading into 2023:
- Salaries are trending upward. To recruit skilled professionals, 46% of employers are offering higher starting salaries. In addition, 83% of managers who increased base compensation for new hires in the past year have also made pay adjustments for current staff.
- Perks are more plentiful. More than 8 in 10 companies (83%) have added new perks in response to the challenging hiring market, the most common being:
- Remote work opportunities (40%)
- Mental health resources (36%)
- Wellness programs (33%)
- Raise requests are coming — and employers should prepare. Despite overall salary growth in the United States, more than half of professionals (55%) feel underpaid and 48% will ask for a raise if they don’t get one — or the amount is lower than expected — by year-end. Further, 4 in 10 workers (41%) would consider changing employers for a 10% increase in pay.
- Professionals are showing their worth. To better position themselves for a raise, workers are:
- Taking on responsibilities outside their job description (50%)
- Acquiring new and relevant skills or certifications (33%)
- Researching salaries and sharing discrepancies with their manager (30%)
- Workers remain confident. Fifty-six percent of professionals are more…
CURRENT EDITION
WEATHER
TODAY
RH
WASHINGTON BUREAU
FDA Modernization Act, as Amended by Senate HELP Committee, Reintroduced Today in U.S. Senate
Today, Senators Rand Paul, R-Ky., and Cory Booker, D-N.J., introduced a modified form of their
Deputy Defense Secretary Kathleen Hicks Highlights Energy Innovation to Improve Warfighter Capabilities
For the past week, the Pentagon’s central courtyard resembled a giant science fair featuring the
Solid Job Growth, Labor Shortages Still Severe
The jobs report showed solid job growth, with 315,000 jobs added in August 2022, after an increase of 526,000 jobs in July. Labor shortages are still a major problem for employers while employees are benefiting from increased job opportunities and more bargaining power. Nonetheless, with broad-based gains in jobs,…
Toyota Announces $2.5 Billion Expansion of North Carolina Plant With 350 Additional Jobs and BEV Battery Capacity
Toyota announced an additional investment of $2.5 billion in its newest North American facility, Toyota Battery Manufacturing, North Carolina (TBMNC). This investment adds capacity to support battery electric vehicle (BEV) battery production and adds 350 jobs, bringing the total employment to approximately 2,100. Scheduled to begin production in 2025,…
Today’s ARM Borrowers Have Higher Incomes, Larger Down Payments
Adjustable-rate mortgages (ARMs) are becoming more common as home buyers hunt for ways to save money with today’s higher mortgage rates. Rather than buyers who are toeing the affordability line, borrowers using an adjustable-rate mortgage today are likely to be affluent households with larger down payments, a new Zillow®…
Child Care Challenges Cost $359 Million in Lost Wages Weekly for Americans
Finding child care is often a difficult and costly hurdle for working families with children. Parents increasingly report that child care costs strain their monthly budget. Even after making arrangements, plans may fall through and emergencies may spring up, forcing parents to leave early, take part or…
Pennsylvania Median Home Sales Price Jumps in July 2022
The median home sales price in Pennsylvania rose again in July, according to a report prepared for the Pennsylvania Association of Realtors®. The median sales price was $219,154, up several thousand dollars from June.
“The median home sales price is up about 10% compared to last…
New version of Westlaw enables lawyers to conduct research more than twice as fast and reduces risk of missing relevant cases
Thomson Reuters introduced Westlaw Precision, a new version of Westlaw designed to dramatically improve research speed and quality by enabling lawyers to target precisely what they are looking for: legal issues, issue outcomes, fact patterns, motion types, motion outcomes, causes of action, party types, and more. In addition to precise searching, new capabilities include expanded KeyCite functionality and optimized workflow tools.
“Our customers tell us difficult legal research can often take more than 10 hours per case,” said Mike Dahn, head of Product Management, Westlaw, Thomson Reuters. “It’s time consuming because they are often looking for something very precise, but traditional searching rarely allows for such precision. Our customers needed more precision in searching to substantially reduce research time. To do that, we made the largest-ever investment in our editorial operations, and the result is Precision Research.”
