I would argue that there are yet some cultural impediments to labor market efficiency in SV:
- People don't want to look like, think of themselves as, or hire those that just in it for the money. It would be incredibly crass and uncool to change jobs just for salary, it should only be about caring more about something.
- Time-consuming and unpredictable hiring processes inhibit switching. There is probably a better company for most people somewhere, you know you might switch if you could predict whether you were going to get an offer. But if takes 3 days of vacation time for all-day interviews, and you have absolutely no idea whether you would be accepted or if you will happen to know the CS trivia they'll happen to ask, and you probably won't because of the supposed false negative bias, maybe not.
Finance sector, on the other hand, has to hire super geniuses willing to work 120 hours a week because to do otherwise would be to admit that most of what they do is dumb luck, defeating the whole façade.
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I would argue that there are yet some cultural impediments to labor market efficiency in SV:
- People don't want to look like, think of themselves as, or hire those that just in it for the money. It would be incredibly crass and uncool to change jobs just for salary, it should only be about caring more about something.
- Time-consuming and unpredictable hiring processes inhibit switching. There is probably a better company for most people somewhere, you know you might switch if you could predict whether you were going to get an offer. But if takes 3 days of vacation time for all-day interviews, and you have absolutely no idea whether you would be accepted or if you will happen to know the CS trivia they'll happen to ask, and you probably won't because of the supposed false negative bias, maybe not.
Finance sector, on the other hand, has to hire super geniuses willing to work 120 hours a week because to do otherwise would be to admit that most of what they do is dumb luck, defeating the whole façade.