How much of a correction will we see in tech WLB and comp?
I'm currently in college and until recently my friends who interned in SWE were bragging about how nice the perks and pay was - one friend earned around $50,000 total this summer by simultaneously working two remote internships at the same time. Granted, he was very smart but he only had to work about 20-30 hours each week at each job. Now that the big tech companies are slashing headcount and scaling back the benefits, how much of a reduction in WLB and pay will we see? Will it be similar to FO finance?
I wouldn't bet much reduction in WLB and pay, tech firms still want top-tier talent and as long as competitors offer perks, so will they.
The key difference between tech and IB is that tech massively hired (even relative to IB) during the Covid period and this so far is a very slight cutback when taking a step back. Meta STILL has more staff than it did last year. As of Dec 2021, Meta had 72k staff while after the cuts it has 74k staff (this doesn't even factor that Meta has hired 35k+ ppl in the last 3 years)
Also frankly I find it funny that IB juniors overstate their hours at times while tech juniors understate their hours. My friends at FAANG/M are consistently working past 9pm and on tough deadlines. Perhaps that is a self-selection of ambitious tech workers versus unambitious but I would take some of the tech hours you hear with a grain of salt like IB hours...
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