Investment banks in the City of London (I have noted recently) in the last 2 years have been undergoing 'knee-jerk' reaction recruiting as far as contractors are concerned.
They are enticing people out of permie positions in IT banks and employing them as contractors with the promise of a 12-18 month contract and then sacking them after 3-6 months.
This occured at Barcrap just over a year ago, there was a large recruitment drive for contractors then after 4-6 months loads of them were thrown out again.
I attribute this to the following:-
A banking project looks like its going to be delayed, IT managers panic, they recruit a load of people after begging for extra money from the traders, the existing people (permie or otherwise) lose steam as they have to train /aid the new contractors, the project thus gets delayed, the manager then sacks a load of contractors he has just recruited and blames the delay on them !
Fun isn' it. Head this warning if you are thinking of venturing out there into contracting, I've been on the bad end of this (but I made a packet in the short time (9 months) I was there so cannot complain).
Anyone experienced anything similar ?
They are enticing people out of permie positions in IT banks and employing them as contractors with the promise of a 12-18 month contract and then sacking them after 3-6 months.
This occured at Barcrap just over a year ago, there was a large recruitment drive for contractors then after 4-6 months loads of them were thrown out again.
I attribute this to the following:-
A banking project looks like its going to be delayed, IT managers panic, they recruit a load of people after begging for extra money from the traders, the existing people (permie or otherwise) lose steam as they have to train /aid the new contractors, the project thus gets delayed, the manager then sacks a load of contractors he has just recruited and blames the delay on them !
Fun isn' it. Head this warning if you are thinking of venturing out there into contracting, I've been on the bad end of this (but I made a packet in the short time (9 months) I was there so cannot complain).
Anyone experienced anything similar ?
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