Does anyone know if WFC will be cutting contractors loose prior to the end of their contracts or simply not re-newing contracts? Many contractors in IT were unexpectedly furloughed the last two weeks of 2023 with little notice. With the bloodbath of imminent layoffs pending I realize releasing contractors is very low priority. Was just wondering if anyone heard any scuttlebutt.... good luck to all impacted by this fiasco!
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It makes sense. No one is doing anything these last two weeks of the year and so why should they pay contractors. find a permanent gig. Chances of converting in 2024 are slim and if you do you can get cut unless there are low performers and the manager has a say so
Contractors are not safe nor are SOW. They will be the first cut. Things have changed. Furlough is required so to meet a labor requirement to keep wells out of hot water with contractors acting as FTE without benefits. Nothing happens by chance. Lots of initiatives will get the ax where contractors and SOW are fill ins. There are always exceptions but just because you just converted means you are likely a good performer but if they have to make cuts good performers are getting cut; I have seen too many in Q4. No one should feel they are safe. Sorry for a reality check.
Are you referring to IT because they've had a moratorium in place for years. Now if it was just a random other LOB, I never really heard of that. Unless it has something to do with FINRA because they are also closed the last two weeks of the year.
Happens almost every year with contractors here. Nothing new or newsy.
Yes, and that is how most corporations do it, by starting with the contractors.
What a garbage OP
Contractor converted to FTE. Contractor agency and WF told me I would have to take 10 days unpaid during the year. Around Nov or Dec, told by onsite supervisor we had to take a 2 week furlough the last two weeks of the year. This was not communicated by agency or WF (or even hinted) before I took the assignment. Got the impression my agency did not expect furlough. So it was a financial shock to have to take the equivalent of 4 weeks unpaid. I started contracting mid year, and still told I had to furlough anyway. No paid over time was offered even when deadlines sometimes required it. seems to be standard practice in WF.
The directive to furlough is handed down from above every year. I asked my manager not to furlough me and she didn’t. They ask for a short justification for each person given exception.
this happens every year. nothing new here folks, move along.
contractors have filled in when layoffs took place---they appear to be the safest even tho the must follow certain guidelines.......
Yes, Wells Fargo does this every year. Yes Wells Fargo is typically bad at communicating this. The contractors do not work for Wells Fargo. They need to start with their firms. Any firm that has worked with Wells Fargo for a while. No this is standard operating procedure and they are not helping the contractor by doing the follow up with supply chain. I don’t say the hiring manager because they often find out too late but supply chain typically would have a pretty good idea.
It’s standard operating procedure here. Last 2 weeks - since there are not many employees around, no sense in paying contractors unless a case can be made. Exceptions are granted but real justification - critical function - which most are not.
Not sure why you say contractors are low priority - they are the first to go. you have to remember that this is about cost savings. Easier to get rid of contractors vs. employees. This also shows that visa’s are a sham in many cases - if you can lay them off, then how niche and specialized are they truly?
That's been standard for years. If it wasn't communicated downward properly, that's a failure, but it's nothing new.
@rzu+1qeiclOQ and @usu+1qeiclOQ ... typically contractors are mandated to take tenunpaid days off a year spread throughout the year...In this scenario, on top of those mandated days, contractors were forced to take the last two weeks off of 2023 as well. Many were not told until mid November that this was an additional requirement. Might be good if you get your facts straight before posting a comment next time
its standard protocol with contractors. OP must be new to Wells
Historically speaking, contractors were the first to go. With Charlie and co, who knows?
I've been here 7 years as an FTE. Contractors have been furloughed every year for the last two weeks of the year (or they can spread it out over the several pay periods to lessen the impact of a missed paycheck during the holidays), so how is this suddenly something shocking and new?
I feel bad for contractors svcked into corporate messes. Orbiting the hairball is supposed to be an advantage to gig work, but the toxicity eventually ends up spilling over onto everyone.