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The Consequences of Location-based Salary Reviews to Tech Workers in Silicon Valley

The tech industry has received a lot of hype since the coronavirus pandemic started. Since tech workers kept their jobs and some companies have been recruiting despite the economic depression, it makes sense that many people are now joining bootcamps to learn how to code. While the tech industry has remained resilient throughout the pandemic, it’s not been all rainbows and sunshine. Over 69,000 tech workers were displaced after the first lockdown in the United States. Many of these workers have been able to find new remote employment since then but there are still some other challenges caused by the pandemic.

Silicon Valley and Tech Talent

The four big tech companies—Google, Apple, Amazon, and Facebook—are currently changing the world with their products and services. Apart from Amazon, these companies have their headquarters in Silicon Valley. While Amazon’s headquarters are in Washington, they have grown their presence in the Valley over the years. These big tech firms and over 2,000 others have decided to make Silicon Valley their home, thus making it the city with the highest density of tech talent in the United States.

Every entry-level and advanced tech guru wants to start their career in Silicon Valley, or at least they wanted to in the past. Statistics reveal that a significant number of workers have abandoned the Valley in the last decade moving to other states in the US. Some have even left the country. Since the pandemic began and remote work was standardized, the number of people leaving the Valley increased even more significantly. If the San Francisco Bay Area is as amazing as advertised, why are people leaving to other states?

The answer to this question is simple. Silicon Valley is a great place to live but it is also incredibly expensive. Tech companies offer their workers far more than what other companies in the United States pay but it’s still not enough to meet up with the ever-rising cost of living in the city. Before, leaving the city meant sacrificing their high-paying jobs. Now, things have changed. The coronavirus has made remote work the gold standard for tech companies in Silicon Valley and workers can now move to anywhere they want without losing their jobs. Unfortunately, there is a catch attached to this new arrangement.

Consequences of Leaving the Valley

Leaving the Valley to more affordable states was supposed to allow tech workers to save money from their high paying jobs. However, tech companies aren’t letting them go so easily. Many of these companies have agreed to let remote workers move to more affordable cities if that is what they choose. As long as they will continue to perform their duties flawlessly, these workers are free to go and continue to work remotely long after the pandemic. The catch is that they will accept salary cuts based on their new location. These salary cuts from tech companies start from 5% to 20% approximately. This is a lot of money to forfeit just to move to another city.

Some tech workers are already trying to protest this move. Many of them have decided not to take the salary cuts without putting up a fight. The once admirable relationship between these workers and their companies is now rocky. The companies have refused to budge, insisting that location-based salary amendments are normal across industries. While companies still cherish the relationship with their workers, there is a strong chance that they will go ahead with the salary cuts. Even if some workers decide to quit their jobs, there are thousands of people across the globe who can now replace them easily because of remote work policies. You no longer have to stay in the Valley to work in the Valley and most salaries will still be high despite the salary slash companies threaten.

Bottomline

Right now, there is a lot of tension in the epicenter of technology in the United States. It’s not clear what direction negotiations will take yet but this shouldn’t discourage you from picking up a tech skill from Computersciencehero. Salary cuts or not, technology is the future, and learning a tech skill should not be considered a waste of time no matter the circumstances.

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