BAC loves to furlough contractors. They are also know to make contracting firms reduce their rates which means hour cuts to you. I will never contract for BAC again.
Be happy if they are only doing 2 weeks this time. They did 3 weekers for a number of years then panicked when the November releases all had to push into December
I don't think furloughs are implemented for that reason. 18 month limits are used for what you described. Furloughs are to meet quarterly financial goals and please share holders.
Contractors can't say on indefinitely otherwise they will be classified as employees by IRS and other govt agencies, so they need to be "furloughed" for a while periodically. They might still be the best worker in their area, but need a cooling off period. Once the best software guy in my area was a contractor who decided he was better off as a contractor even with the furloughs. He was a genius software developer, so the bank (CW initially) figured it was better to keep him, as a contractor, at the cost of his being unavailable for periods for the benefit of IRS.
Dear layoff.com
You deleted the 2nd and best post on this thread. You killed the fun. Can you please restore?
Funny comments - As an employee you have no say in anything - in fact in GTO if you say too much as an FTE you are labeled as disgruntle and you will not have a job for long. So just keep thinking as an FTE you are better off compared to a contractor at the bank...
All in all just leave the Bank and find another job - there are many others places to work that are not screwed up like this place is....
It's kind of a moot point - contractors are just temporary employees so FTE and contractors on W2 are identical, just different pay and benefits.
I always love these contractor vs FTE discussions. Mgt does the contractor route as it reduces their overall FTE headcount and from an accounting perspective they are treated different. Groups are forced to get contractors instead of FTE to keep headcount down. Face the fact people. You get bad FTE and contractors our there. Flip side is you get great FTE and contractors out there.
At the end of the day mgt wants to reduced headcount (FTE) and also expenses (contractors).
I enjoy the little affair you guys are having here but let's Focus on the real issue.
Another example of DUMB BofA Management. Contractors from what I see are treated in some cases better than full time bank employees and in many cases are paid better. In fact in many cases the contractors are the actual worker bees that get the job done as the full time employees push off the work load to them and then do nothing.
What is really sad is that the bank will release the contractor then realize - oh I dont know how to do the work the contractor is doing - this is very true in IT... another example of the BofA management circus.