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“Great resignation” wave coming for companies

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Re: “Great resignation” wave coming for companies

#751

Post by draw_down »

jugg1es wrote: post #479
tgtweak wrote: post #289

Earlier quoted context omitted.

I appreciate the alternative perspective and productive-pessimism, but anecdotally in my immediate social circle of engineers, 5 have changed jobs - all for substantial upgrades, and not 1 of them was for a job that required office presence or downgrade in quality of environment. The last year has been so strong for online tech that there is a heavy vacuum effect on the available talent. FAANG are struggling to fill…

It's not not just FAANG having a hard time finding skilled engineers - everyone is having the same problem.

Right but they pay top of market. It says more about the market that Google can’t find people than some shitty company that doesn’t pay well.

Re: “Great resignation” wave coming for companies

#752

Post by cruano »

maerF0x0 wrote: post #569
dehrmann wrote: post #521

Earlier quoted context omitted.

Mostly for more junior people, be very careful with this. Even if companies make sure promotions happen equally for on-site and remote, you'll learn everything slower. This could be new technology, a new language, or things about the company's infrastrucutre, but it will all be slower, and don't be surprised when people who are on-site seem better at their jobs.

Depends on how you learn. Personally I've alway been ultra self taught. Even in university would only show up for lectures if I didnt understand the material in the text book. Else I basically just followed the syllabus and got reasonably good grades. Some are more hands on though and prefer social learning ("show me how to do it..."). To each their own, but I personally learn faster when left alone than when someone…

It also depends on what you are learning. I'm sure a junior engineer would get by just fine if all they had to do was learn a language, but if you have to look at a 10-year-old system where only senior co-workers know the context for, I wouldn't blame them for needing some hand-holding.

Re: “Great resignation” wave coming for companies

#753

Post by sadfasf122 »

oarabbus_ wrote: post #750
sadfasf122 wrote: post #723

Earlier quoted context omitted.

There are a lot of people in tech making a lot of money. Particularly at FANG/startups that have exited, they can "FIRE" after less than 10 years of working. I know many people in this category. During the pandemic many people also made some changes to their lives (bought a house, moved out the city, moonlight second job, started consulting remotely, etc.). Then you throw in the crazy rise in the markets (stocks, cry…

> Particularly at FANG/startups that have exited, they can "FIRE" after less than 10 years of working. I know many people in this category. Less than 10? I would need to know more details on this before believing it at face value. Say a FANG person makes 300k/year on average over 8 years. That's 2.4 million pre-tax, something like 1.4M post-tax, and not enough for FIRE for most people. Maybe if someone was early in a…

300K is on the lower end of salaries, esp. over 8 years. This is also just run-of-the-mill individual contributors that got in very late. Early employees, senior/leads/managers/directors/vp will make substantially more.

You're also assuming they did nothing with their earnings over those 8 years - when in reality most are invested in the markets which have killed it over the last decade.

I think people in tech are making a shitload more money then most realize.

Re: “Great resignation” wave coming for companies

#754

Post by mywittyname »

ptmcc wrote: post #564
revel wrote: post #442

Earlier quoted context omitted.

Just a warning to those planning to do this: you are taking an incredible risk with your future that I think is undervalued. Circumstances beyond your control can make your plans financially unviable and by retiring so early you have absolutely no room for error. All it takes is one change in health or a regulation for your whole plan to be instantly invalidated. For those that have the ability and the desire to reti…

Critics of FIRE really like to hone in on the "RE" part, but most people I know who are aspiring toward the goal are much more focused on the "FI" part. It's not so much that you can retire to sitting on your ass at 35, but it's that you've made your millions and can quit the grinding corporate job and do something less stressful and/or more meaningful, and quite likely less lucrative, without taking a big lifestyle…

Also, whatever you do after the "RE" part could very well end up being much more lucrative than being a well-paid wage earner could have ever been.

When you take a smart person, make their life boring, and throw them enough capital that they can afford to do anything they want, the end result is often innovation.

Re: “Great resignation” wave coming for companies

#755

Post by askafriend »

screye wrote: post #583
reverse_list wrote: post #400

Earlier quoted context omitted.

These comments about how the market is on fire for developers always make me sad. Not your fault, but outside the US (and maybe western/northern Europe) you get lowballed hard, even with years of experience. And the supposedly lower CoL doesn't make up for it, at all, not even remotely. I'm not even talking about getting crazy bay area compensations, I'm talking about hoping something better than a $25k-$45k range fo…

Filter bubbles are incredibly dangerous. Every time I hang out my with most ambitious friends, I am reminded of how MSFT is 'low balling' company. That I could be making 2x if only I kept up with interviewing. On one hand, I can't avoid the objective truth of the statement. But, on the other hand, the hedonic treadmill is infinite. I'm glad I am not in the bay area. I would've been paralyzed by the persistent reminde…

> I am reminded of how MSFT is 'low balling' company. That I could be making 2x if only I kept up with interviewing.

