I would never work at a FAANG, but there are plenty of post-IPO tech companies out there that pay near-comparable levels when you look at salary and equity comp combined. And in many cases the mix will be more like 30-40% salary, 60-70% RSUs, which reliably show up ready to sell every quarter.

At a startup, even if you're making a market-rate salary, you're giving up the equity, or, at best, hoping that the equity will be liquid and worth something in 5-10 years. If it's not, you're looking at a huge pay cut (over 50%, often), and even if it is, equity payouts post-IPO or post-acquisition are often less than what you'd get at a non-startup, when you average it out over the years you had to wait to sell it.

Effectively, you're saying you'll take a 50% paycut (including RSUs) to avoid working at a FAANG? Most people wouldn't do that.

But it isn't a paycut - at best I am declining to look for a pay increase. And that is ok. I think plenty of people would do it - at a certain point we make more than enough to fund our interests and lifestyle.

I am always happy to make more, but I don't _need_ to, so my decision matrix on where to work extends beyond the question of dollars into consideration of people, mission, industry, possibility of making an individual impact, openess to remote work (I will not be going back to an office, at least while my kids are young) etc.

Fair industry wages INCLUDE the RSU's / Bonuses at larger companies... and is often more then your base salary. You can't say that it is a fair salary PLUS equity unless the fair salary is comparable to BigCo Total Comp.