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> paying below competitive market rates

That does not make sense. How is it below competitive if every company in Europe is paying in same range? By definition it is competitive.

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The talent they are competing for can work anywhere, and this untethering of geolocation is only increasing. The relevant market of candidates for large European cities is increasingly just a pan-Western talent market, and lower cultural salary norms are really hurting Europe, leading to brain drain and reduction of major tech hubs.

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