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Just paying 3x isn’t the complete story however. It means you might attract better applicants and you’ll have a better chance of closing them, but in the middle is your interview process, staffed by incumbents, who likely have no idea how to evaluate this talent for you. Additionally, an overnight change of this magnitude to your compensation practices in these teams creates substantial pay equity issues versus existing employees which will, at best, result in manageable increases in attrition, and at worst will cause your software department to implode and likely a 9-18 month period where very little gets delivered as you rebuild (from scratch).