Listen Now: Salary Cuts
Remote work has people fleeing big cities–and they might be leaving behind a few bucks.
Over the past six months, employees who live in cities such as San Francisco and New York have moved out in search of more room and a lower cost of living. And with many working remotely, in some cases permanently, the change of address hasn’t been a problem.
But according to Bloomberg, some businesses may be allowing workers to move away at the cost of their salary. The software company VMWare says employees who leave the Bay Area will see their salaries cut. For example, someone who leaves San Francisco for Denver will lose about 18%.
In late May, Facebook announced employees can work from home on a permanent basis. But according to The New York Times, their pay will be adjusted based on the city they choose to live.
Twitter is another major company planning to do the same thing with its employees. But according to the app Blind, many tech workers are fine with the pay cut.
Guess money just can’t buy happiness.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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"The Technology Tornado: Media & Communications in the Modern Era"
Phoenix Convention Center
August 28th, 2019