Addressing research challenges through precision in search
“Editorial excellence has long been at the heart of Westlaw,” said Leann Blanchfield, head of Primary Law, Editorial, Thomson Reuters. “To enable more precision in search, we added more than 250 new attorney editors to mark up and classify case law in more useful ways for our customers. For more than 100 years, we have classified legal issues…
Existing, single-family home sales totaled 313,540 in August on a seasonally adjusted annualized rate, up 6.1 percent from July and down 24.4 percent from August 2021
A brief retreat in mortgage rates that created a slightly more favorable lending environment provided a window of opportunity for California homebuyers and perked up home sales in August for the first time in five months, according to California Association of Realtors (C.A.R.).
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 313,540 in August, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2022 if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. August’s sales pace was up 6.1 percent on a monthly basis from 295,460 in July and down 24.4 percent from a year ago, when 414,860 homes were sold on an annualized basis. August’s monthly sales increase was higher than the long-run average of 0.4 percent for a July-August period in the past 43 years and marked the first monthly sales increase in five months.
“California’s housing market stabilized briefly as a temporary reprieve on mortgage rates in July and early August brought buyers…
Fidelity National Financial Acquires AllFirst Title Insurance Agency
Fidelity National Financial, Inc. (NYSE: FNF), a leading provider of title and transaction services to the real estate and mortgage industries, announced the acquisition of AllFirst Title Insurance Agency and its various regional brands.
AllFirst and its portfolio brands, FirsTitle, Excel Title Group, Allegiance Title Company, Guaranty Title, Smith Brothers…
Tri Global Energy CEO Sees “Explosive Growth” From Inflation Reduction Act
Dallas-based Tri Global Energy is one of America’s top developers of renewable energy, and the company’s CEO says the just-passed Inflation Reduction Act will fuel “explosive growth” for his industry.
John B. Billingsley, the company’s founder, Chairman and CEO, says, “I’ve seen estimates from the White House that this bill…
Courts Continue to Scrutinize J&J’s Controversial Bankruptcy Ploy to Avoid Liability
Legal experts say the decision by Johnson & Johnson (NYSE: JNJ) to halt future sales and distribution of talc-based products worldwide, including its iconic Johnson’s Baby Powder, points to mounting pressure on the company to resolve tens of thousands of legal claims brought by ovarian cancer and mesothelioma victims.
Numerous…
Bank of America Payments and Spending Data Shows Consumers Are Not Wilting in the Summer Heat
The Bank of America Institute published a new article that shows consumer spending continues to increase in July, but some consumers are feeling the effects of rising rents. Bank of America internal data suggests median rent payments increased by 7.4% year-over-year in July. That said,…
Mortgage Production Continues to Decline With Purchase Demand Now Falling Below Pre-Pandemic Levels
Today, Black Knight, Inc. (NYSE: BKI) announced the release of its latest Originations Market Monitor report, looking at mortgage origination data through July month-end. Leveraging daily rate lock data from the Black Knight Optimal Blue PPE — mortgage lending’s most widely used pricing engine — the Originations Market Monitor…
The new eleven-person firm was created by two former Merrill Lynch teams in order to create a superior advisory experience for clients at any asset level
By Steve Arnett / Newsdesk StaffSanctuary Wealth, home to the next generation of elite advisors, welcomes its latest partner firm, Auric Capital Partners. The new firm was formed by the melding of two former Merrill Lynch teams – Mittman & Associates, a Private Wealth Management Group team led by Michael J. Mittman, CEPA, CFA, CPWA® in Denver as well as McKelvy Schellenberg & Associates, a traditional wealth management advisory team led by Luke R. McKelvy, CIMA® and William A. Schellenberg – and has offices in Orange County, California and Denver, CO.
“We’ve been working hard over the past couple of years to enhance our ultra-high net worth solutions for Sanctuary partner firms and their clients,” said Jim Dickson, CEO and Founder of Sanctuary Wealth. “Auric’s decision to launch their new firm with Sanctuary is a testament to the breadth and depth of resources and capabilities that we’ve added on this front.”
