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FAANGs are sucking us dry

@tags=business, startups

2020-06-12-08-42-12.png The FAANG's of the world are doing us a big disservice. They filter out the best of the best programmers in the world, and then shackle them with 300K+ golden handcuffs to work on meaningless tasks on already developed products.

I was talking with a recruiter many years back about when Yahoo had a massive layoff. The following year, he was suddenly awash with jobs to fill with new startups that were created by these Yahoo employees that were in comfy jobs for life.

If one of the FAANG companies laid off their workers, we would have a huge tech boom as these brilliant people suddenly would be forced to either get another job, or create something new, and that percentage of people that would create something new would rock the world. We would have new innovations across the board in IT and other fields that they would apply their talents to.

Instead, they are building plumbing in a system that really is just in maintenance mode. Remember, 99% of the functionality of these systems that exist today was already in existence 5 years go for them. This swarm of high priced talent is basically just moving the needle about 1-2% per year to just stay ahead of any other potential competitor.

The trouble is that these companies are so successful, that they can burn the cash trapping talent, and still pull in billions per year. This grind for small returns is just a small line item compared to the flood of cash they all rake in.

So as weird as it sounds, I think the world would be so much better off if these big companies lay of the majority of their engineers.