Hey Blind, I have a standing offer from Netflix for a team that I really like. However, due to all the recent layoffs and introduction of levels, the offer is significantly lower than what I was expecting. I am being offered $450k all cash with no bonus, no sign-on for an L5 role. Even though this is a great offer, it is still short of my current TC. To make things worse, I will have to forgo my first year of equity (worth 230k) and return part of my sign-on. On the other hand, all-cash offer is always better than unrealized equity. I am split about my choices. On the one hand, I really do like the team and work better than my current role, but I am finding it hard to take a pay-cut to make the move. To add to this, recent layoffs and introduction of levels at Netflix is bound to change the culture there. I just don't know whether the change in culture is going to be good/bad in the long run. Looking to hear about what you'll would do in my situation. I would also appreciate inputs from folks at Netflix about the recent changes and how it's impacting the overall culture. Current TC: 495k YOE: 8 #tech #software #netflix #amazon #google #meta #apple #stripe #faang #fang
your current TC includes stock that is worthless until IPO. take that into consideration
Yes. I am well aware of that. That's why I am even considering an overall paycut. I am just having a hard time figuring out how much of a paycut is reasonable for an all-cash offer. Stripe IPO IMO is an eventuality. I am not too worried about waiting for IPO to see that stock. However, cash is always king. Just need to figure out how much of a discount is reasonable for an all-cash offer.
Still, the stripe ipo is honestly not imminent. Even then, there is no promise if you being to sell for a significant profit after paying taxes.
Why are you looking to leave Stripe even before 1yr cliff?
I am not enjoying the work on my team. Also, due to recent slowdowns, hiring has been frozen which significantly impacts the team's roadmap for the next couple of years. Not what I signed up for.
Is it because the work is fintech? I know some people who went to fintechs like Marqeta,etc. who found it boring to work on payments stuff
Unless it's the team of your dreams and you're going to learn heaps, don't do it
Can you please elaborate on how you came to that conclusion?
I was not actively interviewing. The team reached out to me 6 months after I had already started at Stripe and made an offer based on my previous interviews with them.
What was their previous offer?
I am unclear on this myself. But from what I understand, the bar for L6 is pretty high. I am happy to be hired as an L5 given my skills and experience.
Yes, even those who have been at Netflix for a decade, PM their projects, build highly cross functional features, have comp well above the new L5 bands, and so on, have been put into L5. The bar for L6 is really consistent engineering cross-functional leadership, which most teams just don't have the opportunities to exercise. Basically you need to find the right team, pursue the right projects, be great at your job, and be lucky (with maybe a bit of ass kissing depending on your manager) to get L6 at Netflix, so definitely don't count on it being a logical career progression.
silly question, can u postpone ur start date? maybe not the best idea given the environment rn
That's on the cards. But the team will very likely simply withdraw the offer because they need someone now.
Taking a pay cut is almost always a bad idea unless you are out of a job or expect layoffs.
Yes, I agree. But it is apples-to-oranges in my case. On the one hand, it is cash + pre-ipo stock (495k) and on the other it is all cash (450k). Arguably, if I were to invest more cash in the market now, I may come out ahead in the long term even with the lower all cash option. Hence, the dilemma.
It is only a pay cut if you know with 100% probability the value of that Stripe stock. We live in a world of probability distributions and OP's goal on this thread is to approximate that distribution with popular opinion. I don't have much to add to that estimation but kudos to Netflix's recruiter for coming up with this offer. They exactly knew the tradeoffs and set a cash offer bang in the middle of OP's expected value of his Stripe's job
Whats the offer
450k all cash. Details in the original post.
Netflix doesn't do sign on bonus. I do plan on asking for more. I just need to figure out how much more to ask for. Hence this thread.
Would you mind sharing your YOE?
8 yrs.
Thanks OP, I think it’s paper money vs hard cash. But paying back sign on sounds really hurtful. Can this new team wait for few months?