Good morning,
In the past crazy year of remote work, odds are good that at least a few of your employees have moved to less expensive areas since March 2020.
That’s a notable workforce shift, and for businesses, it brings up important questions about compensation. Does a remote job justify a lower salary than a position that requires being in the office? Should workers who live in Idaho make less than those in New York City? More and more companies seem to think so. Facebook, Twitter, VMWare, and other tech giants are now planning to adjust the compensation of remote workers based on their location.
If you want to join that group, proceed with caution: For small firms, hiring a remote employee can be much more complex than hiring locally. Employment requirements on health insurance, paid time off, and other benefits vary from state to state. A business based in Florida hoping to hire an employee in Alaska may find that its corporate health insurance plan won't cover them. If a remote employee lives in a state with mandatory paid sick leave, such as California or Colorado, a company based in a state without such a law will still be required to provide that benefit.
Clearly, there’s a lot to consider. Read our story to learn how businesses are adjusting their pay structures as more employees relocate--and what some of your smartest options could be. |
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