At my last job I got time off in lieu for actual hours worked + about $4/hour for being on-call.

I really wish we'd gotten paid for hours worked rather than TOIL, not for personal preference but because it would have aligned the company's incentives better. We might actually have fixed some of the problems if not doing so cost the business a tangible sum of money.

Still, it was better than working for free.

That's the way it was 20-30 years ago. If you were on call, it was informally understood that you were going to be rolling in late in the morning, at if something big happened, you'd be missing a day or two afterwards.

Worked well until E&Y came in and "fixed" things with a strategic plan.