*In May, just before he started a new accounting job, the younger Mr. Wiggins asked his dad to cosign a loan to buy a 2020 Toyota Camry. Mr. Wiggins says he was taken aback when he saw his dad’s salary, required for the loan. It was under six figures, and not far above what he was going to make as a 23-year-old recent graduate, he says. *
*“I know how many hours he’s put in, how much he’s given to this company,” Mr. Wiggins says. “There’s not compelling enough correlation to make me become the person that’s going well above and beyond what I need to do.” *
The article goes to say that the average worker is putting in 8.4 hours of unpaid overtime per week. The corporate “hustle culture” is wage theft.
I learned that about 6 months into my engineering career. The time I spent at the office “working my stocks” and studying tax and financial planning issues were by far the most highly compensated hours of my career.
I wonder what happens if too many employees start working on their own stuff instead of on their employers stuff. Maybe companies like Dell can’t go up in value by 100x anymore. And maybe future intercsts wouldn’t be able to retire very early anymore?
The marketplace will adjust. Nobody, especially the so called true believers ever have any faith. If it’s “the invisible hand”, then it’s never one thing, it’s always unknowable things working in unknowable ways doing whathehellever. Sometimes the comparison uses a physics-like model. equal and opposite reaction. The push-back will self-rectify. Either way the boat gets where it’s going. And if you’re an “Invisible Hand” devotee then whatever is happening is supposed to be the thing that happens and all results are good result. Why? because it’s the thing that happened.
Let the Young People have their day and they will see what it brings them half a lifetime from now.
I was always under the belief that 10 percent of the people in any company did 90 percent of the work. The other 90 percent were just riding along. If you keep your head down and your mouth shut they will usually keep paying you a pay check. My problem I kept picking my head up so I had to be part of the 10 percent.