Inside the World of Silicon Valley's 'Coasters' -- the Millionaire Engineers Who Get Paid Gobs of Money and Barely Work (businessinsider.com)
Business Insider has explored what it calls the "least-secret secret" in the Valley -- "resters and vesters," or "coasters" referring to engineers who get paid big bucks without doing too much work, waiting for their stock to vest. From the report: Engineers can wind up in "rest and vest" jobs in a variety of ways. Manny Medina, the CEO of fast-growing Seattle startup Outreach, has been on all sides of it. He briefly was a coaster himself, and says he saw how Microsoft used it to great effect when he worked for the software giant. He has also tried to lure some "rest and vest" engineers to come work for him at his startup. Medina said he experienced the high-pay, no-work situation early in his career when he was a software engineer in grad school. He finished his project months early, and warned his company he would be leaving after graduation.
They kept him on for the remaining months to train others on his software but didn't want him to start a new coding project. His job during those months involved hanging out at the office writing a little documentation and being available to answer questions, he recalls. "My days began at that point at 11 and I took long lunches," he laughs. "They didn't want you to build anything else, because anything you built would be maintained by someone else. But you have to stand by while they bring people up to speed." Years later, he landed at Microsoft and says he saw how Microsoft used high-paying jobs strategically, both within its engineering ranks and with its R&D unit, Microsoft Research. [...] "You keep engineering talent but also you prevent a competitor from having it and that's very valuable," he said. "It's a defensive measure." Another person confirmed the tactic, telling us, "That's Microsoft Research's whole model." At other companies it's less about defense and more about becoming indispensable. For instance, Facebook has a fairly hush bonus program called "discretionary equity" or "DE," said a former Facebook engineer who received it. "DE" is when the company hands an engineer a massive, extra chunk of restricted stock units, worth tens to hundreds of thousands of dollars. It's a thank you for a job well done. It also helps keep the person from jumping ship because DE vests over time. These are bonus grants that are signed by top execs, sometimes even CEO Mark Zuckerberg himself. "At Facebook the 'OGs' [Original Gangsters] we know got DE," this former Facebook engineer said. OGs refer to engineers who worked at the company before the IPO. "Their Facebook stock quadruples and they don't leave. They are really good engineers, really indispensable. And then they start to pull 9-5 days," this person said.
I just can't do it. It's unfathomable. I don't blame the engineers, why wouldn't you do it if you could? But the corporate culture in America must be brought down. It's evil and must be stopped at all costs.
How do I apply for these jobs?!?!?!
Light travels faster than sound. This is why some people appear bright until you hear them speak.........
This seems like a good idea. So many companies are foolish and instead of paying for people to stay, they let years, sometimes decades of knowledge walk out of the door to replace them with someone who is cheaper but far less productive. I've watched it happen multiple times at my company over the last year, its mindboggling. Company is now spending way more as other people have to learn and fill in the missing knowledge and domain expertise. Would have been far cheaper just to give those people large raises.
Also the concept of using vesting stock options to hold on to people isn't new, it's called golden handcuffs, but I guess the new part is it being applied to top software engineers instead of executives.
"And then they start to pull 9-5 days"
Heaven forbid someone having a reasonable work-life balance in this day and age.
Still, for many I think this would be incredibly boring after a while. Still, there are golden sign-on bonuses if you are that strong and you need to be bought out of your current position.
The economy doesn't pay people in a manner commensurate with their skills or work product. They are paid based on other humans' interpretation of the potential value of said person's skills or work product, a not subtle difference. The means whereby this valuation is calculated are sometimes crafty and a lot of times stupid. This is why most people don't work very hard - they've already grokked this and don't feel it worthwhile to attempt to find the places where they might have to work to get more money. They are comfortable with what they have, apparently.
If you are making $7/hr, you aren't trying very hard to get involved with this scrum.
HBI's Law: Frequency of calling others Nazis is directly correlated with the likelihood of the accuser being Communist.
"They are really good engineers, really indispensable. And then they start to pull 9-5 days."
Such a shame. Its as if a business shouldn't be run in startup mode or run-up-to-deadline mode at every possible moment, and people might desire lives outside of work and sleep.