“As an independent firm, we will now sit on the same side of the table with our clients and have the ability to provide truly objective advice, as our only goal is adding value to each client’s financial future,” said Michael Mittman, CEPA, CFA, CPWA®, Partner, Managing Director, Advisory, Auric Capital Partners. “With Auric Capital Partners, we have assembled a team that has the scalability and expertise through the wealth management spectrum. Our firm has the ability to serve clients whether they have several hundred thousand dollars or several hundred million.”
Michael Mittman has 24 years of investment management experience, the last 14…
MORE ARTICLES
Consumers Continue to Demonstrate Robust Spending Growth Despite Cross-Currents From Rising Utility and Childcare Costs
U.S. Foreclosure Starts Reach Pre-Pandemic Levels Nationwide
Solid Job Growth, Labor Shortages Still Severe
Teamsters: Egregious NLRB Ruling Against Mine Workers Threatens America’s Workforce
The International Brotherhood of Teamsters unequivocally rejects the recent ruling by Region 10 of the National Labor Relations Board (NLRB), unfairly levying millions of dollars in fines against members of the United Mine Workers of America (UMWA) for expressing their federally protected rights as union members.
UMWA has made clear…
Slight Increase in Producer Sentiment Despite Rising Costs and Lower Crop Prices
The Purdue University/CME Group Ag Economy Barometer farmer sentiment index rose 6 points in July to a reading of 103. Producers were somewhat more optimistic about both current and future economic conditions on their farms when compared to June. The Index of Current Conditions rose 10 points to a…
Boeing to Open Japan Research Center and Expand Sustainability Partnerships
Boeing will strengthen its partnership with Japan by opening a new Boeing Research and Technology (BR&T) center. The facility will focus on sustainability and support a newly expanded cooperation agreement with Japan’s Ministry of Economy, Trade and Industry (METI).
Boeing and METI have agreed to broaden their 2019 Cooperation…
The number of customers making childcare payments in August was approximately 94% of pre-pandemic levels, as parents are returning to the labor market
The Bank of America Institute released a new publication that shows consumer spending continues to increase in August, but some consumers are feeling the effects of rising utility and childcare costs. Bank of America internal data suggests that the average utility payment increased by 16% year-over-year in August, largely offsetting the relief consumers may feel from falling gas prices. However, given demand for energy increases with heat waves, we may not have seen all of these utility increases reflected in bills yet, so average spending could continue to rise in September.
According to Bank of America internal data, the dollar value of childcare payments per customer across payment channels (ACH, credit card, debit card, and online bill pay) was up 9.7% year over year in August. This increase is partially due to higher prices of about 3%, as indicated by the daycare and preschool component of the most recent CPI report, suggesting roughly a 7% increase in inflation-adjusted spend in this category. Economic data suggests that parents – especially women between 25-54 – are returning to the labor market, and the number of Bank of America customers making childcare payments was almost at pre-pandemic levels in…
EDITOR'S
CHOICE
U.S. Foreclosure Starts Reach Pre-Pandemic Levels Nationwide
Committee for Economic Development of The Conference Board Issues Statement on the CBO 2022 Long-Term Budget Outlook
Dr. Lori Esposito Murray, President of the Committee for Economic Development of The Conference Board (CED), released the following statement on the Long-Term Budget Outlook released Wednesday by the Congressional Budget Office (CBO):
“CBO’s projections have once again showed that our long-run fiscal trajectory is unsustainable….
About Half of U.S. Workers Report Only Receiving Feedback Annually or Semi-Annually
New research finds a disconnect between employees’ need for performance feedback and how much feedback they receive. About half of workers (48 percent) report they only receive feedback on annual or semi-annual basis while eight percent say they never receive feedback on their work, according to new research from…
Federal Home Loan Bank of Boston Announces Q2 2022 Financial Results, Declares Dividend
The Federal Home Loan Bank of Boston announced its preliminary, unaudited second quarter financial results for 2022, reporting net income of $41.0 million for the quarter. The Bank expects to file its quarterly report on Form 10-Q for the quarter ending June 30, 2022, with the U.S. Securities and…