While everyone is saying that the job market is hot in the industry, when I look at the facts, they seem to tell the opposite story. Almost all of the big banks have performed massive rounds of layoffs in the last couple of months. These cuts go as far as whole divisions and branches being shut down. Many of the banks implemented official or unofficial hiring freezes. We are still talking about a large portion of operations being off shored. Also, a lot of job postings seem to be fake.
Regardless of these (and many other facts) people keep saying that the job market is steaming hot. Who is pushing this narrative and why? Who benefits from it?
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feel bad for those contractors cuz they were definitely not trained correctly and most likely the person they report to has no clue how to perform the job the contractor are there for
During the pandemic they quietly restructured and got rid of many positions and transitioned a lot to 3rd party contractors.
FCs have probably been most impacted by intentional staffing reductions.
Also, 8 out of 10 times I call one call right now I get a contractor. That can't be a coincidence.
The bank's always binged and purged simultaneously.
When you see a bunch of jobs open, remember some of these postings are posted to qualify for H1-B and green card PERM applications.
These jobs are already taken, but it is required by law for them to post.
Each year, there should be 85,000 those postings to qualify non citizens to work on H1-B, and additional 140,000 green card LC PERM postings.
There are a lot of postings that will never mean to get back to you.
Have you checked the # of open positions at the bank?? Highest number of openings I’ve ever seen here in my 15 years.
Those headlines are to convince general public that we need more H1B and green card.
What they should have done is to categorize the jobs with too much labor supply, and people are being laid off. Then report the jobs that are really in shortage.
If they have done their jobs, we would have a better informed public and we might even have solved student loan crisis correctly 20 years ago.
Except no, the narrative is to convince the public that we need more H1B from China.
So you will get reports on massive labor shortages and nothing else. Even when many of us are laid off.
only for cheap Indians. folks wanting a respectable salary and, well, respect from their employer, than no. The job market is dead in that case.
they lay off on one hand and hire with the other.
Finance and banking aren’t the only jobs in the market.
Interest rates are increasing, less lending.
HR needs to look busy. Appt of jobs are internationally being left open. It’s been happening since before Covid. Remember hr works for the company and payroll is one of the largest expenses. If enough of the job is being done for less why spend more?
Market is still hot for technical savvy people and particularly for people who can actually code. NOT for the project managers, sc(r)um masters, risk managers, and non-technical types who are plentiful in our company. For these folks, they better stay where they are. They are worthless elsewhere.