In December 2019, the first confirmed case of the Covid-19 virus was recorded in Wuhan, China.
One year, 40 million job losses, 81.5 million confirmed cases, and 1.7 million deaths later, the virus still hasn’t been eliminated.
Instead of getting better, things are getting worse.
New strains of the coronavirus have been found in the UK, Nigeria, and some other countries. The vaccine for the original strain has proven ineffective for the new strain and many people still haven’t gotten their jobs back.
The financial implication of the virus has been terrible across industries but the focus in this piece is the tech industry.
How Has Covid-19 Affected Tech Salaries?
Tech experts in the United States and other parts of the globe have been working twice as hard since the pandemic started. To hold their regular jobs, many of them have had to work extra hard from their homes indefinitely.
In some cases, these workers have received more money for their extra efforts. Some other workers have reportedly gotten the same salary as they did before the pandemic.
This might not seem like a big deal but it is when you consider the fact that millions of people have lost their jobs because of the pandemic.
Companies like Google, Facebook, Apple, and Amazon have been hiring new tech workers since the pandemic started. Many other tech companies have also created job opportunities for remote workers.
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Despite the numerous opportunities the tech industry has presented during the Covid-19 pandemic, not every worker is pleased with the outcome. In Silicon Valley, San Francisco, there has been a lot of tension between the companies and workers. Almost every tech company in the United States has migrated to a remote working environment since the pandemic started last year.
Remote Word And The Cost of Living
Many tech workers wanted to leave the Valley because of the high cost of living. However, the attractive salaries and work benefits attached to working in the Valley made it difficult for them to abandon their jobs.
Tech companies in Silicon Valley currently pay the highest salaries in the United States. While other states pay their tech workers an average of $146,000, Silicon Valley workers earn around $171,000 yearly.
However, the high salary in the Valley comes with a high cost of living, as stated above, so most of these tech workers have decided to leave the Valley for more affordable places. This will allow them to save more money every year.
Facebook was one of the first companies to draw up a plan for workers who want to work remotely permanently. Workers have been asked to apply to work remotely, with a deadline set for January 1, 2021.
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The remote plan for workers who want to relocate to other cities for around five to ten years will carry a salary slash of up to 10%. Those who want to keep working remotely in the Valley will continue collecting their regular salaries.
VMware, another leading tech firm, has also announced plans to slash the salary of remote workers who leave Silicon Valley. For those who decide to go as far as Denver, the salary cut will be up to 18%.
This is because there is a significant gap between the cost of living in Silicon Valley and Denver. Those who move to Texas will receive only 10% cuts from VMware. Even ServiceNow is considering pay cuts for remote workers.
Bottom Line
Pay cuts or not, the tech industry is still one of the most successful in the Covid-19 era. It’s better to have a job that pays 10% less money than have no job at all.
Considering how much most Silicon Valley workers earn and the fact that they are going to cheaper cities, the pay cuts might not be such a bad thing. Also, it’s not compulsory. Workers can decide to remain in the Valley if they want their salaries intact.
Image Credit: by twenty20.com
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