In our last TalentVISION column, we talked about the impacts of COVID-19 on remote work and a few of the silver linings for our consultants and clients—particularly the ability to engage with opportunities and source talent free of geographical boundaries.
As we start to look toward what is hopefully the beginning-of-the-end scenario for COVID-19, we’re seeing clients weigh the pros and cons of staying remote, and professionals examining how they can permanently transfer their annual earning potential from large urban business centers to more affordable places to live—or capture higher total take-home given unprecedented access to the biggest names in tech, financial services and more.
If one thing has been settled during COVID, it’s that remote work is here to stay. Several global tech and finance companies have announced intentions to maintain location-flexible work and/or expand remote hiring opportunities. Here’s what we see as important to know about compensation as the new reality of the work-from-anywhere business model unfolds:
- Talent is king. High-expertise roles in business and technology solutions/drivers/strategy continue to command top earning potential for our consultants, no matter where they live. However, competition has never been higher, a pool of 20 strong local candidates could easily surge to hundreds when sourcing talent nationwide. One thing we coach our consultants on is honing specific and/or niche skillsets. It’s always nice to have general, transferrable experience, but more than ever it’s time to differentiate yourself from a much larger pool of candidates by showing potential employers what you can do better than anyone else. And if you are exceptional at your work, you can look forward to maintaining your desired total take-home.
- Compensations could become more equitable. Location has historically been a large factor in how compensation models are designed. But that’s changing. Prior to the pandemic, we had many more clients than we do now come to us with compensation bandwidths that were specific to a geographic location, e.g., Charlotte vs. New York vs. San Francisco. Today, our clients are focused on sourcing the best talent possible to tackle strategic initiatives. Consultants can expect for location to have some impact on final discussions and terms, but less so than what might be anticipated.
- Relationships still matter. We are committed at GSG to delivering the best talent for our clients—and to building trusted, long-term relationships with our consultants. Given the increased market competition, we encourage you to check in with us—and to devote effort to building equity in your career by capturing your own results. Start by refreshing your online portfolios and/or LinkedIn profiles with specific endorsements from former employers and colleagues on recent projects or areas of expertise you want to be known for. We are always seeking to expand our resources but having an established relationship and a track record of the quality and consistency of your work is always the best way of ensuring consistent career progression and rewarding new engagements.
We will continue to watch these and other trends in what we hope will soon be a post-pandemic market and look forward to bringing you additional insights through TalentVISION.
We have all faced tough times in 2020. Continue to adapt and focus on what you can control to ensure personal and professional happiness. There is light at the end of the tunnel; be resilient, stay positive and we will all get through this together!
David Gonzalez is the Executive Director of Talent Acquisition at Granite Solutions Groupe. He has over 20 years of leadership experience with a specific focus on the intersection of Financial Services and Technology. He leads the talent acquisition team and partners closely with GSG’s clients and account team to design talent strategies.