Professionals Are Happy To Take A Pay Cut To Move Out Of Bay Area

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Professionals Are Happy To Take A Pay Cut To Move Out Of Bay Area
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44% Of Professionals Are Happy To Take A Pay Cut To Move Out Of the San Fransisco Bay Area

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VMware and Twitter are cutting pay for remote employees who move out of the Bay Area, per Bloomberg. On Blind, an anonymous professional network, with 3.6M verified users, a Bloomberg user ran a poll asking,Are folks willing to take the trade off in this new Covid-19 future we have?”

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Professionals Are Happy To Take A Pay Cut To Move Out Of The Bay Area

The poll had 5,591 responses and robust dialogue with 561 professionals commenting on their own experiences, here are some key learnings:

  • 48% of professionals responded to the poll stating “No I shouldn’t get a pay cut if I’m doing the same work.”
    • 61% of VMware professionals responded to the poll stating “Happy to take a paycut for better WLB and reduce Total cost of Living” 
    • 47% of Twitter professionals responded to the poll stating “Happy to take a paycut for better WLB and reduce Total cost of Living” 
    • 63% of Netflix professionals responded to the poll stating “Happy to take a paycut for better WLB and reduce Total cost of Living” 
    • 67% of Square  professionals responded to the poll stating “Happy to take a paycut for better WLB and reduce Total cost of Living” 

Pay Cut Bay Area

Pay Cut Bay Area

You can link to our blog for the data here.

A user at VMware responded to the poll saying, “I’ll gladly do this. It’s only a reduction on base, and base makes up half of my TC. So a net 6.5% decrease in my TC to move to a place where houses are 20% of the price and taxes alone make up ~5-6% difference? Sign me up”

A user at Hulu responded to the poll with an opposing opinion, "You guys aren’t getting it. It doesn’t matter that “pay is always based on location.” That old way of thinking needs to die because it exploits labor. The employee’s labor provides the same value regardless of working location. The circumstances changed, so we need to force things to change as well. Don’t accept a pay cut for changing your location. Ask the company tough questions. Is my value to the company less if I live in North Carolina or Colorado? If they won’t budge, quit."

 

Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)www.valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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