The Great Resignation has hit the tech industry especially hard over the last few months. Recent surveys reveal that nearly three-quarters of tech emp

Tech workers are fleeing FAANG for Web3, here’s why

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2022-05-12 10:30:07

The Great Resignation has hit the tech industry especially hard over the last few months. Recent surveys reveal that nearly three-quarters of tech employees plan to quit their jobs within the year, citing limited advancement opportunities, lack of flexibility amidst the post-pandemic return to the office push, and toxic workplace culture as key reasons for leaving. Seeking career development, remote work opportunities, and compelling salary and benefits packages, many are trading in their FAANG badges—that’s tech speak for major companies including Meta (Facebook), Amazon, Apple, Netflix, and Google—and Web2 jobs for new roles in the worlds of blockchain and Web3.

“FAANGs can feel like more of the same—and so huge that you can’t make a real difference,” says Jan Misselwitz, executive director of finance and people at IOTA Foundation, a non-profit focused on distributed ledger technology, open-source development, and infrastructure creation. “From a practical standpoint, candidates are beginning to feel that having a Web3 company on their CV will increase their marketability down the line. This was certainly true with the FAANGs in the past, but FAANG prestige is waning and being overtaken by different, more exciting projects.”

For some, the allure lies in getting in on the ground floor of a much-hyped, buzzy sector—and the opportunity to build and shape the future of the internet at large.