What you describe is sadly very common (and I've seen it happen first hand in a few places, including Tuenti by the way[1]). However, if you look you can find places where it doesn't work that way. I've found that the closest to a sweet spot is working for any European (i.e., not American and not Spanish) company that does in-house software development (i.e., not an outsourcing company).

[1] I mention this because someone else has mentioned that Tuenti infuriated some companies by paying more than the average one. On the other hand, I could name a few people that were literally fired from there because of not doing enough unpaid overtime.