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IC = individual contributor (as opposed to manager, etc)

How does that work with the industry standard increasingly being that levels Senior and higher are really management in disguise (with all the responsibility, little of the authority)?

ICs have to produce technical work themselves even if they also have reports. Managers are presumed to spend so much time managing they no longer can/should do that.

Senior Engineer probably wouldn't have reports though - that just means you know enough to not make mistakes. Staff and up would run projects and have at least unofficial reports.

Individual Contributor. (No direct reports)

Individual Contributor aka not a manager.