We can't have that.
This quote is an example of how the concept of "fuck you money" arose.
I keep seeing comments about $7 per hour but I don't see where that number came from in the summary or article. (My skinny vanilla latte probably haven't kicked in yet.) Federal minimum wage is $7.25. California minimum wage is $10. Silicon Valley minimum wage is $10 to $14.
The economy doesn't pay people in a manner commensurate with their skills or work product. They are paid based on other humans' interpretation of the potential value of said person's skills or work product, a not subtle difference.
That's largely a distinction without a difference. Your market value is by definition what you can convince someone else to pay you. Perception is a part of that. In most cases there is no objective way to value a particular set of skills.
I've worked at a lot of companies in my career and some are fine with you doing a 9-5 so long as you get your work done well and on time. Others such as a certain investment bank I worked at were more interested in appearance than output - if you left at 5 they thought you were slacking even if you did twice as much work as the guy who spent most of the day surfing the web but left at 7pm. Sadly this shallow management mentality ended up with me in front of HR despite me closing more bug tickets than almost everyone else in the team. With that kind of small minded mentality its no wonder they couldn't keep the best for very long and IT was populated by people with little coding talend and no life to speak of who didn't mind spending 12 hours a day at their desk.
"They are really good engineers, really indispensable. And then they start to pull 9-5 days"
You mean like the rest of the world?
I often find myself in "slow periods" in between big projects - I'm not one of these "coasters" by any means (no real equity, and no sense from management that they couldn't throw a rock and find another dozen of me), but there are times when I'm not racing against the clock to meet some arbitrary deadline either. I do my best to use that time to learn as much as possible, so that when the inevitable crunch time comes back around, I'll be able to fall back on some extra knowledge.
Proud neuron in the Slashdot hivemind since 2002.
In short, working hard is for suckers.
This cultural myth of "the harder you work, the better off you'll be" isn't true.
If anything, it'll ruin your health and any marginal economic benefit you may have gotten from living to work will be eaten up in medical bills - and a ruined career having to spend a lot of time shuttling between doctor's offices.
Isn't that the whole objective of hard working in the early years? I'd love to be a coaster by now, I know every aspect of IT and work managing infrastructure service performed by third-party companies now. I love not to have to work long shifts in the weekends or logging on into servers or storage or databases or switches or whatever to troubleshoot them like I did years ago. I surely am not a coaster with stock in the pocket but I think is a gradual evolution from hardworking....IT wears your ass off. I'm tired and want to relax.
"They are really good engineers, really indispensable. And then they start to pull 9-5 days"
Working massive numbers of hours weeks is not normal. For a startup, yes...but once a company is out of the "get big fast" phase and actually making money, there's no excuse to burn people out and run the place like a startup. I know younger tech employees want to continue the college dorm lifestyle and live at work, but I dislike the trend of calling anyone who wants to work a sane number of hours a week "coasters."
Lots of big, successful companies have "Distinguished Engineer" positions and use them for different reasons, such as:
- To have a raft of smart people on staff, not necessarily to do nuts-and-bolts work but to provide top-level guidance to those who do
- To have a position that, because of the pay structure of the organization, is the only technical position that pays high enough to reward a technical person for things like inventing the company's cash cow products, etc.
- For vanity or bragging rights...such as having Linus Torvalds or Vint Cerf on your payroll
- And of course, to pay these people enough to keep them from jumping to your competitors
Distinguished Engineers are mostly accomplished enough that they don't really have to worry about finding a job. They're getting paid handsomely, and/or able to live off the crazy amounts of money they've made already. It's basically the prize for winning the meritocracy lottery. It's also the closest any of us techies will get to the level of a corporate CxO -- paid handsomely in cash, stock and free stuff by their primary company, plus getting the salary, perks and influence associated with "sitting" on a ton of other companies' boards. I wouldn't call them "coasters." I'd call them savvy!
My first thought about the way this was described in the summary was: must be fucking nice.
Employer: 'hey, Joe, we're literally gonna throw money at you, while do you nothing.'
Joe: 'if I have to.'
