It’s time to pay attention to pay

The pandemic has changed everything about work.

Far more people now work remotely. Hybrid and flex work arrangements are all the rage. Employees are quitting in droves in the Great Resignation. There’s the labor shortage, the skills gap, and remote hiring. The list goes on.

So, how do we decide how much to pay people? And if you’re interviewing for a new job, how do you decide how much to demand?

Two opposing incentives are creating uncertainty about pay. On one hand, most employees prefer remote work so much that they’re willing to take a cut in pay. And they need less pay if they move outside expensive areas.

On the other hand, the skills shortage, labor shortage, and Great Resignation movement are driving up salaries and bonuses, as companies work to incentivize employees.

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