ASK: What is the Software Engineer hierarchy in your company?

There was a overhaul in my last company. Senior engineers were split into I and II. It was the same pay, same job, just split according to some weird management params and the engineers freaked out.

Just a couple of questions to you guys:

What is the hierarchy of engineers in your company? Does it work?

And how much do titles and the hierarchy matter to you as an engineer? Is your career decisions geared towards attaining one or the other?