Just a single data point and a personal opinion, take with a grain of salt.
The companies do hire principal and staff levels from such postings (as well as from other channels). But even more important, many companies are open to hire at a different level. They create a single posting (e.g., to avoid HR hassles) and if the person they like is at a different level they will adjust it in parallel with sending an offer. So unless it is clear that the company only needs principal level hires I would send a resume there as well.
For example, HR might give the hiring manager a single slot and insists on having a specific level in the posting. What this often leads to is the hiring manager aims as high as HR lets him (usually easier to hire at a lower level than approved than at the higher level). Those 2-3 levels might end up as a union of all requirements and skill lists can get ridiculous. Bottom line -- if the company is interesting and your skills are relevant I would apply.
The market today is not great. Many companies overhired during zero interest and covid stimulus times and are now reverting to the mean. IMO it will get worse before it gets better as unprofitable companies run out of money. So I would focus on areas where there should be less competition: secondary metros (not bay area); larger, profitable companies (expand beyond software-specific companies); hybrid or on-site jobs (fully remote are especially competitive now); etc.
If you apply, apply well: have a few polished resumes and, if needed a good cover letter (no need to be super company-specific; put company name, copy-paste 2-3 main relevant points from your database of snippets and let ChatGPT fix the style). Good luck!
The companies do hire principal and staff levels from such postings (as well as from other channels). But even more important, many companies are open to hire at a different level. They create a single posting (e.g., to avoid HR hassles) and if the person they like is at a different level they will adjust it in parallel with sending an offer. So unless it is clear that the company only needs principal level hires I would send a resume there as well.
For example, HR might give the hiring manager a single slot and insists on having a specific level in the posting. What this often leads to is the hiring manager aims as high as HR lets him (usually easier to hire at a lower level than approved than at the higher level). Those 2-3 levels might end up as a union of all requirements and skill lists can get ridiculous. Bottom line -- if the company is interesting and your skills are relevant I would apply.
The market today is not great. Many companies overhired during zero interest and covid stimulus times and are now reverting to the mean. IMO it will get worse before it gets better as unprofitable companies run out of money. So I would focus on areas where there should be less competition: secondary metros (not bay area); larger, profitable companies (expand beyond software-specific companies); hybrid or on-site jobs (fully remote are especially competitive now); etc.
If you apply, apply well: have a few polished resumes and, if needed a good cover letter (no need to be super company-specific; put company name, copy-paste 2-3 main relevant points from your database of snippets and let ChatGPT fix the style). Good luck!