Changing the trend, from layoffs to more hiring !!
https://finance.yahoo.com/news/exclusive-citigroup-plans-slash-contractors-103300471.html
10 replies (most recent on top)
Any idea when is it going to be happen? I have few contracts who doing great job compared to FTE.
@aw+1jp868z9g Converting a bunch of contractors is going to be expensive (fees, healthcare/benefits, etc). People should have never let them have so much control and work in these crazy azz silos. Have enough of that with FTE people hording information and trying to create extra unnecessary work (reports, dashboards, made up projects, etc.).
So the did a mad rush to convert some people who are contractors last couple months in other countries to move them over to US high cost sites. No wonder all this "co-location stuff". Sounds like a stupid plan.
@b7+1jp868z9g You are right, have seen that.
Is this contractor hiring with visa based from Vendors or external contractors who are Citizens ? I am ok with later. If the vendor based contractors or consultants, we will be in death of spiral as these contractors favor their old companies
@ah+1jp868z9g I recall hearing someone in IT at least 13 years ago saying 90% of their team were contractors. Their MD said would address. Yet here we are after $29M of fraud to vendors? That’s the amount they couldn’t hide.
I've been told convert high performing contractors in low cost US locations, replace poor performing contractors with high performing new hire fees in low cost US locations, mediocre contractors, just hold for now but eventually either layoff or convert at low cost US locations. Been asked for a list and justification about 50 different ways with limited followup or action items. I'm in the Tech org. This place is a sh-t show.
Hiring outside USA still, but not over a body of water. More of the USA neighbor up north
It says increasing tech headcount’s at high cost locations, too good to be true 😆. The high contractor percentage was being consistently highlighted as a human capital risk for last few years so this might be the result of regulatory scrutiny
And obviously citi is not going to increase hiring in US but moving positions from high cost to low cost India and Belfast.
This is not good for the firm at all. We
Are literally asked to fire 500 contractors in my org and replace them with 40 full time employees. And somebody needs to do the work… it should be 2 for 1. Not 10 for 1.