Business Review - The Remote Exchange
Ted Kitterman discusses the future of remote work and how employees view tradeoffs when it comes to working remotely.
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As employers consider the future of work, including remote and hybrid work environments. Many employees are rejecting trade-offs that might lead to a reduced salary. Ted Kitterman Editor and Writer for Reagan Communications, gives insight into what workers need in today's economy.
“So we saw at the beginning of the pandemic, a lot of companies were asking themselves if we allow our workers to work remotely from anywhere in the world, does that actually mean that we have to pay them what we were paying them to live in a big city like San Francisco, New York city, where the cost of living requires us to pay a premium. Companies like Redfin is testing this idea that if you do say, I'm going to work remotely from a lower cost of living area, we're going to pay you less. Research from Talent LMS, 62% of workers in a survey said they would not accept a 10% pay cut to keep working remotely. So that means that workers are looking for that opportunity to work remotely, but they're not willing to take a lower wage just to have that option.”
Kitterman says employers want to know what employees are willing to accept, to make work environment trade-offs agreeable to both parties.
“What are employees looking for their employers to do? So they're looking for them to invest in upskilling and retraining. They're looking for them to over-communicate benefits like their employee assistance programs. And they're looking to see where employers offer flexibility. Organizations are seeing a more direct tie to how employees feel in the workplace to how profitable they're going to be. Employees are looking to advance in their careers, to gain leadership skills. They're looking to learn new tools and technology that are going to help them with the next stage of their career.”
The “Business Review” is a production of Livingston and McKay and the Hankamer School of Business at Baylor University.”