The sad part is that no one forces you to work that hard. You're free to say NO! and work less, even this will results being laid off. Only during 1:1s your manager may highlight that deadline is soon and would be great if the project would be delivered on time, and little hint about a promo. But you set goals and force yourself to do more, single night this less sleep doesn't hurt anyone. Then there are more such nights of coding and you feel barely alive. 90% work is done, only very little left to finish. And then bam!
Upd:
I didn’t mean that this is ok, I’m for workers rights.
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