What exactly does it mean to "maintain a Work Hard, Play Hard policy"? Besides being required verbiage on every company's 'Culture' and 'Career' webpages, of c

What exactly does it mean to "maintain a Work Hard, Play Hard policy"? Besides being required verbiage on every company's 'Culture' and 'Career' webpages, of course. In the Seattle web startup community, it seems to mean Drink Hard, but I don't think that's what he means here. Is it just an empty phrase that means nothing, so the speaker and listener can both nod and think they agree perfectly, when in fact they have no common conception of this idea at all?