🧑💻 Remote work handcuffs
PLUS the company where you get paid as much as the CEO & the remote work stalemate
Mitko Karshovski
June 02, 2023
Hey Insider, I hope you had an amazing week! It’s my last day in Budapest, and I have to say I’m pretty bummed. The last week has reminded me how much I love this city ❤️
Last time I asked you if you wanted to hear about my nomadic travels over the last 2 weeks and a resounding 98% of you said YES, so I will write up a small “nomadic guide” for each city…
Keep an eye out for those over the next few weeks 😊
Anyways, today’s email is a 4min 35 sec read:
💸 The remote company where everyone gets paid the same
🔥 Revolut throws shade at regulators & gets spanked
🛡️ Hybrid will end the remote work battle
Let’s dive in…
💻 CAREERS
Remote work handcuffs - when you hate your job but love to WFH
You’ve likely heard of “golden handcuffs” before - where you feel chained to a job you don’t like because the money is really good…
Well, now a new phenomenon has appeared that researchers are calling “remote-work handcuffs”.
Last month remote work listings on LinkedIn dwindled to just 10% of job ads, while nearly 70% of job seekers on LinkedIn are looking for remote work positions.
This, in addition to the return-to-office push by many backward CEOs, has created a feeling of scarcity for many remote workers who hate their jobs but aren’t willing to risk losing their ability to work remotely by finding a new job.
In academic research, this can result in what’s called continuance commitment, where people stay in jobs because they have something to lose, as opposed to staying because there’s something attractive in the job like colleagues or growth opportunities.
Unfortunately, workers who experience this are at a much greater risk of burnout, low performance, and stress.
Do you have remote work handcuffs?Pick the option you most identify with and let me know more in the comments. |
⚡️ WE’RE BROUGHT TO YOU BY…
Camp Indie
Unconventional Minds Wanted!
Break free and join the ultimate adult summer camp for digital nomads, entrepreneurs, and adventure-seekers! Whether you’re just starting out or have been on this path for years, you’ll advance toward the lifestyle you want to lead (while having a blast at summer camp).
Most conferences charge high ticket prices and make you pay for your hotel, food, and entertainment.
At Camp Indie your accommodations, food, workshops, and entertainment are all included!
All you need to do is show up, relax, and have a blast enjoying an unforgettable weekend of growth, learning, and connection.
Join us June 16-19, 2023 in Connecticut’s Berkshire Mountains, less than 2 hours from New York City!
🚨 WORD ON THE WEB
The company where every employee is paid the same as the CEO
Illustration: Andriy Onufriyenko/Getty Image via Wired
A big argument in the remote world recently has been whether workers’ pay should be adjusted based on where they live. SafetyWing, the popular health insurance provider for remote workers and digital nomads, has leaped over the argument entirely by doing something far more disruptive - paying everyone the same.
There are some interesting stats to support this idea:
SafetyWing has a 97% employee retention
Orgs with pay equity had a 26% higher chance of quality hires
Equal pay tends to boost employee motivation
Employees in “high fairness” companies are 26% more productive
That being said, Antonio Giangreco, a professor at IÉSEG School of Management in Paris, who researches pay equity doesn’t think all companies should jump on this idea…
“SafetyWing’s principle is fantastically disruptive, but extremely difficult to copy and paste into other contexts, it’s not a fit for every business, but companies can start with small steps,’’ he said.
Insider Thoughts: While pay equality at this level sounds great, it likely won’t catch on with the business masses, and for every study supporting it, there is a study that doesn’t.
The reward of higher pay incentivizes people to want to take on more responsibility and accountability in the company. This is why CEOs get paid so much… they have exponentially more responsibilities than other employees. The puck stops with them, but that’s not to say that some CEOs get paid too much.
That being said, paying people a different amount based on where they live is stupid. All that matters is the value you provide to the organization. Working from NYC vs Budapest doesn’t magically increase that value.
💾 TECH
Revolut isn’t doing so hot
Revolut is used by many remote workers as a way to send and receive money quickly and easily across borders, however, this year may spell trouble for UK’s top fintech company.
On May 18th, The Telegraph reported that the Bank of England is preparing to reject the company’s license application which was set to allow Revolut to function more like a regular bank and offer insured deposits & lending.
Why? Well, the tl;dr is that regulators raised some concerns, and instead of addressing those issues, Revolut threw shade at the regulators which annoyed them & likely “inspired” them to reject their application.
This throws massive doubt into the company’s “one app, all things money” vision along with any further expansion into other markets like the US and Australia.
🔮 FUTURE OF WORK
Return-to-office wars will likely end in a stalemate
Battle lines have been drawn between the RTO & WFH sides, with both camps aggressively defending their position. But for many workers, the battle will likely end in a stalemate called hybrid work.
Forcing workers into the office to do jobs that they know they can do just as well from home doesn’t work.
Working 100% online and never seeing your coworkers is, at least with today’s technology, not a great way to build culture. So some in-person time is required.
It will be up to companies, their employees, and the industry & work to be done, to decide whether their hybrid model is one where workers go into an office a few times a month, or if it means a few in-person offsites per year.
📆 UPCOMING EVENTS:
June 16-19: Camp Indie [📍 Kent, Connecticut] - adult summer camp & conference for digital nomads & those living an unconventional life
June 21-25: Remotion Festival [📍Burgas, Bulgaria] - A festival for remote workers, freelancers, & digital nomads highlighting the Burgas area as a hub for smart living
June 25-July 2: Bansko Nomad Fest [📍 Bansko, Bulgaria] - for digital nomads, freelancers, and founders in the mountains of Bulgaria
July 15-29: Nomad City Festival 2023 [📍Gran Canaria] - the original nomadic unconference presented by Repeople. Get inspired, learn, & make connections at the biggest nomad event in the Canary Islands.
Dec 7-13: Nomad Island Fest [📍 Madeira, Portugal] - Learn from world-class industry experts on topics like mindset, marketing, tech, wealth & health
🌍 WFA JOBS:
Looking for a job that’s not just remote, but that you can work from anywhere in the world? We’ve done the heavy lifting for you. Check out these awesome WFA positions 👇
⭐️ Finance Manager @ Maharishi Foundation
⭐️ Product Manager @ Planning Center
⭐️ Ventures Lead @ Chorus One
⭐️ Head of Growth @ Toggl
Thanks for spending a few minutes with us today! I’d love to hear what you think about this edition of the newsletter…
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Hope you have an awesome rest of your day! Cheers from Budapest 🍻
Today’s email was written by Mitko Karshovski