For fuck's sake. Meanwhile, people in the same geographic areas who do actually work for a living, can't afford rent and groceries. Can't say I blame the engineer so much. It's the execs and board members and rich stockholders (not blaming the mutual fund shareholders who probably don't know a capital gain distribution from a dividend) who are swimming in money themselves and the government officials who pass laws enabling eternal corporations with personhood, that are setting up this system and screwing over the working class.
Yeah, I just stare at my desk, but it looks like I'm working and I have eight different bosses So that means when I make a mistake, I have eight different people coming by to tell me about it. So I just do the minimal amount of work not to get fired.
Whether I'm making a little or a lot (and I've done both), I can't stand having to be at a workplace with nothing to do. The time goes so slowly, and it's pure torture, particularly when I could be doing what I love: engineering.
I have seen people who slack on the job, so I understand they exist -- but I will never understand how anyone can handle doing that. You literally could not pay me enough to put up with doing nothing.
....so, in the US...in a decent managerial role...lets say..ahhh...300-400k job.... in the usual run of the mill pretty big blue chip private company....how many hours per week would you be expected to work ?
I'm just amazed that "9-5" is considered slacking...
Serious question.
They didn't want you to build anything else, because anything you built would be maintained by someone else.
Sure. So if you're in that position, just find an open source project that you can contribute to. The company can get kudos for helping the OSS community, and you get to keep your skills sharp.
As a developer, if you're sitting on your hands doing nothing, then you're falling behind. I'm sure that's less of a big deal if you're being paid gobs of money, but at some point you're going to want another job, and you'll need something to show for yourself at the interview.
....which means another site that I guess I won't actually read the article to.....
bahahahahaha! meritocracy! lol.
meritocracy has ALWAYS been a myth and will always BE a myth.
For each coaster I wonder how many got burned by options that never panned out?
Sure employees have the option to hangout, but people who dedicate their lives to making good grades in order to get noticed by big Tech Companies aren't going to do that and their employers know it. If they were wired that way, they never would have made it past the screening process. I can imagine that for many employees, playing pinball or putt putt on the job would actually be a source of anxiety and stress for them, even if encouraged by their employers. If they did happen to participate, most would probably work twice as hard afterwards to make up for the guilt of not getting enough work done. There are reasons many big Tech Firms have adopted this approach, it works, but there is no such thing as a free lunch.
I've occasionally been in positions where I didn't have enough work to keep me busy, and I hate it. It's more stressful than being overworked in some ways.
For example, I once started a new job, and almost immediately my supervisor went on vacation for a month. Before he left we went over the project I was going to be working on, and he figured I had everything I needed to get a good start on it while he was away. Well, I finished the whole project in two weeks. So I spent the next two weeks wandering the office and asking everyone, "Can I do anything to help you out? Can you give me something useful to do? Please?" Mostly they didn't, so I sat at the computer and played games. You probably think that sounds fun, but believe me, it wasn't.
"I'm too busy to research this and form an educated opinion, but I do have time to tell everyone my uninformed opinion."
FTA:"You keep engineering talent but also you prevent a competitor from having it and that's very valuable," he said. "It's a defensive measure." Another person confirmed the tactic, telling us, "That's Microsoft Research's whole model."
Tell me again how we have a STEM shortage in the US?
college for all + loans and the black eye that trades get is killing us.
How much better off would we be with alt history in where X happens?
The same college for all for push but with Bankruptcy for student loans?
College for some and trades / tech / schools for (not part of the degree system) for others with out Bankruptcy for student loans?
College for all* (with trades / tech / schools at more less the same college accreditation level?)
community college becomes part of the k-12 system (say K-14 with trade choices and 2-3+ year add on college track)
... now I'm going to spend three paragraphs complaining about their complaining.
OMG, right? The OG's are slacking, only putting in 40 hour work weeks! The shame of it all, the shame!
It's a scandal. Call a Presidential Commission! Call the police! Start an HR investigation!
And Facebook, you disappoint me. Engineers working 9 to 5. Where will this end? I'll tell you where; employees are going to take their vacation time too! Do you want that? Do you!?
Shame!
https://en.wikipedia.org/wiki/Peter_principle
Casteism
"Experience is the name everyone gives to their mistakes" --Oscar Wilde
Casteism