Mark Zuckerberg says he expects about half of Facebook Inc. employees to work from home in five to ten years, but there is a problem for those hoping to take their big pay in Silicon Valley and live like royalty in a rural area.
As in, a drop in wages.
Facebook
FULL BOARD,
the executive director described the company’s future remote work plans during video conference with employees on Thursday. Zuckerberg said Facebook will “aggressively” increase the hiring of remote workers, although not all employees can work permanently at home, at least initially.
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And those who choose to work where the cost of living is lower should expect to be paid less.
“This means that if you live in a place where the cost of living is considerably lower, or the cost of labor is lower, then wages tend to be a little lower in these places” said Zuckerberg.
Facebook already pays for location, but Zuckerberg said employees who work remotely must notify Facebook if they move to a new area by January 1, 2021.
“We will adjust the salary at your location at that time,” he said, noting that taxes will have to be taken into account. “There will be serious consequences for people who are not honest with this.”
This can hamper the plans of some workers in the hope that their wages will go much further in the cheaper areas. A recent survey Tech workers in the San Francisco Bay area have found that two-thirds would consider moving away from the expensive area if they could work remotely. “There is no point in paying rent in the Bay Area if we can earn our living by living elsewhere,” said an employee of a startup. told Bloomberg News
In 2018, the average compensation of employees on Facebook exceeded $ 240,000 per year. The median price of the home in Menlo Park, California, where the tech giant is based, is $ 2.4 million, according to Zillow, while the median price of homes in the Bay Area was $ 928,000 last year.
Zuckerberg said in a survey of companies that said they wanted to work full-time remotely, about 45% were “pretty sure” that they would move elsewhere if they could, and an additional 30% said declared who “could” move. About 60% of this total said they would prefer to move to a small town.
Finally, Zuckerberg said the changes will help Facebook be more diverse in its workforce.
“When you limit hiring to people who live in or are willing to settle in a few large cities, it eliminates many people who live in different communities, have different backgrounds or who may have prospects. different, “he said. “Certainly, being able to recruit more widely, especially in the United States. United States And Canada to start with, this will open up a lot of new talent that they would not have considered moving to a big city before.”
About 95% of Facebook employees are currently working from home due to coronavirus stay at home orders. The company had previously indicated that workers will be able to work from home at least until the end of the year.