Pretty risky strategy. Tech companies colluded 15 years ago to the point where they got hit with anti-poaching lawsuits. Seems they forgot they did all that and paid so high so other companies don't grab top talent and proceed to become competitors.
It may be too late to compete with FAANG, but the rest of the market will still pay decently to keep and retain talent.
that often means relocating the job or just low-balling people here
there will always be an elite who are very well paid, but we are now seeing the long-term reformat of the rank-and-file
step 1 is to freeze hiring and let attrition move the numbers down...this builds up a body of desperate job-seekers who will work for less