I think people overestimate the degree of salary differential between tech employees in the same nation but different offices/working remotely/etc. There are strong process/internal fairness/social reasons to not adjust as aggressively as a cost of living calculator suggests.
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My general thought on this is firm culture questions within companies, particularly in new generations of tech companies where distributed workforces were parts of the culture before e.g. international market expansion was on the agenda.
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It's a Schelling-points-all-the-way-down sort of thing, but if your model of the world is HQ and some satellite offices, then HQ doesn't see paying Londoners like Londoners is an obvious affront to justice. If you're all on Slack together since day 1, though, that's harder sell.
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I'm not saying that can't or won't happen, but I don't think it's obvious that CoL is very important currently and I would be curious to know why that's expected to change.
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Oh, I agree that CoL doesn't seem to dominate globally (but could be Simpson's Paradox), and probably won't. If we live in a world where the major bottleneck to remote work was cultural inertia, timezones, and language barriers, I expect Canadian salaries to shoot up. ¯\_(ツ)_/¯
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