This brings joy

https://reddit.com/r/technology/...

Bypass paywall:

A series of scandals and missteps has damaged Facebook's reputation so much that the company is being forced to pay ever larger compensation to hire and retain workers, according to industry recruiters, former employees, and data reviewed by Insider.

The company has always competed aggressively for talent, and the tech job market in general is on fire. But a deteriorating public image means the social-media giant now has to outbid other major tech companies, such as Google.

"One thing Facebook can still do is pay a lot more," said Jose Guardado, an experienced tech recruiter and the founder of Build Talent. "They can easily throw more compensation at people they currently have, and cover any brand tax and pay a little more to get people to come on."

Silicon Valley companies thrive or whither based on their ability to recruit the smartest employees. Without a steady influx of engineers and other technical experts, new products and important updates take longer to release, and rivals can quickly get ahead. Then there's the financial cost: In 2022, Facebook projected, expenses could jump as high as $97 billion from $70 billion this year, in large part because of "investments in technical and product talent." A company spokesperson did not respond to a request for comment.

Other companies, and even whole industries, have had to increase compensation to overcome hiring and retention problems caused by scandal and shifting public perceptions, said Alan Johnson, a managing director at the compensation consulting firm Johnson Associates. "If you're an oil company, if you make cigarettes, if you're in cattle or Wells Fargo, sure," he said.

How well this is working for Facebook is debatable as the company has more than 4,300 open jobs and has seen decreasing rates of acceptance on job offers, according to internal documents reported by Protocol. It's also seen dozens of high-level executives leave this year, and recruiters say employees are now more open to considering jobs elsewhere. Facebook used to be a place that people rarely left, given its reach, pay, and perks.

A former Oculus engineer who left last year said Facebook could now be seen as a "black mark" on someone's career. A hardware engineer who exited in 2020 shared similar sentiments: They said they quit because of concerns about misinformation on the platform and the effect of that on children. Another employee said their department was dissolved in late 2019 by Facebook and, although the company offered another position that paid more, they left last year anyway for a different industry. The workers, and many other people who spoke with Insider for this story, asked not to be identified because of the sensitive nature of the topic.

For those who stick around and people who take new jobs at Facebook, base pay and stock grants have gone up a "sizable" amount in the past year, said Zuhayeer Musa, cofounder of Levels.fyi, a platform that collects pay data based on verified offers and compensation disclosures.

During the second quarter of 2021, the median compensation for an upper-mid-level engineer, an E5, was $400,000, up from $380,000 a year earlier. For an E4, the median pay jumped to $276,000 from $256,000 in the same period. For both groups, the increases were double the gains between 2018 and 2019, Levels.fyi data showed.

Musa, who's firm also offers pay-negotiation coaching, said previously that the total compensation ceiling for an E5 engineer at Facebook was $450,000. "We recently had a client get up to $510,000 for E5," he added.

Equity awards at the company are getting more generous, too. At the group-director and VP levels, Facebook staff are getting $3 million to $6 million in restricted stock units each year, another tech recruiter said. Directors and managers are getting on average $1 million a year. In engineering, a high-level engineer is getting $600,000 in stock and a $75,000 bonus, while even an entry-level engineer is getting $50,000 to $100,000 in stock and a $20,000 to $50,000 bonus, Levels.fyi data indicated.

Even compared to Google, Facebook's stock awards are generous and increasing, Levels.fyi data shows. While base pay is about the same, Facebook offers more in stock grants, significantly increasing total compensation. At Google, entry-level equity awards range from $20,000 to $38,000, while Facebook grants are worth $40,000 to $60,000. Sign-on bonuses at Facebook are often about $50,000, while Google gives about $20,000, according to the data.

"It's not normal, but it's consistent with the craziness that's happening in the market right now," said Aalap Shah, a managing director focused on the tech industry at the consulting firm Pearl Meyer.

update : we are at hr round baby!!!

part 1 : https://devrant.com/rants/5528056/...

part 2 (in comments) : https://devrant.com/rants/5550145/...

the tech market is crazy mann! it's one of the top indie fintech companies in our country and has a great valuation.
i totally felt that they i am crashing the interviews , and am seriously not trying to be humble. before the dsa round , i was trying to mug up how insertion sort works 🥲

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now my dilemma is should i switch if i get the offer. in a summary:

current company:
- small valuation but profitable (haven't picked funding for last 3 years , so poast valuation is some double digit million $, but can easily be a unicorn company)
- very major b2b player in my country. almost all unicorns (including this fintech company) and some major MNCs are their client and they have recently acquired a few other companies of us and eu too, making them- a decent global player

- meh work : i love being a cutting edge performer in android but here we make sdks that need to support even legacy banking apps. so tech stack is a lot of verbose java and daily routine includes making very minor changes to actual code and more towards adding tests , maintaining wrapper sdks in react/cordova/unity etc, checking client side code etc.

- awesome work life balance : since work is shit and i am fast enough, i am usually working only 2-4 hours a day. i joined gym, got into shape , and have already vsited 5 places in last 6 months, and i am a guy who didn't used to have time even on sundays. here, we get mote paid leaves than what i would usually need.

- learning opportunities: not exactly from the company codebase, but they provide unlimited access to various course learning platforms like linkedin learning, udemy and others, so i joined some web dev baches and i now know decent frontend too. plus those hybrid sdks also give a light context to new things

new company :
- positives : multi billion valuation, one of the top players in fintech , have been mostly profitable ( except a few quarters)
- positive : b2c so its (hopefully) going to put me back into racing shoes with kotlin, jetpack and latest libraries.
- more $$$ for your boy :)

- negetive : they seem to be on hiring spree and am afraid to junp ship after seeing the recent coinbase layoffs. fintech is scary these days

- negetive : if they are hiring people like me, then then they are probably hiring people worse than me 😂. although thats not my concern what my main concer is how they interviewed. they have hired a 3rd party company that takes interviews of people FOR THEM! i find that extremely impolite, like they don't even wanna spare their devs to hire people they are gonna work with. i find this a toxic, robotic culture and if these are the people in there then i would have a terrible time finding some buddy engineer or some helpful senior.

- negetive : most probably a bad wlb : i worked for an year for a fast paced b2c edtech startup. no matter how old these are , b2c are always shipping new stuff and are therefore hectic. i don't like the boredom here but i would miss the free time to workout :(

so ... any thoughts about it?