Reply to: What a set of Bankers!

[Martin@AS Financial]

Isn't it to do with fraud? The thinking is if you have a scam going it will unravel in a fortnight.

You used to have to have two weeks off together when I worked in Share Registration 25 years ago.

That was always my understanding. When banks asked if clients had had any breaks in contract, the enforced break would regularly pop up.

[edison]

I must have been lucky... in 11 years I've only had two clients that had a xmas furlough (both FS firms) and both times my project's critical timescale meant I was exempt.

During Covid, I had one local government client that tried to being in 10% rate cuts at renewals to reflect the supposed savings in travel costs due to WFH. A lot of contractors stood their ground and the client backed down eventually.

On the flip side (and this is very rare I imagine), I once had an enforced 30% temporary pay cut as a permie at a small consultancy and was repaid. We were told that the company was hoping to win a couple of new clients and would pay us back. A few people voted against taking the cut and ended up being made redundant. I accepted and nine months later I was paid back all the money I was owed. When I left the company just as I was getting married, the directors even gave me a very large cash wedding gift.

[Bluenose]

I worked the investment banking sector for 10 years and I can assure you summer furloughs never were a thing in that sector.

+1 WHS !

[ensignia]

That said I have met a lot of contractors for whom losing even a single billable day off was like losing parent for them.

The worst thing about being a contractor is having to deal with other contractors.

[TheDude]

I have seen a few Xmas furloughs but been exempted.

Noting really happens over Xmas so furloughs make a lot of sense.

That said I have met a lot of contractors for whom losing even a single billable day off was like losing parent for them.

[northernladuk]

I remember one client wanting us to do overtime. One week I billed for 8 days (cue Beatles song). Happy days!

Overtime (shudder). Such a permie term. They wanted you to do extra billable work you mean.

[oliverson]

I do remember working at one retail client that had a rule about working only 210 or 220 days a year. Can't remember the exact number. Wasn't a problem for most as you'd be under that taking a couple of holidays and not working the xmas. A couple of the die hard guys who never took holidays etc got caught by it and had to take time off to meet it. Was only one client and can't remember if it was in place at any others but I don't really care as I do like my holidays.

I remember one client wanting us to do overtime. One week I billed for 8 days (cue Beatles song). Happy days!

[northernladuk]

I do remember working at one retail client that had a rule about working only 210 or 220 days a year. Can't remember the exact number. Wasn't a problem for most as you'd be under that taking a couple of holidays and not working the xmas. A couple of the die hard guys who never took holidays etc got caught by it and had to take time off to meet it. Was only one client and can't remember if it was in place at any others but I don't really care as I do like my holidays.

[SussexSeagull]

I once had a reverse furlough when working for a national bookmakers in 2012. It was coming up to Christmas and I assumed I wouldn't be working until we all got pulled into a meeting about a week before and I was told they wanted me to work. Firstly I pointed out the trains weren't running so I couldn't get to the office but was told I could WFH (which wasn't as common in those days). Then I pointed out the developers worked in the Arctic Circle and were packing up for Christmas so I would likely have nothing to do, to which I was told management would be more comfortable if I was available.

Having done my very best to not waste their money I spent the period between Christmas and New Year logging in at 1000 and logging out again at 1500 claiming my daily rate.

[mattster]

Some regulated businesses have a requirement for 'block leave' - a full week off with access to company systems unavailable during that time.
That's permies only though.
This just sounds like they're ensuring that contractors have time off when business is traditionally quieter.

My bank has a "mandatory leave" requirement for all staff, permanent or contract - 10 business days consecutively with no access to any system. Everyone has to do this once a year but there is no stipulation on when. It is supposedly some kind of fraud/inside job mitigation.

[oliverson]

Never worked in banking but two weeks off at Christmas is normal. regardless of industry. Is taking two weeks off during the summer a big deal either?

For somebody who's had fair share of bad luck / bench time in recent years and needs the cash, then yeah.

[northernladuk]

Never worked in banking but two weeks off at Christmas is normal. regardless of industry. Is taking two weeks off during the summer a big deal either?

To be fair if it was at a time I could book a family holiday it would be the best holiday ever. No sulking all week thinking about how much I'm not earning and how much the holiday has actually cost me. I could actually relax and know that all it cost me was what I paid for it. Bliss.

[northernladuk]

Never worked in banking but two weeks off at Christmas is normal. regardless of industry. Is taking two weeks off during the summer a big deal either?

To be fair if it was at a time I could book a family holiday it would be the best holiday ever. No sulking all week thinking about how much I'm not earning and how much the holiday has actually cost me. I could actually relax and know that all it cost me was what I paid for it. Bliss.

[avonleigh]

Never worked in banking but two weeks off at Christmas is normal. regardless of industry. Is taking two weeks off during the summer a big deal either?

[northernladuk]

It all depends on the Bank and the department in the Bank. I could quite easily have worked every day last year (apart from Bank Holidays). Indeed my ex-colleague did exactly that. We are so understaffed ... especially on Prod Support ... that our management are happy for us to work every day. This is totally different from the first few years that I was at the bank when we had to take furloughs.

There is that. Most places I've worked at over xmas have had a furlough but I've been able to work most of it due to project timelines. Even got extra days in inbetween xmas on at least one. It's not cast in stone as you say but it's a baseline and you have to hope your project is exempt.