I always interpreted the refrain as a man who is unable to tear himself away from the rat race and he realizes that the he's suddenly a company man, his life has been spent doing exactly what he never wanted:
I move so slow (from the) steady crushing hand,
Holy shit, there's a company in my back.
"In my back" I always interpreted as almost like a malignant cancer.
I always interpreted the refrain as a man who is unable to tear himself away from the rat race and he realizes that the he's suddenly a company man, his life has been spent doing exactly what he never wanted:
I move so slow (from the) steady crushing hand, Holy shit, there's a company in my back.
"In my back" I always interpreted as almost like a malignant cancer.
That's just my thoughts. Lovely song.