Remote work is reshaping salary structures by reducing the geographical pay gap. Traditionally, workers in cities like Dallas or Minneapolis earned significantly less than those in major tech hubs like San Francisco or New York. However, as companies hire remotely, salaries in cities such as Boston and Denver are now within 10% of those in San Francisco, and Washington, DC salaries are nearly on par with the Bay Area.

The 'Great Salary Convergence' refers to the trend where salaries for remote workers are increasingly aligning with those in major tech cities. This shift is particularly evident in the tech industry, where companies are hiring talent from various locations, leading to a more uniform salary structure across the country.

The tech job market is experiencing a shift, with the previous trend of high salaries and multiple job offers for tech workers coming to an end. This change is likely to give more power back to companies, allowing them to set and potentially reduce pay, as the competitive landscape stabilizes.