Every single big corpo knows about it. We just haven’t been able to come up with a better filter for the amount of candidates that are going through the interviews that isn’t extremely subjective.
Small companies that I interviews with had a very simple process (2x talks with upper management, mostly technical talks, also a semi-coding related talk about systems). There are a lot of very well paying (maybe 15-20% less than FAANG) jobs out there, but they’re just that fancy looking.
I guess FAANGs in particular have rather messy recruitment due to the amount of applicants, but my experience is from a giant multinational, talking hundreds of thousands of employees globally here, not "small" by any stretch.
Small companies that I interviews with had a very simple process (2x talks with upper management, mostly technical talks, also a semi-coding related talk about systems). There are a lot of very well paying (maybe 15-20% less than FAANG) jobs out there, but they’re just that fancy looking.