Right away? No, not in most cases. For future hires, how could it not?
If high COL located companies starting going fully remote, it's a huge opportunity for workers in medium or low COL. For workers still determined to live in a high COL, it will absolutely put downward pressure on their salary. Their labor market is being exposed to a lot of competition that wasn't there before.
I think if this trend of going fully remote holds up, it becomes much harder to justify living in an expensive city, especially as workers age.
If high COL located companies starting going fully remote, it's a huge opportunity for workers in medium or low COL. For workers still determined to live in a high COL, it will absolutely put downward pressure on their salary. Their labor market is being exposed to a lot of competition that wasn't there before.
I think if this trend of going fully remote holds up, it becomes much harder to justify living in an expensive city, especially as workers age.