Probably several urban legends as to where the term may have originated, but the theme is the same...walk away with your chips and leave the game to the sharks that run it to their advantage.
Based on my experiences at Fortune 500 companies, this is unfortunate but true for IT non management personnel. Specifically with developers/coders, the companies that I were with have aggressive college recruitment programs for these positions both for cost saving as well as a belief that these employees will be better contributors (more mallable, enthusiatic, put in longer hours etc.) than experienced and older hires; without up-to-date skills would just be another strike.
Hey P.S.
"..Hey, I really like you and I bet you would make an excellent second income stream to supplement my investment returns in early retirement! How do you feel about recycling dryer sheets?"
He's not penalized for the cost of employee turnover, is he? If he could quantify the turnover numbers he might decide that those over-40 workers are a better deal after all...My brother-in-law, an IT manager, told me that he would hire younger programmer/developer (less than 30 years or 10 years of experience) becuase they have no familiy obligations, healthy, are willing to work for cheap and overtime and do not complain. He said it is widely practiced there. I told him it is such a misconception that I elect not to comment on it to avoid confrontation since we were staying at their house.
He's not penalized for the cost of employee turnover, is he? If he could quantify the turnover numbers he might decide that those over-40 workers are a better deal after all...
Sounds like bad management to me. The company may prosper in spite of these decisions -- and often not.A lot of managers at (b)leading edge tech firms get bonuses based on overly aggressive ship schedules. Twenty-something guys with no family are much more willing to work 60-80 hour weeks on a regular basis than 40-somethings with a wife and two kids. They have fewer ties, more stamina, and are still in awe of working at really cool places (or they're revelling in being a junior sith lord working for the forces of darkness in Redmond). You rarely get bonuses for shipping well designed, quality products that require little in the way of tech support, that will be easily maintained, and that are upgradable with changing standards.
Sounds like bad management to me. . . .Bleeding edge technology changes so fast that everyone is always behind. If you don't have a job, and aren't wasting time fixing those underperformers' bugs while trying to get a product out the door -- it may even be easier to catch up!
Spoken like a quality engineer . . . but not necessarily like a "get rich quick" corporate executive. The half-life of a corporate VP at some of these companies is far shorter than the unreliable product return whip. They hope to be promoted and basking in platinum handcuffs long before the problem comes back to haunt them.
I am one of those over 40 technology workers trapped by a combination of brass handcuffs and the stigma of hiring over 40 something technology workers.
But, if all goes as planned in 2 more years a job at WaldoMart (Livin the American Dream - workin at Walmart) salary levels should allow me to semi-FIRE. Until then, the tough love of The Man will have to do.
My thoughts exactly. We are planning for 5% returns.Since then we've continued to add to the savings/investments and are just 6 years from leaving the salt mines forever. However, I'm always running the "what if it all goes to h3ll now then what can we do" scenario in my head. Every year the options are better.
Then there is the whole stigma of being a bum (not that I think that you RE guys are bums ). I am single and looking for love (I know thats dangerous). Having a J O B is pretty high on the list of favorable bachelor traits. If I got of the rat race and ran my own business it would look much better I think.
--Biker