Over the past year, more than 40 Microsoft employees working on augmented-reality technologies have been poached by Meta, which has poured billions into metaverse initiatives. Apple has been hit by a similar wave of defections.

Why should we care?
This hiring skirmish is a canary in the coal mine for hiring trends coming your way. Tech leaders of all stripes—from Microsoft, to Tencent, to Nvidia—are bullish on the metaverse and its potential profitability. In a notably bold statement, Jensen Huang, the CEO of Nvidia, said the metaverse could create “a new economy that is larger than our current economy.” Key institutions and investors are reaching into their deep pockets as a result. This might accelerate the launch and growth of AR-based social technologies, but it will also inflate hiring costs, bleeding into adjacent bluechip sectors and hurting startups with tighter budgets. Fintech players, especially those looking to tap into the metaverse and its burgeoning financial landscape, should expect to cough up big bucks for top talent.