For FANG, even if you get promoted, you are still financially better off leaving and getting rehired (or hired at an equivalent level elsewhere) with a new comp

For FANG, even if you get promoted, you are still financially better off leaving and getting rehired (or hired at an equivalent level elsewhere) with a new compensation package at the new level. The problem is that the day you are promoted, you don’t actually make that much more in TC because so much of it comes from equity, which is only updated once a year and stretches for four years. Thus, it takes up to four years to hit the steady-state comp at the new level. In contrast, new hire packages need to be competitive for folks who have already been at their level for many years.