Here's an interesting article about the effects of working more than 40 hours per week:
http://archives.igda.org/articles/erobinson_crunch.php
Basically, it states that the output you get from an employee who works 60 hours a week is roughly the same as one who works 40 hours a week.
So by pushing employees to work longer hours, a company is not only likely driving away its best employees, but it's also not getting any more work out of the employees who stay. I have to think this is more pronounced for I.T. workers. Since most of the good I.T. workers I've encountered get energy for their job by working on fun projects on the side, they would likely approach burnout quickly as a result of working too much. What makes matters worse, burned out workers produce less, which in turn increases the pressure put on them, which increases the feeling of burnout, which in turn lowers productivity.... You get the idea. I can't see any advantages to pushing employees this hard, so it's a wonder so many firms out there do it.
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