i'm not convinced this is the case. maybe by a bit...but massively? if you look at all of the places that all of the top paying FAANG companies are located--lets keep it within the US for simplicity's sake--you've got basically all of the major cities with the top talent. I'm not really picturing THAT many brilliant developers that fall under the bucket of: a) really smart and able to pass FAANG interviews b) not willing to relocate if they did get a huge offer
sure there are plenty of outliers, but my gut feeling tells me that MOST of the talent that really cares enough and wants to be at FAANG are already living in most of the tech hubs currently. i dont think the surge of competent applications will be that meaningful statistically speaking.
not sure if i communicated myself clearly here, sort of rambled.
What about anyone that wants to own a home before they are 40? Even on FAANG salaries its very difficult to buy when millionaires are snatching up fixer uppers for $1M+ all cash.
Also confused. I agree with your point. My comment was responding to a person who couldn't imagine people who wouldn't move to SFBay for a FAANG level salary/job.
They don't pay based either on value added or cost of living (which is why compensation is higher in the Bay Area compared to London).
They pay based on market rate where the target is something like 95th-percentile based on market surveys they do. Presumably this hits some sweet spot in acceptance rate vs cost. Employee compensation is a big ticket item for these companies on the balance sheet so they're highly incentivized to put a lot of thought into their setups.
Additionally if we truly go fully remote salaries will almost certainly go down just looking at the supply change alone. Previously these companies only hired
* A) People who met the hiring bar
* B) People who were willing to relocate to one of office location
If you remove B you've massively increased the available talent pool.