Thread regarding Fidelity Investments layoffs

I’ve seen some teams here where ~75% of devs are external contractors probably on some type of visa. From a manager’s perspective it probably helps to reduce turnover and keep teams at/under budget.

Fido doesn't terminate contract unless the individual really F-ed up by violating any policies.

They simply won't renew the contracts. There were a bunch of them which got impacted last fall.

The way things are set up, won't be surprised if we see additional contacts not renewed this year.

Fido model lately has been quite "parasitic". They bring in hard working contractors, make them do all the dirty work, open a req to only hire GC or citizens, have these new hires get "trained" by contractors and then leave the contractors out by booting them.

Quite pathetic.

Were they terminated or their contract weren’t renewed?

To be frank, short term contract roles at legacy finance firms like Fidelity are some of the least desirable roles in the industry for talented developers. Pay isn’t great, you don’t know if your contract will be renewed, you’re treated like a second class citizen, and the scope of your work is very minimal.

Non white contractors don't make job switch as frequent as some of the entitled ones do, coz non whites have one to many legal hops to jump through before making a switch.

They are best examples of "Do what you love, else you'll be forced to love what you do"

When people fun out of love (white contractors) they can make easy switch without having to worry about sponsorship, legal paperwork and so on...

Sadly that's not the case for other non white contractors.
Even internal mobility won't help them.

As a white hiring manager, I sympathize with them. There's nothing wrong these individuals do.

NC contractors were given the boot due to there not being enough space. Some might have an option to relocate to another site with more space. A few are moving. Most are moving on. Poor capacity planning in NC. Nothing to do with the market or profitability of the company.

Congrats, white contractor! You and the several others like you are the lucky 10%.

I was a white contractor, and converted to full time. There were several others like me.

I have worked with an white contractor but he came to us through personal connections, not the Fidelity Talent Source. When I was a hiring manager and Fidelity Talent Source providers (white ladies) keep bothering me with meeting requests and ask for feedback. "Bring us more diverse candidates" was my response.

Out of curiosity has anyone here ever worked with a non Indian contractor?

Which depts? Contractor here.

I thought the mime one was hysterical. You need to lighten up.

Good riddance. Don't understand why Fidelity Talent Souce has only one enthinicity in their contractor pool. These contractors would be converted in full time in a year or so, into a senior role due to their years of experience, depriving junior team member's upward mobility.

Clearly that person doesn't work at Fidelity since they would know we don't have belongings... We don't have dedicated desks... Not funny

I experienced a silent layoff yesterday.
I was approached by a mime from HR and through movements, gestures, and facial expressions, they laid me off.
I made a sad face, and mimicked tears while packing my belongings in an imaginary box.
No words were exchanged.

Contractors are replaced by full time, Fido won't sponsor anyone.
The ones already on sponsorship will stay probably as long as they could, until they're given BS excuses to let go

Preparing for full time emploee layoffs so they may apply for positions vacated by the contractors?

Happening in bulk, few devs in our team got booted immediately, asked to return their sh-t and were told they'll receive two weeks pay

Yes, developer on my team’s contract is terminating in the summer and was told this affects most contractors in RTP

What?! I didn’t think there were layoffs!

I don't know why people aren't talking about it. A ton were affected in NC...