[lmm]

Not what the contract says, nor how it works in practice. If I did the work in half the time and left early, I'd be fired. But conversely if I don't get the work done it's not a problem as long as I'm there for the hours.

I can forsee replies telling me to get a better job, but my experience is that most jobs are like this, even at trendy tech companies. And it's not a bad bargain all told; my employer takes on all the volatility, I can plan my time with knowledge of how long my job's going to take, while from their side the variations in productivity probably average out over x employees.

[nostrademons]

That's not actually the case at all companies. My employer has no problem with me waltzing in to work at 1:00 PM and leaving at 5:30, as long as I get my work done. (Granted, I'm still at work and it's 10:00 PM, so maybe it doesn't work that way. Some days of the week, though.) Conversely, if I don't get the work done, I'll be fired, even if I put in my 8 hours - I have one friend that this happens to.