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Doing a good job is also self-defeating.
Managers want to see you grow every year. If you do your best early on in your career, you will hurt your ability to show growth that’s visible to management. Therefore, the optimal solution is to do a better job by a barely perceptible amount every year, staying under your maximum quality output until you’re retired/dead.
The reward for good work is more work
Which isn’t a bad philosophy if the rewards match. If they don’t, why would you do more than the minimum?