They are going through massive layoffs but they continue to hire contractors. I was approached by a headhunter this week for a two-year contract in IT but they are currently laying off workers in IT who could do this job. Nuts!
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It's beneficial for Corp taxes to contract out when you can. One more reason why taxes suck.
Contractors are easy to bring on and get rid of. They're used to bridge the gap of demand for people when necessary.
That aside, not only are they laying off long time tech people or pushing them out the door essentially, new leaders are hiring their own buddies instead of giving internal people opportunities to work on the new stuff.
Neither were employees LOL
Im a contractor here and was not forced to get vackxxxed. LOL
In my experience being both a contract and internal employee at "the banks" just as the contractors become "up to speed", and are getting pretty knowledgeable about the job, the contract ends. Yep.
looking for contract work. Willing to sit in a office 3 days a week in a banking hub metro area and sit on non productive teams meetings throughout the day when I'm not perusing the break room, making small talk, using Canadian quarters in the vending machine, or taking a 2 hour lunch.
It seems like full-time employees can be let go just as quickly as contractors with all of these layoffs. I was in tech.
It’ll get even worse when the recession hits. I can’t even imagine if there’s some sort of financial crisis stemming from Europe.
My team is hiring contractors instead of backfilling positions. We cannot find good people who will RTO so they have to pick people from hubs with no experience. What they don't know is the team that supports us is short staffed because of RTO and they are NOT hiring. So the inexperienced contractors won't have support to do their job. But hey, they'll have those b-ms in that seat 3 days a week.
My title change whole process took 9 months. Starting from posting the requirement, recruiter call, interview, final decision and offer letter. I am a FTE for 10 years here.
Whereas a contractor got converted in 9 days without any noice from the back door. You can imagine what kind of ethics or morals or process this company does. Hiring is total corrupt and broken system.
LMAO @ thinking WF wins with the contractors they use. It's a rarity to meet a capable one, and when you do, they're gone within weeks because they realize how bad the rest of the group they're working with is. The only ones who stay have friends.
I’ve seen the same issue for so long now when we keep hiring contractors. After so many years, we end up with a bunch of derelict code. Just look at the WIM CRM Client Link. It’s a data analysts nightmare.
Contractor churn is just institutional knowledge walking out the door.
Contractors = slightly higher hourly rate but no 401k or health benefits to pay out... WF wins.
They will bring these contractors on board permanently eventually but at cheaper rates. Of course, if these contractors do not work out, then they can be dismissed without notice too. The beauty of having contractors is you can tell them to go away and they will be gone in minutes. No HR mess to clean.
Crazy. But they can write off contractors, not just their expense but also them when they are done with them.
That’s what you get when you let bean counters run things.