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Why Don't Tech Companies Pay Their Engineers to Stay?

goethena.com

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Re: Why Don't Tech Companies Pay Their Engineers to Stay?

#41

Post by icedchai »

BadHumans wrote: post #9

This entire piece starts from the conclusion that engineers leave because they aren't paid enough then works backwards from there. This is wrong from my experience. Anecdotally, I have never left a job because of money. Sure, I left jobs and got ones that ended up paying more money but the reason I started looking in the first place wasn't money. It was for other reasons that usually included frustrations with manage…

Same. Over the past ~25 years, I've had 10 jobs, everything from junior engineer to a (failed) startup CTO. I've never left a job due to compensation. Poor morale, stubborn leadership, dysfunctional teams, uninteresting work, obviously bad business models, managerial incompetence and nepotism, have all been reasons. I even left jobs to take a pay cut to get out of these bad situations.

Re: Why Don't Tech Companies Pay Their Engineers to Stay?

#42

Post by sokoloff »

BadHumans wrote: post #31
steelframe wrote: post #25

Earlier quoted context omitted.

You should try leaving a company for money sometime. Financial independence really is life-changing, and you can get there surprisingly quickly in the tech industry by putting yourself on the market more often. Anecdotally, at my current company nearly everyone I know who left did so within a few months of hitting the 4-year cliff on their signing equity. I've left 3 companies in my career primarily because the next…

I make low six figures in a low to medium cost of living area. I don't think even doubling my income would change my life too much.

Money isn’t everything, but the math behind retirement saving is compelling.

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-si...

Re: Why Don't Tech Companies Pay Their Engineers to Stay?

#44

Post by fragmede »

BadHumans wrote: post #31
steelframe wrote: post #25

Earlier quoted context omitted.

You should try leaving a company for money sometime. Financial independence really is life-changing, and you can get there surprisingly quickly in the tech industry by putting yourself on the market more often. Anecdotally, at my current company nearly everyone I know who left did so within a few months of hitting the 4-year cliff on their signing equity. I've left 3 companies in my career primarily because the next…

I make low six figures in a low to medium cost of living area. I don't think even doubling my income would change my life too much.

What's your FIRE number? When are you going to retire? Doubling your income shouldn't change your current lifestyle but it should change your trajectory towards retirement. Why retire at 65 when you could retire at 55, or even 45?

Re: Why Don't Tech Companies Pay Their Engineers to Stay?

#45

Post by bumby »

leros wrote: post #28

I've heard the argument that an engineer who wants to go should be let go. They won't be motivated anymore even if you pay them more to stay. Not sure if that's valid.

I have a feeling it probably depends on the personality. People who are high on the conscientiousness scale will probably have a greater feeling of duty to still perform whereas people low on the agreeableness spectrum may coast out of spite.

Re: Why Don't Tech Companies Pay Their Engineers to Stay?

#47

Post by bb88 »

kccqzy wrote: post #35
alberth wrote: post #24

Earlier quoted context omitted.

> included frustrations with management Which I presume this is another way to say “your direct boss”. Because 99% of an employees view of a company, and opinions about their employer, is actually just a reflection of their like/dislike of their direct boss.

Not in my case. I left Google but it wasn't because of my direct manager. It was because of Google-wide issues that are outside of my or my manager's or my director's control.

Usually front line managers are kind of hamstrung. Yes they can fight for their people, but the reality is, that if the C-Suite only wants to give you a %2 raise because well, they have an off-site meeting in Maui -- well tough.

The modern management model has been to reduce the power of the front line manager to the point he can only maybe hire and fire, but then he is the one to give the employee bad news.

Re: Why Don't Tech Companies Pay Their Engineers to Stay?

#48

Post by ipaddr »

yieldcrv wrote: post #37
BadHumans wrote: post #16

Earlier quoted context omitted.

> if you're sticking around to stay in graces of your comfortable management you are contributing to the wage gap for your respective gender in the wrong direction. I have no idea why I should care about this.

privileged take

Wage gap for gender? There are a lot of things in life to fight for. But to fight for a meaningless stat that doesn't take into account pregnancy is probably not the best use of my limited power.

Re: Why Don't Tech Companies Pay Their Engineers to Stay?

#49

Post by maxlamb »

sokoloff wrote: post #42
BadHumans wrote: post #31

Earlier quoted context omitted.

I make low six figures in a low to medium cost of living area. I don't think even doubling my income would change my life too much.

Money isn’t everything, but the math behind retirement saving is compelling. https://www.mrmoneymustache.com/2012/01/13/the-shockingly-si...

Right but what if you enjoy your job and don’t want to retire?

Re: Why Don't Tech Companies Pay Their Engineers to Stay?

#50

Post by jnwatson »

gkoberger wrote: post #6

This is from 2021. Since then, they hired their Head of People a month later, and ~6 months later published a follow up: https://www.goethena.com/post/a-public-and-transparent-formu...

This is of course hogwash.

"Ethena provides generous equity in addition to cash compensation, but the details of equity are a bit trickier to make public."

Publishing a formula for half your comp isn't useful.

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