My company is based in CA, and employs me remotely from the Midwest. They pay me above average for my area, but less than they would have to if I lived in the Bay area where they are based. I feel like this works out for both of us! They even go so far as looking at the zip code of every employee when considering raises, and thus far (3 years) I have received an annual raise which is higher than the cost of living increase for my area.

In my situation at least, me working remotely benefits both myself and my company. I just can't understand why so many larger companies are so adamant about return to office, especially ones in larger coastal cities.