Reply to: 2 Offers: Modern Tech at a Big Bank vs. Laid-back Fintech Company

[northernladuk]

*Payrolling seems a term for employees, but I don't know what it's called for contractors.

Learn then? You are a contractor now, not a permie

[ujjain]

You won't get more money. The agents at banks start at 11% and that gets reduced as the contract progresses from what I've heard, which means they'll have no margin to pass on to you.

I already agreed to work via the recruitment company, so I'm not going to back out on that.

The PMO doesn't go to via the company that recruited me, so I'm surely had I had contact with the recruiter of the bank directly, that would've leaked less money away to the company doing recruitment and the company doing the payrolling.

I'm just trying to understand. Please do correct me if I'm wrong.

[ujjain]

The IR35 assessment came back positive, so I have signed the contract at the bank and they are doing a background check on me now. I'd just like to know for the future.

In my experience of "direct" you will end up with the in-house agent, for the bank, whether that be Hyphen, Resource Solutions etc.

Anyway, I thought the OP had the offer on the table.
£750 PD, happy days

Surely they wouldn't get 10-15% for just payrolling services as they haven't done any recruiting?

The direct recruiter says contract was an option and uses an @bankname.com e-mail address, so that's why I wondered if it's an internal recruiter and it could be considered direct. I sent his LinkedIn profile to northernladuk, maybe he knows.

I have been recruited by a recruitment agency at the bank, but now a different recruitment agency is doing the payrolling.

This happened to me before. I worked at Sky and while Recruitment Agency #1 recruited me, the payrolling went via Recruitment Agency #2, Experis.

*Payrolling seems a term for employees, but I don't know what it's called for contractors.

[MrMarkyMark]

They call these guys RPOs.

Much better to deal with than the cowboys, I have to say.

Didn't amount to anything in the end, but my recent experience with a Resource Solutions guy was very professional.

[blackeye]

Often the banks do have direct recruiters and they handled by other companies so they still have an agent acting inbetween, however these are on site.

They call these guys RPOs.

Much better to deal with than the cowboys, I have to say.

[MrMarkyMark]

I was contacted by a recruiter of the bank yesterday about working for them, as I applied before directly on their site as well.

Well, then don't believe it.

So I'm going to work for the bank anyway, I have received the contract yesterday and let's hope this one will go through fine.

[LondonManc]

I was contacted by a recruiter of the bank yesterday about working for them, as I applied before directly on their site as well. So maybe I could've gone direct, but that's too late now.

I thought I once read that banks hire their contractors always via recruitment firms, but that's probably not true and apparently you can go direct then. The recruitment agency claims to make 11% on the deal, so not that much anyway, but could've been could long-term asking for more money later.

You won't get more money. The agents at banks start at 11% and that gets reduced as the contract progresses from what I've heard, which means they'll have no margin to pass on to you.

[Montyuk]

Often the banks do have direct recruiters and they handled by other companies so they still have an agent acting inbetween, however these are on site.

I was contacted by a recruiter of the bank yesterday about working for them, as I applied before directly on their site as well. So maybe I could've gone direct, but that's too late now.

I thought I once read that banks hire their contractors always via recruitment firms, but that's probably not true and apparently you can go direct then. The recruitment agency claims to make 11% on the deal, so not that much anyway, but could've been could long-term asking for more money later.

[MrMarkyMark]

In my experience of "direct" you will end up with the in-house agent, for the bank, whether that be Hyphen, Resource Solutions etc.

Anyway, I thought the OP had the offer on the table.
£750 PD, happy days

[northernladuk]

I'll bet it was a sub form managed by the recruiter. A large pharma up here has a temp resource area off the main website but it's wholly managed by their incumbent agent.

I very much doubt it would have been direct.

[ujjain]

I was contacted by a recruiter of the bank yesterday about working for them, as I applied before directly on their site as well. So maybe I could've gone direct, but that's too late now.

I thought I once read that banks hire their contractors always via recruitment firms, but that's probably not true and apparently you can go direct then. The recruitment agency claims to make 11% on the deal, so not that much anyway, but could've been could long-term asking for more money later.

[fool]

Yeah, I'm not really confident about how I would do at the role at the bank. But how much experience can somebody help with designing infrastructures with micro-services, Docker, Kubernetes, Ansible/Terraform, etc.? They're all modern technologies.

You're kidding, right?

[MrMarkyMark]

That type of role does not command that type of day rate.

The main issue as far as I'm concerned is that he's not experienced and/or confident with his abilities.

That is what is needed for that sort of role, leading international calls for 50+ participants, negotiating with other senior tech architects, providing true leadership etc.

[JaredM]

That type of role does not command that type of day rate.

I once worked next to a guy who was on £550/day for developing contact forms for a client in the South West. I had the same thought.

Would take him 3-4 days to develop a basic (and I do mean basic) contact form and for whatever reason his stuff never showed up properly in the .NET form designer (back in the early days of ASP.NET/WebForms). Later I found out he chose to 'hand craft' his forms which is why they didn't appear properly...

Client was happy though and kept him on for over a year.

[Montyuk]

That type of role does not command that type of day rate.



QUOTE=ujjain;2292723]Well, then don't believe it. It's not going to be far off from that number anyway as I applied daily for 2, 3 weeks on a lot of roles on the big 8, 9 job boards. I have sent between 500 and 1000 e-mails (many copy-paste) and 100+ of LinkedIn messages too. I think this helped achieve a higher contract rate.

The Fintech deal fell through, they couldn't get the rate approved, even though it seemed approved at first and I received all the paperwork, including the contract etc.

So I'm going to work for the bank anyway, I have received the contract yesterday and let's hope this one will go through fine.[/QUOTE]