That might have been true in the old days when competitors paid 10, 20, 30% more. Now some tech companies are paying like 2x, 3x, 4x regular dev wages and its a reason to dedicate your life to this.
Its very rare to get 2x to 4x TC unless you switch to faang, which is not the majority at all.
It doesnt matter if it's the majority. It only matters on a per individual capability.
I am capable of FAANG and thus to keep me my employer(s) must both give me work w/ high value and compensate me accordingly.
You're switching the topic to be about you and your individual ability. You're obviously the center of this conversation. Good for you.
So what would 2,3,4x mean. Do you mean that much over your current salary, or over the 'market rate'. If someone paid me 2 or 3x my market rate as a principal backend infrastructure engineer, I would take it, but a year ago when I was interviewing, the offers from the big guys were not that different.
Having said that, yes I agree it does seem that at higher levels companies are a lot better about fitting compensation to that of competitors.
I also see people really early in career 10;years getting principal jobs and I think that's just from competition.
But sure. My question was more about the meaning of principal where you are. At some places it's more like just another grade of senior engineer. While at others it's equivalent to a decent rung of middle management and part of a different salary range, to which the current discussions about tech employee pay may not apply so much.