All articles tagged with #raises
Teradata told its about 5,100 employees that 2026 salary increases would be paused to reallocate funds to AI investments, with performance bonuses and equity still possible; the move mirrors a broader trend of funding AI by cutting compensation, as seen with TTEC's paused 401(k) matches, while analysts note AI spending is rising but remains a relatively small share of revenue, raising concerns about morale as workforces adapt.
United Airlines and its flight attendants' union reached a tentative labor agreement that includes immediate raises, a top pay of $100 per hour, pay for boarding and disruption times, and a $740 million signing bonus; if ratified, it would make United the last major U.S. carrier to secure a cabin-crew deal post-pandemic, following a previously rejected offer that included a 26% raise.
Alabama Governor Kay Ivey proposes raising the starting teacher salary to $47,600, the highest in the South, with a 7.6% increase and a 2% raise for teachers with three or more years of experience. The proposal also includes education savings accounts, school choice expansion, increased funding for math and reading instruction, and school security updates. The Alabama Education Association is cautiously optimistic about the proposal, acknowledging the need to keep up with neighboring states' salary increases.
Kramer Levin, a Biglaw firm, has announced raises and bonuses for its associates, using the Cravath scale. The salary increases will be effective from January 1, 2024, with the highest salary for Class of 2016+ at $435,000. Year-end bonuses will be paid on February 15, 2024, with the highest bonus for Class of 2016+ at $115,000. Members of the Class of 2023 will receive a prorated bonus of $15,000.
Sullivan & Cromwell, a Biglaw firm, has announced raises and bonuses for its associates. The firm will be using the Cravath scale for compensation increases, with salaries ranging from $225,000 to $435,000 based on associate class. Year-end bonuses will also be provided, ranging from $15,000 to $115,000. The bonuses will be distributed on December 22.
Elite litigation firm Susman Godfrey is providing pay raises and special bonuses to all of its employees, including non-attorneys. The firm's 270 employees, including 131 non-attorney employees, will receive the bonuses in addition to their annual traditional bonuses. The firm's generosity stands out, making Cravath's bonuses seem inadequate in comparison.
Cahill Gordon & Reindel, a Biglaw firm, is matching the market by offering raises and year-end bonuses to its associates. However, they are going above and beyond by also providing special bonuses on top of the standard compensation. This practice of offering additional bonuses has been a tradition at Cahill for years, and they continue to prioritize generous compensation for their associates.
New York-based law firms Milbank and Cravath have initiated raises in Biglaw compensation, and now West Coast firm Fenwick and West has announced that they will match these raises. Fenwick and West will also provide year-end bonuses to associates based on their billed hours, with high billers eligible for the firm's Rest, Recreation, and Relaxation program. Associates who make extraordinary contributions to the firm will be rewarded with time in a firm condo in Hawaii or St. Thomas.
California State University faculty have gone on strike, demanding 12 percent raises and claiming that the CSU system has the funds to meet their demands without negatively affecting students.
A survey of business leaders suggests that employees may not see their paychecks catch up with the rising cost of living, as nearly half of the surveyed leaders stated they won't give cost-of-living adjustments (COLA) next year, and 26% may not give any raises at all. Despite recent wage increases, inflation has largely offset the gains, and with the job market shifting in favor of companies, workers may struggle to regain lost purchasing power. The majority of raises will be performance-based, with only a portion of employees receiving them.
American Airlines pilots have approved a new labor deal that includes significant raises, making it the second major U.S. airline to reach an agreement with its highest-paid work group. The contract offers immediate raises of 21% and a total compensation increase of over 46% over the four-year duration, including 401k contributions. The agreement will allow American Airlines to expand pilot training capacity and provide career progression opportunities for its pilots. Delta Air Lines pilots had previously ratified a similar agreement earlier this year.
A list of 34 ridiculous alternatives to giving employees raises has been compiled, including offering pizza parties where employees have to pitch in on the cost, scheduling meetings during lunch breaks, and providing "fun" team-building activities. These alternatives highlight the lack of proper compensation and benefits in some workplaces, leading to decreased employee morale.
American Airlines and its pilots have reached a preliminary agreement for a new four-year labor contract, which is likely to include raises as the industry faces a pilot shortage and aviators seek better pay after the Covid-19 pandemic paused new contracts for years. American's roughly 15,000 pilots would still need to ratify a tentative agreement. Negotiations across the industry have been tense.
Georgia Governor Brian Kemp signed a $32.4 billion budget for the upcoming fiscal year that includes raises for more than 200,000 teachers, state and university employees, as well as cuts to college and public broadcasting funding. The budget for fiscal 2024, which begins July 1, was passed on the final day of the General Assembly session in late March. Lawmakers cut $66 million from the University System of Georgia’s $3.1 billion budget. Teachers and most state and university employees will see a $2,000 pay raise, while some law enforcement officers will get $4,000 or $6,000 raises.
Buffalo Public School teachers will receive over $240 million in raises, bonuses, and retroactive pay in their new union agreement, which was unanimously approved by the Board of Education. In return, the district won long-term reductions in benefits, including teachers hired after June 30, 2026, not being eligible for district health insurance in retirement. The agreement also includes bell time adjustments, a one-time payment into the BTF’s supplemental benefit fund, and the formation of a committee to address the social/emotional wellness of students. Teachers have been working without a new deal for nearly four years.