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Why Don’t Tech Companies Pay Their Engineers to Stay?
(marker.medium.com)
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this post was submitted on 06 Sep 2024
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Programming
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TL;DR: The ol' classic of short-sighted money saving.
Often the money if far more than the individual realises.
Depending on the country, there may be taxes or other benefits which rise to the same degree or more.
Members of the team or grade need to be paid amounts which are within some range so that everything is fair.
You may feel you're worth more than the majority of others, but it's rarely the truth.
A VP was brought in at the company I used to work for that claimed "I need to offer candidates substantial increases or else I won't attract top talent". He started hiring people at a significantly higher rate. (I left at this point) Soon, the other engineers found out and all hell broke loose. They demanded equal pay.
The company is currently in financial difficulties. The salary bill got too big. They're now struggling to complete the projects underway because they've had to cut staff and the 40yo company is probably going to be swallowed up.