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| Tech In The Time of Covid-19 |
The sudden appearance of Covid-19 in 2020 led the world into an unprecedented lockdown that has forced the migration of a big part of the workforce into remote work.
But looking at the state of the world today and the statistics for the disease, we can safely assume that these measures are going to be in place for the long term. This new dynamic implies a need to reconsider the structure of organizations and evaluate the benefits of this new system.
A Change in Compensation?
Companies are wondering if they need to reevaluate their employees’ wages as a way to compensate for the changes that are coming. The tech industry has been one of the least affected sectors during the pandemic, still managing to turn in a profit when many other areas of the economy are on the verge of bankruptcy. It comes as no surprise that they are the ones leading the discussion.
It’s important to consider that the tech industry entered the challenge of transitioning to full remote working with a certain advantage because most of the big players in the game had already started a slow transition to a hybrid workspace. This transition was abruptly accelerated, and it found them relatively better prepared than other industries that resisted the change. Taking all of this into consideration, it makes sense that it has been tech companies like Reddit that have taken the decisive measure of not reducing the pay of their employees during these times.
Opening the Field
The mainstream use of remote work will have an unexpected positive effect in broadening the opportunities in tech for those people who are not located in the traditional strategic areas of the industry, such as the San Francisco Bay Area. California is, incidentally, one of the states with higher wages in the country.
This richer talent pool will benefit employers, according to Professor Orly Lobel of the University of San Diego. He insists that tech advancement will make geographic mobility a minor concern.
New Possibilities
While international tech companies have not disclosed their salary strategies just yet, Willis Towers Watson has predicted that in the Asia-Pacific area, salaries might stay the same, which is already good news. However, the new landscape has also opened up the door for more opportunities.
This year, tech employees might not receive raises in the traditional way, but they may be offered some new benefits that adjust to their working arrangements, like remote working compensations. This would come as an effort from the companies to ensure their employees find their remunerations aligned with their efforts.
Changes That Are Here to Stay
Even if we think of a near-future that is free of Covid-19, this trial of remote work has allowed companies to see the value of flexibility and of lower costs and expenses. It is more than likely that online work will become an expected element of any workspace in the future.
Employees also see financial benefits from remote work, as they can choose to move to areas where living costs are lower. This topic has been up for discussion lately, as some fear that companies might use this to stop wage growth. However, this seems unlikely, as monetary compensation is a very complex subject that depends on varying major factors, like your performance and specific value at a company. In the end, no matter what your work situation is, it’s how you perform your job, and what you give to the company that will determine your rewards.
Conclusion
It will only be in retrospect that we will be able to confidently pinpoint the effects of remote work in the tech industry. However, it’s undeniable that we are at a turning point,and we will see changes in the way tech people work, live, and are remunerated.
Work dynamics have changed, and it seems this will last. It is up to us to successfully adapt, and be open to the opportunities that come. A couple of years ago it became evident that the tide was beginning to turn toward tech-based jobs, and this year’s push of remote work has just cemented it.