Viliam_Bur comments on Things I Wish They'd Taught Me When I Was Younger: Why Money Is Awesome - Less Wrong
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It is worse than you imagine. Putting in heroic hours is pure signal. Fatigue will kill your actual productivity to below that of putting in a 40 hour week if you do it for more than 3 weeks at a time. This is especially true in programming as a tired programmer can very easily have outright negative output - it will take more than an hour to fix the errors committed during that extra hour you put in. Entire industries ignore this because it has become a social norm within them that going home after regular business hours is a sign of lacking commitment, and it takes a rare level of... Sanity and towering belief in your own judgement for the boss of a firm in these industries to go against that norm and evict stragglers from the office at closing time willy-nilly. I still recommend finding one if you possibly can. Or being one. The average programming shop is run abysmally badly - it should be fairly straight forward to prosper by following a handful of simple rules of productivity (Meetings at open and close of day, not noon, no all-nighters.. ect)
If you intend to engage in pure signalling to get ahead as an employee, find signals that dont waste 20-30 hours of your time per week.
This is probably specific for USA. In my country this does not happen in IT. (Some other professions are exploited this way, e.g. doctors. Which is even more horrible, if you imagine the consequences.)
It's not just exploitation by elders in medicine though. Many young doctors work ridiculous hours by choice, and their more reasonable colleagues suffer as a consequence.
It's terrible that the expertise of doctors should make them fully acknowledge the dangers of sleep deprivation for example, yet some of them wilfully ignore the facts.