It doesn't take much to interview and double your comp. You don't have to interview at Google or Facebook to double your comp - many pre-IPO startups are paying up and their interview processes are often less rigorous.

If you're happy with your situation then more power to you. But something tells me deep down inside, you're not OK with it. I'm here to tell you that a couple weeks of prep and looking around can go a long way.

Re: “Great resignation” wave coming for companies

#756

Post by ansgri »

omegaworks wrote: post #667
zikduruqe wrote: post #577

Earlier quoted context omitted.

> Suddenly, having good health insurance Just think, we could all pursue our hopes, dreams and soul satisfying pursuits, if having good health insurance wasn't directly tied to having a "good job".

But then you might have to wait a couple weeks to have a non-critical procedure. gasp

In such countries you can usually pay a reasonable price (fully known upfront!) to skip the line.

Re: “Great resignation” wave coming for companies

#757

Post by xyzelement »

jjav wrote: post #581
xyzelement wrote: post #541

Earlier quoted context omitted.

If I am running the company, I would MUCH rather operate short-handed than "fix" my recruiting problems by lowering the bar. You don't have to agree with the bar the companies are using, but that is the bar they have converged on, and one that plenty of people are capable of passing. Would much rather compete for those people.

> If I am running the company, I would MUCH rather operate short-handed than "fix" my recruiting problems by lowering the bar. Nobody is talking about lowering the bar, but of putting the bar in the right zipcode. An extremely high bar of leetcode testing is irrelevant to the actual job, so that's an irrelevant bar.

This may seem coldly logical but in the absence of my own researched opinions, I am evaluating the merit of the opinion about these interviews based on their origin:

You have - companies that settled on this process, who have been able to attract top tallent that has cleared this bar.

You have - employees of these companies that were able to clear the interview bar.

And then you have - people who don't work for these companies, proclaim to have no interest/ability to clear the bar, but claim to have a valid view into where the bar should be.

In the absence of other data it doesn't seem like the last group is likely to be objectively right

Re: “Great resignation” wave coming for companies

#758

Post by njovin »

jc_811 wrote: post #582

I feel like I keep seeing articles on this topic, but nobody is addressing the (obvious) elephant in the room: If there is a great resignation, and people are quitting jobs they are not happy with - how are they going to pay their bills and way through life? Am I missing something? It seems these articles all talk about workers realizing they are underpaid, overworked, and after a year don't want to go back to the sa…

They're not going to be unemployed, they're going to find a better job. In my mostly-uninformed opinion I think that remote work has allowed a lot of people to search for work in other locations and this has radically changed the way the employer-employee economy works. In smaller job markets talented workers didn't have much choice about where to work and there were factors to changing jobs (like commute distance) that made them rule out a lot of places.

Now, there's an abundance of positions available remotely all over the country and you can shop around for a good fit.

Re: “Great resignation” wave coming for companies

#759

Post by duped »

dcolkitt wrote: post #165
ciisforsuckas wrote: post #143

They want us back in the office July 16... I'm going to pass so found a new remote role with higher salary and equity. I will be part of this wave. I didn't realy even try with how insane the market is especially if you are specialzed in the current hotness. Moreso, the rise of fully remote role has opened up our ideas about our current living situation. The real estate market in our city is shattered and broken. So…

Any software company that’s ending remote work right now is basically risking its entire existence. There’s no possible way, in this market, a company will be able to replace 10% of its workforce in a reasonable time. I can understand why management wants to go back to the office, but why would you ever take the risk of being one of the first, before gauging how the market will react.

I mean things will probably settle down in 6-12 months. But that's a problem for companies trying to hire today, who need to get shit done in the next 6-12 months

Re: “Great resignation” wave coming for companies

#760

Post by tunesmith »

syshum wrote: post #567
sokoloff wrote: post #473

Earlier quoted context omitted.

A $900K net worth is not enough to FIRE in my estimation. $36K/yr with the need to still buy housing is spartan and/or risky with a 60-year outlook.

the 4% rule is viewed by many to be very very conservative, many are looking at 6-8% as a better base line. Of course if you are retiring in your 40% you may want to be pretty conservative...

That's not really even close to true anymore... There have been a few studies that have attempted to update the Trinity study, like this one that gives an 89% chance of success even at a 3% SWR:

https://www.financialplanningassociation.org/article/journal...

People in the FIRE communities are routinely discussing 3.5% and 3% SWR's, and see 4% as risky.

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