Tech

Because of this, FAANG tech staff flees to Web3

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The Big Retirement has hit the tech industry particularly hard in recent months. youngest Survey show that nearly three-quarters of tech workers plan to quit their job within the year, citing limited advancement opportunities, a lack of flexibility in the face of the post-pandemic return to the office, and a toxic workplace culture main reasons for leaving. In search of professional development, remote work opportunities, and compelling salary and benefits packages, many trade in their FAANG badges — that’s tech-speak for big companies like Meta (Facebook), Amazon, Apple, Netflix, and Google — and Web2 jobs new roles in the worlds of Blockchain and Web3.

“FAANGs can feel like more of the same – and so big that you can’t really tell the difference,” says Jan Misselwitz, Executive Director of Finance and People at IOTA Foundation, a non-profit organization focused on distributed ledger technology, open source development, and infrastructure creation. “From a practical standpoint, candidates are beginning to believe that having a Web3 company on their resume will improve their marketability across the board. That was certainly true of the FAANGs in the past, but the prestige of FAANG is waning and being overtaken by other, more exciting projects.”

For some, the appeal lies in stepping in on the ground floor of a much-hyped, vibrant sector – and the opportunity to build and shape the future of the internet in general.

“Blockchain is the new kid on the block, and people want to meet that kid,” says Amy Barker, director of people at the blockchain analytics platform nansen. “People in technical positions want to learn about the next big thing – they’re problem solvers, they want to be on top, they don’t want to be behind the curve. Blockchain is still an emerging field and there is a lot to learn about it.”

The decentralized ethos and ensuing pandemic-era boom in blockchain, cryptocurrency, and Web3 businesses have spawned a burgeoning industry where individualized schedules, remote working, and geographic flexibility are the norm.

“One of the many reasons we’re seeing this shift is because employees don’t want to lose the newfound freedoms introduced during Covid — particularly remote work,” says Misselwitz. “Many FAANGs are gradually returning to pre-Covid guidelines, but their staff are uninterested in going back to the office. So these employees are looking for Web3 projects that are happy to maintain the remote work guidelines while often receiving a similar or better compensation package.”

According to posts on Blindcurrent comp packages at Coinbase, the Benchmarks for his compensation to the 75th percentile of its competition range from $362,000 per year for a senior protocol engineer to $672,550 per year for an infrastructure engineer. And while Google employees may get free food and Facebook gift its new hires cool Patagonia backpacks, crypto and Web3 startups could reward their teams with token assignments or travel perks instead.

“When it’s a startup, it’s sometimes difficult to get the revenue that aligns with comp levels, so we have to be very creative and look at it as an overall reward, not just traditional office perks,” says Barker. “Some crypto companies are offering tokens in lieu of equity, as well as sign-up bonuses, enhanced family vacations, accelerated career development, and unlimited paid time off.”

At Nansen, for example, Barker says one of the most attractive perks employees can take advantage of is the opportunity to work at each of the company’s hubs – three of which are in Miami, Lisbon and Singapore, with several more to come. “Anyone who comes on board can work there for up to three months,” she says. “We pay for your flights, your accommodation, your office space. We help with visas. All you have to do is pay for your own food, that’s it.”

But aside from the perks and bells and whistles, recruiters and HR executives say it’s the empowering work culture of Web3 startups that makes the prospect of joining disaffected Web2 workers so enticing.

“The culture is completely different,” says Barker. “People come to us wanting to work how they want, how they want, when they want. It’s not just about remote work, it’s about having options. They work almost as if they were founders and CEOs themselves – they want that kind of respect and they should because everyone on the team is so valuable.”

https://www.fastcompany.com/90739257/leaving-faang-web3-jobs?partner=feedburner&utm_source=feedburner&utm_medium=feed&utm_campaign=feedburner+fastcompany&utm_content=feedburner Because of this, FAANG tech staff flees to Web3

JACLYN DIAZ

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