My company offered an (off-cycle) 5% raise in July. In August I signed an offer for a ~30% jump. Not FAANG, also not some thought-leading 10x engineer. If your company isn't offering you a 20-30% raise, someone else probably will.
I wonder whether this will drive smaller companies out of business, given how important software is in modern businesses, when hiring/retaining engineers becomes so expensive that business models fail or only juniors can be hired, which may lead to other forms of intolerable expense.
most of the increases in Europe, where salaries are low compared to US. Remote causing Euro devs to work for US companies? Could actually depress US salaries.