I recently joined Chase as FTE a month ago and have been seeing a huge flux of contractors joining but also quitting or let go. Tbh was kind of disappointed Chase hires lots of contractors. I came to know that my Mgr started as a contractor as well so kind of bummed. (but now he is FTE after many years in chase) I also read a post where someone from Fidelity Investment posted not to join FI, because nearly 100% there are contractors. No offense to all contractors here in blind 🙏 I also came from a place where there was 0 to very little contractors. I had offers from GS and Deutsche bank, and now wondering if I made a mistake joining Chase. TC 145k 2.9 yoe cbus_oh
Financial services companies tend to be contractor heavy because it is super difficult to hire and retain good tech talent. Often it is easier and more reliable to utilize contracting agencies and consulting firms, who can bring in specialized talent for shorter term needs, and are easy to drop when budgets need to be tightened
It is interesting the a contractor manager has a full-time FTE. Weird because you have FTE benefits and stuff but will be forced to contractor working conditions.
My manager started as a contractor , now he is FTE and he has been in chase for many years. And that's why, my manager don't really want me to do well, because like you said, I have FTE benefits unlike he did when he came in as contractor 😏 so at times, I do feel like he gets jealous
okay dude that is very very very different and contractors usually have FTE benefits… just from the company they actually work for
Ex bank tech person here. Banks, insurance companies and basically companies that see software as a cost center usually have a lot of contractors. They try to stick to some sort of ratio of fte to contractors. Contractors are easy to scale up and you can remove them when economy gets bad. Now, there is a secret side here though. I have seen banks layoff teams and then hire contractors to replace the ftes. This imo happens way less and the writing on the wall will be present for months to sometimes a year given how slow they work. Biggest issue I saw was that due to churn of contractors the product quality suffered greatly. People would write whatever and move on I their lives and not care.
Now that's scary! It's a shady way of laying of folks and then hiring cheaper labor. 🙄 We'll never know what unc Jamie would do or chase can always send work to offshore
It's rare though. Now you might work with engineers in other parts of thr world.
Goldman also has the same thing going on. Nearly 80% of my team are contractors. the only exceptions are revenue-supporting teams that directly support revenue generations. I guess the reason behind this is that companies want to save cost and hire cheap labor
This is normal in recessionary environments. Contractors often hired before FTE headcount comes back.
Yes it is, esp if manager is a contractor. Most companies that are doing this are trying to mitigate the layoff problem. But would you want you whole team of contractors gone one day and you have to do all the work they used to do yourself? Too many contractors means low stability and no investment in people and future.
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No it’s great to have contractors. They are a buffer. If your company does layoffs, they’ll start to drop the contractors before FTE. However, manager as a contractor is a huge 🚩
+1
The fact that their manager started as a contractor and has now converted to FTE seems like a pretty big green flag. It shows that they value the work that contractors provide and allowed them to interview and convert to a full time role.