Everybody else could be with other people like family and friends. That would be my number one guess.
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I am betting he isn’t the only one but it seems he only wants to credit himself.
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Maybe, if everyone else was paid $30M/year, like Dimon is, on the condition they show up in the office, maybe they would?
Steve
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It has been my experience, and I’m sure other’s too, that those who thump their chests the most about all the hard work they do are full crap.
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In this case, The Boss, they never actually work. They do what they want to do. They always have total control over their time and what they’re doing. Where’s the work?
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They’re incompetent, scatterbrained and ineffectual. It takes them a week to do what others do in a few hours. Of course they “work hard.” Everything is difficult for them.
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They confuse spending time on something with accomplishing something and they resent it when others accomplish something and move on.
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They just like the game of work and they think others who don’t like the same things are lazy and unproductive.
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They’re just doing what they’re supposed to do and want you to think it’s some kind of magic.
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There have been workplace studies dating back over a century that show worker productivity peaks at about 40 hours a week. Productivity slows after that, and even goes negative.
I saw this when I worked in consulting and there was pressure to bill lots of hours, so lots of people worked late or on the weekends. But I quickly found out that if you want something done quickly and accurately, you give it to the person who leaves at 5:00 every night and doesn’t come in on the weekends.
In short, I don’t think Jamie Dimon is accomplishing squat by being in the office seven days a week, other than to wave the flag about how hard he works.
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Many employment costs are per-head, not per hour, like medical, 401k for salaried people, hiring and training costs. I’m sure the “JCs” have worked it out, and, some have decided it’s cheaper to work a few like rented mules, than to add staff, especially the salaried people who are “exempt” from OT pay. One of the guys at the pump seal company was grousing because they shifted him from hourly to salary, so they didn’t have to pay him OT.
I would have made a fortune at the pump seal company, if they paid me piecework, instead of salary.
Steve
That’s what they believe, but I disagree they worked anything out. They looked at 60 hours being 50% more than 40 hours at the same cost, and stopped thinking at that point. So 60 hours for you!
NASA did a bunch studies on maximizing the performance of space flight crews, and found that a quick midday nap provides a huge boost in performance. Based on this, Google and a small number of other companies encourage naps and Google even has sleep pods in their offices so employees have a nice, quiet place to snooze during the workday.
But even though the data say napping boosts productivity, getting caught napping at work is a firing offense at some places. Certainly a stigma if you get caught.
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Except the variable cost is not the same, due to “intrusive, burdensome, big gummit regulations” that require time and a half pay. I was hourly at the OD warehouse. They still had me working 60+ hrs/week, doing my own work, plus the work of two slackers, rather than crack the whip on the slackers.
You win an OD story, from when I worked in a store. One of the guys was working in the racks moving merchandise up to the front, so customers could get at it. He fell asleep in the rack. While his upper body was concealed behind the merchandise, his feet were sticking out of the rack in full view, tipping everyone off where the snoring was coming from.
This is the sort of racking I’m talking about. Two employers later, one of the warehouse guys was crying to me about them reconfiguring some of the racks in the warehouse. I was not impressed by his tale of hardship. He said “have you ever worked with that type of racking?”. I said “yes, at Office Depot, I was in the original crew that set up all the racks in that new store”
Blast from the past, early 90s OD commercial.
Steve
In our consulting practice we figured that there were 100 billable hours per month. At IBM each machine had an efficiency rating, the more manual labor required the lower the rating. As I recall, card sorters were rated at 60%.
What people don’t take into account is commuting time, a terrible waste of time, specially in places like LA. A cousin of mine was the head of the instrument calibration lab at Continental airlines.There was no good reason why they should work nine to five. My cousin convinced Continental to let him work from six to two. During the rest of the afternoon my cousin refurbished four unit residences in LA that he bought to rent out. By the time he left Continental he had become an independent businessman. Sounds a bit like the Patel Motel Story.
The Captain
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Commute time and cost are not the “JC’s” problems. On the other hand, being able to swagger around the office, bullying and intimidating the Proles seems to be fun for “JCs”. I have told, before, about the VP Marketing, at the pump seal company. I called him “Bobby bedcheck”, for his tendency to come upstairs and make the rounds of the marketing department at about 8:15 and 4:45, to make sure everyone was at their desk, and working hard, even though there were something like 6 or 7 middle managers already in the area, to supervise. Of course, he didn’t do the 4:45 bedcheck on summer afternoons, when he was busy playing golf with the rest of the honchos.
Steve