Earlier quoted context omitted.
What if my low effort is better then the other guys on my teams "good effort"? You're also selling yourself short. You paid for all that stuff. Your employer paid for the work you did, and probably took more whenever they could; through on-call, off hours work, etc... I try to comp my time, but I know I put in more then I'm compensated for, even when I was technically "hourly". I'm fine with that, but I expect to tak…
Putting in low effort during your billable hours is a personal character weakness that you are cultivating. You should avoid it because it's bad for you, not just being unfair to your employer. Regardless of your relative effectiveness.
Why is it a character weakness? Why is it bad for you?
By putting in low to average effort and switching jobs often, I doubled my salary in 5 years. All the while, I've had tons of time for vacations, hobbies, and having a life outside of work. And I've never gotten a single negative performance review. All my 1 on 1 feedback from managers has been glowing.
If a company could use half the labor to get twice the profit, they'd do it in a heartbeat. That's the purest essence of capitalism. Why should I behave differently? The guy on my team who works nights and weekends to get assignments done gets paid the same as I do. He's just more miserable for it.