San Francisco Bay area, the heart of Silicon Valley, is witnessing an exodus.
Thanks to the CoVid pandemic, the top employers like Facebook, Google, Twitter have allowed employees to work remotely till the summer of 2021.
In one survey 42% of workers evinced interest to shift to a less expensive city, while another 59% are open to working remotely.
It is estimated that around 20% of people have already shifted their base as evident from falling rents and an increase in the number of houses up for sale. People are willing to take a pay cut and move as cost of living, commute time is lesser in other places.
This migration can be a boon for places like Denver, Austin, Phoenix, etc which can emerge as new tech hubs.
Will India witness a similar phenomenon? Despite claims by IT giants that as high as 75% of employees might work from home in the future, most organizations have been tentative on this issue.
Temporarily there has been an exodus of junior-level employees to their home towns as evident from falling rentals in pockets of Bangalore and vacant Paying Guest accommodations.
Will Corona prove to be the right trigger for IT players to tap a remote talent pool and create a win-win. In the process, we might get more Tech hubs spread across India.