Tunnel Vision: Targeting FAANG-Only Talent
Hiring tech talent in 2022? So, is everyone else. The competition for talent has left everyone scrambling, from startups to global tech companies. Despite the stiff competition and endless opportunities for tech talent, companies continue their quest for FAANG talent as if the market hasn’t changed.
Asking your internal talent acquisition team or agency recruiters to exclusively seek out and interview this type of talent is unrealistic in this job market. This tunnel vision sets up both internal and external recruiters for failure by creating an imaginary barometer of success that can only be attained by having worked at one of these global giants. It’s a red flag, and often a turn-off for agency partners who actively spend time gathering market data, following hiring trends, and working with tech talent every day.
Unless you have a strong track record of attracting, hiring, and retaining FAANG talent, your organization is not on their radar. It is unrealistic to believe that they will leave their position for a lateral move or nominal promotion. Their path is more likely heading towards a VP, CTO or a founder role.
Additionally, in the event that you are able to attract the attention of these employees, it’s naïve to expect that you are able to compete with the compensation packages that they currently enjoy. The average senior-level software engineer at Google is clearing over $200,000 base with total comp just under $400,000 (not including perks and benefits!) In comparison, base pay for senior software engineers nationally hovers around $150,000 with total comp under $200,000.
Unless you are prepared to wait for this type of talent and can spend the money, you are setting up your recruiting team for failure. They will not be able to meet timing expectations, nor will they be able to make serious offers.
Competition will remain intense through 2022. It is critical to weigh the pros and cons of holding out for one specific employee profile against getting projects done now.