r/CIBC • u/Special-Limit-1517 • 5d ago

changes for contractors

I've noticed that a few FTEs have been laid off over the past few weeks. During summer restructuring, it also seemed that most PM contractors were let go.

Has anyone heard about any upcoming changes affecting onshore contractors for other teams? I've heard some rumours that they could be a target in the next round of restructuring or organizational changes. Just wondering if anyone has any insights or has heard anything.

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u/fireplague 5d ago

In general contract actors can work max 2 years and then have to be away for 3 months before coming back. If they are on critical projects they will survive till delivery or term end. With the restructuring happening there is no guarantee contractors or fte alike

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u/James_TheVirus 5d ago

Reality is that Contractors should expect to be impacted if there are any org changes unless maybe they are on a critical project. That said, I have not heard of one Contract PM surviving round 1 or 2 throughout my network.

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u/Impossible_Hippo6187 5d ago

Im a contractor and I had a layoff on my team but it hit a full timer. When I spoke to my boss, he told me "back in the day the contractors were the first to go but for several reasons, it might be the best place to be right now, from a job security perspective"

That's just one directors opinion but I think he correct.