Barclays Wealth

[speedo]

Does anyone know whether the rumour that Barclays Wealth only allow contractors to stay for a maximum of 1 year?

[jmo21]

Many places have rules like that.

Many places can easily get around that when necessary depending on the project, management.

Many managers lie when they do not renew using this reason.

[craig1]

Many places have rules like that.

Many places can easily get around that when necessary depending on the project, management.

Many managers lie when they do not renew using this reason.

Change of job title. Enforced one week break in contract. Move to different team. All things companies will do to keep good contractors beyond mandatory HR-driven deadlines. I even saw one company change a contractor's name (added initial and gave him new account) to pretend it was a new contractor.

[Scrag Meister]

Sorry can't be specific for Barclays Wealth as have not worked there but do know that JPMorgan have a 3 year limit, and BofA have a 2 year limit.

As JMO21 said there are ways around it for business continuity, I was offered another 6 months after 3 years at JP and decided I'd make a move anyway.

So there could potentially be some truth in what you are asking although 1 year does seem very short.

[mavster07]

This is pretty standard practice in at Barclays but as was stated, they tend to get around it by simply gaining higher level approval.

Why they have this rule in place I've no idea.......know one guy who had loads of work on but they cut him short because his 12 months were up.

[jmo21]

Last client co had a 9 month limit, I was there for 16 months, another contractor ended up staying for 20 months in total, and still was offered an extension (which he didn't take).

[lukemg]

This is a pointless reaction to potential employment benefit claims. Most places will bypass for people they really want to keep but it also gives an option to review the requirement and run it past someone senior for approval, which is not a bad plan for the business, even if it can be for us !
There are of course 2 sides to this, I have been edged out due to this rule but it also results in a churn of contract jobs back onto the market, which has helped me get work too !

[Mephisto]

Interviewers at Lloyds were Contractors and said that they were all coming up to their 2 year limit even though new work was kicking off. They just shrugged and laughed nervously as they didn't really seem to know what was going to happen to them.

All seemed a bit weird to me