Agree. It doesn’t make sense.

If they aren’t struggling to hire and retain, they’re paying market rate. It’s as simple as that.

Look at sites like levels.fyi. The usual FAANG suspects aren't anywhere near the top of these comp lists these days.

I just did (in London), mostly Google/Amazon/Meta at the top, plus a few hedge funds, including Jane Street which pays insane amounts of money but who's also much more selective than FAANG.

Check entry level pay for SF and throw Lyft/Stripe/Snap on that chart.