How has COVID affected pay and benefits in tech?
A new survey of UK tech startups and SMEs has revealed the impact of COVID in numbers. Remote’s “Global Workforce Revolution” study, which polled 764 employees and leaders, shows massive change in four main areas. These are the figures on how tech is embracing remote work, new pools of talent, equality and diversity, and a new approach to pay and benefits.
Remote work in numbers
- Over a third of employees have asked to work remotely all the time (35%) or regularly (35%) because of COVID.
- 11% have asked to relocate overseas.
- 15% of tech startups and SMEs plan to go fully remote; 52% plan to offer more flexibility around remote work.
- 33% of roles are expected to be located outside the UK in 5 years.
- 79% of employees would move to a different region or country if they could keep their jobs. On average, they’d even accept a 10% reduction in salary.
- 61% believe remote working provides “recession-proofing” by giving people job options further afield.
Talent pools beyond London
- 63% of employees think entrepreneurs need to look beyond London to find the world’s best talent.
- 34% believe remote employment will offer access to better talent.
- 62% believe that being able to recruit the world’s best talent regardless of location will unlock more creativity and innovation in the tech industry.
- 41% believe more remote working will lead to a greater supply of skills.
Diversity & Equality
- Over half of respondents agree that diversity and equality are important.
- 41% of employees think more international remote working could make tech a more inclusive and global community.
- 49% think providing career opportunities to talented people who can’t afford to live in London would help rebuild confidence in the tech industry.
- 57% believe international remote working is better than increasing immigration because it enables other economies to benefit from wealth and jobs created by the tech sector.
Pay and Benefits
- 49% of employees think pay and benefits should be based on ability, regardless of where in the world the employee is located.
- The “office” perks remote workers value most are a pension scheme (41%), an allowance for fitting out a home office (39%) and healthcare (36%)
- 22% of workers would stay with their current employers for 10+ years if they could work from anywhere and keep the same salary and benefits.
- The main factors influencing where employees choose to live are family (29%), culture (21%), weather (17%), the strength of the economy (14%) and love (9%).