HSBC bans its consultancies from supplying limited company contractors

[BrilloPad]

The view from HSBC directors(via a friend) is that the contractors are overpaid and sticking their head in the sand.

[pscont]

Not sure where the news is here.
If HSBC says they will not work with PSCs/ltds anymore this would definitely include not only direct HSBC-psc, but also hsbc-middle man-psc set up.
Consultancies are just that, middleman.

[LetterBox]

In your opinion. In my opinion it's going to backfire somewhat. Some will accept and bend over for them; others will walk straight away. Those that bent over will soon be looking elsewhere to go.

Companies are simply a group of people offering a product or service. If a large wedge of talent goes to your competitor then you could say that's not a great business decision - it's short sighted.

People don't like being rewarded 20-30% less for the same effort, experience and skills on offer when nothing has changed. The good people who will be in demand know this and will leave to those happy to pay them for their efforts - it'll take time but it will happen eventually (same thing happened in the public sector).

Risk averse...sure I agree with you

Yes, agree.

Just don't think it'll backfire for HSBC, if all the banks follow suit and if the talent leaves banking entirely then HSBC has not lost a competitive edge, if a few competitors break away and work with contractors properly then HSBC will soon be back offering the same positions as the others, very few contractors are unlikely to work with HSBC again out of principal because they were shafted at the start of 2020. Money talks.

[LetterBox]

The view from HSBC directors(via a friend) is that the contractors are overpaid and sticking their head in the sand.

View from a programme manager at HSBC is that the 'good guys' took the lucrative perm offers HSBC made in Q3 last year. Played the game well.

[LetterBox]

Not sure where the news is here.
If HSBC says they will not work with PSCs/ltds anymore this would definitely include not only direct HSBC-psc, but also hsbc-middle man-psc set up.
Consultancies are just that, middleman.

Agree, but it's quite bold to state it.

This 3rd position cannot be sustainable. Sitting in a consultancy and ring fenced to a financial, being paid via umbrella whilst the same office has perm on the same monies with benefits and outside determined PSCs on other accounts. That's proper temping.

[genius]

The view from HSBC directors(via a friend) is that the contractors are overpaid and sticking their head in the sand.

And this is true. I'm yet to find a single poster on here who isn't an average joe waster coasting in his overpaid cushy role which has always been inside IR35 (not that you'll ever admit it because you work from home on a Tuesday). Well, they've finally caught up with you.

[Peoplesoft bloke]

The view from HSBC directors(via a friend) is that the contractors are overpaid and sticking their head in the sand.

I have heard similar at current Clientco (hilariously from a Mr Billy Big Bollocks in procurement who was wandering around the office shouting into his phone about how he was going to get a lot of cheaper contractors).

I've given notice to quit as I have some decent outside IR35 work I can do elsewhere, so I won't get to find out if Billy is right - and I don't care. The funny thing is that they were surprised when I quit - all the signs were there!

There's a lot of permie angst out there though - perceived scores being settled.

HSBC has never cared about the majority of its permie workers (round after round of redundancies in a highly profitable business) so no reason it would bother about contractors if they think they are overpaying.

[LetterBox]

And this is true. I'm yet to find a single poster on here who isn't an average joe waster coasting in his overpaid cushy role which has always been inside IR35 (not that you'll ever admit it because you work from home on a Tuesday). Well, they've finally caught up with you.

Ahem!, also Thursdays...

[BR14]

Ahem!, also Thursdays...

and Mondays, wednesdays and fridays.
saturday and sunday have a different pricing structure.

[BrilloPad]

View from a programme manager at HSBC is that the 'good guys' took the lucrative perm offers HSBC made in Q3 last year. Played the game well.

Agreed. I should have added that.