What the "End of FAANG" means
When your magnetic north goes south
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So yeah, we are living and working in a post-FAANG world.
I don’t mean that the FAANG companies are gone. They aren’t. Facebook/Meta, Apple, Amazon, Netflix and Google are still around, building things, taking our money or attention just like they always were, but things are different.
There was a period from 2010-2022 where these companies were the 8,000-lb gorillas in hiring. “Everyone” (not really, but it sure felt like it) wanted to work at one of these companies. They were the creme of the creme, hiring like crazy, but still super-hard to get into. It got to the point that Google wouldn’t even look at an application unless it came with an internal referral because they were inundated with applications, leading to a weird black-market on places like Blind where people would pay existing employees for the referral.
But then, the big companies were hit by lay-offs. It turns out that the generation of insane profits lead to some unhealthy competition: companies could afford to hire people just to keep talented people away from competitors. A lot of people were hired not to create value, but as a defensive measure to slow down other companies.
Yeah, that’s healthy.
And when things got tight, all those defensive hires (and many more) were let go, tarnishing all the corporate reputations of all involved.
And then AI showed up and it was like OpenAI came and took the Etch-A-Sketch, flipped it upside down and shook.
Suddenly, the FAANGs, while still strong companies, aren’t the 8,000-lb gorillas they used to be, revealing feet of clay to bring them to the level of many many other companies.
What’s interesting is that for a few years, having a clear handful of “best companies” (he says bristling having to even type that) meant that EBers had north stars to sail towards, even when being more like them wasn’t in their own best interests/
There were plenty of meetings in companies who sang variations from the “we have to keep up with the FAANGs” hymnal, whether to get leadership nervous about not investing, or to suggest new ideas in talent attraction.
I know that a lot of employer brand conversations would orient their own brands around FAANGs, saying things like “We’re like Google, but for grownups” or “We’re like Meta, but breaking fewer things.”
And I could buy a new laptop if I had $1 for every time someone in a meeting asked, “Hmmm… well, what does Google do?”
But without that enemy at the gates, we are in a very different world.
It’s like an EB reset. With no magnetic north guiding us all as to what we were “supposed” to do, the industry gets to look inward, to define their own strengths, and build brands that matter to the audiences they actually care about.
So let’s say goodbye to the FAANGs by ignoring them. Let’s stop playing “keeping up with the Jones’s” or “Heathers“ and play a more interesting game called, “winning through being the most yourself.”
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🏛️ All 2,400+ (five years worth!) articles from this newsletter are in a searchable archive. Go get ‘em!
Why aren’t you actively talking about upgrading your talent with leadership?
You have clear and specific plans on when people’s computers get upgraded.
You have expectations on how long a piece of equipment will last.
You are reinventing your processes on a regular basis.
So why is leadership comfortable low-balling talent? Why aren’t they talking about what it takes to get better people in core roles as a way to level the comapny up? Because if they did, they would have to admit that transactional hiring isn’t going to help them grow, which is a great position for you to be in.
Businesses are built on people, not tech, not tools, not products. Hire accordingly.
I made my AI Power Tools for EB’ers class free! You can even download the prompts I used in the class:
One: Understand the financial impact having a strong employer brand. Nine questions to get your custom report. It’s free! I’ll be shutting this down in one week. So if you want your report, act now! »
Two: Compare 25 employer brand building companies side-by-side. It’s how you make a better decision about who will help you best in your EB journey. It’s free! »
Three: Three case studies that prove how an employer brand can be built in just three weeks. A 250-person manufacturer, a 300-person construction company, and an 800-person video game company. Just reply to this email.
What is new is opposed, because most are unwilling to be taught.
- Samuel Johnson
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