Q - Pay rates based on geo or based on skill?
A - For fully remote employees it doesn't make sense to have hyper local pay scales ... You want to be moving towards a more national or global pay scale. - Nick Bloom
Managers shouldn't be snooping into where employees are living. Employees shouldn't find that their pay shifts every time they move. HR shouldn't be spending hours and hours every month coming up with these pay schemes. - Nick Bloom
During the pandemic when teams were sent fully home, companies said, we're just going to keep you on your pay that you had pre-pandemic. Then people have moved around the country. - Nick Bloom
The digitization of work, the skills-centric nature of many work tasks and positions, and service providers smoothing the regulatory and legal issues of hiring from a broader set of geographies, are reducing historic geo-based differences in compensation.
The invisible hand is a powerful force when friction is reduced.
Full length conversation with one of the anchor voices and data sources in talent today.
Nick Bloom: Profitability, Performance, Retention | Work 20XX podcast with Jeff Frick -
- Transcript and Show Notes - https://www.work20xx.com/episode/nick-bloom-profitability-performance-retention-work-20xx-ep20
- or wherever you podcast
Work 20XX celebrating 50 episodes with 50 posts in 50 days.
#Leadership #Remote #Digital #Distributed #Hybrid #Workplace #Office #FoW #RemoteWork #PayEquity #GlobalPayScale #HR #HRStrategy #CompensationPolicy #Work
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