Hello,

Anonymous

April 20,2023 at 12:12AM UTC

Welcome to Fairygodboss!

We’re the largest online career community helping women achieve their career goals. Gain access to articles, jobs, events, and a supportive network of women and allies. Membership is free, always.

Hello,

I am trying to get some advice on a situation I am having at work.

I have been an Executive Admin for over twenty years in investment banking at major firms.

In 2022, I was laid off from my full-time job after almost a year due to restructuring.

While I tried to find another permanent position, every company I applied to be it with a company directly just sent me formal rejection letters and the head hunters I know all had only contracted positions.

I ended up taking one with a major firm as a contingent contracted worker and unemployment expired, I had no other choice but to take it and have been there ever since early December. Neither the agency that placed me there or the company’s business manager for my department has given me any indication of how long it will last.

Before Covid, I had never had a temporary position that lasted longer than ninety days that did not become permanent. I don’t receive benefits or paid time off.

Today, our office manager for my department held a general meeting where the full-time workers (I didn’t) were complaining about how they are all spread too thin (myself included) and when are we going to hire more Admins.

Her response was that they are trying to, but they don’t have headcount yet and they don’t know when they will and while they are looking, they have not found anyone based on the resumes they have seen and the candidates they have interviewed they don’t think are fit for the role.

There is another contracted worker in my department who started a few weeks after me, also still there and also with a background as solid as mine in investment baking. After the meeting, we were talking and I said we are the ones who have been here for almost five months, we wouldn’t they consider us?

Neither of us know where we stand or what direction they are going in or if they are seeking full-time admins, or just other contracted workers and HR is not going to tell us and we are too junior to ask and stir the pot because we need the income.

If they were to hire us permanently, they would have to pay us the same benefits as outside candidates, so it makes no sense to us.

My colleague’s thought was that because if they hired the contracted workers (we are both from different staffing agencies and even if we were from the same one) they would have to pay the recruiter two separate fees for each hire for the transition of temp to perm since they are the ones who found us and got us the contracted positions.

I understand these are hard times, but I can’t as much as I like it there keep staying there with no benefits of any kind and the ones at the agency are outrageously expensive.

I have tried very hard to find permanent positions but instead, am bombarded with recruiters approaching me for more contract jobs + possible extension.

It makes no sense for me in these times to leave one temporary position for another. I am well aware that New York State is an at will employer and no job is guaranteed, full-time or not, but if anyone has any advice or contacts on how I can find a full-time position in Manhattan, that would be greatly appreciated. I would even be willing to do a reverse commute if it weren’t too far, but then I would have to be making a full-time salary to afford it.

Thanks so much.

Why women love us:

Daily articles on career topics
Jobs at companies dedicated to hiring more women
Advice and support from an authentic community
Events that help you level up in your career
Free membership, always

11 comments

Share your insight

Join an authentic community that helps women support each other at work. Share your professional experience or ask for advice — you can even post anonymously.

11 Comments

Join the conversation

G-E. Runge/#opentoworkApril 20,2023 at 1:35AM UTC
Consider the option of relocating for the right position; if at all possible. The help of a head hunter, too would be better able to move mountains for you. This type of representation is a great assist.
Joan Williams, Senior Talent Acquisition SpecialistApril 20,2023 at 2:26AM UTC
So, a couple of things.
The first thing I would do is have a conversation with the office manager for your department and let her know that if they were to get headcount, you would be very interested in being considered and in going permanent with them. She may say "oh, that's great to know - I thought you wanted to be a contractor". That's not "stirring the pot". She may also indicate that she doesn't feel you'd be a fit for a permanent position but at least you would know that and could look for other temp to perm opportunities.
YOU SAID: "Neither the agency that placed me there or the company’s business manager for my department has given me any indication of how long it will last."
Your agency should be able to tell you this information. I am 99.99% sure that when they signed the contract with the company you're working for (and they did sign a contract), there is an end date to the engagement you're working on. You may also be able to see that info when you log into your timekeeping system where you enter your hours. Cruise around in there and see if you can see an end date. What about your offer letter? Didn't your offer letter have an end date?
YOU SAID: "My colleague’s thought was that because if they hired the contracted workers (we are both from different staffing agencies and even if we were from the same one) they would have to pay the recruiter two separate fees for each hire for the transition of temp to perm since they are the ones who found us and got us the contracted positions."
That is not how any of this works. When you are on contract, the company is paying the agency for you hourly. For example, the company is paying the agency $35/hr for you. The agency is paying you $25/hr. That $10/hr differential is the fee the company is paying the agency for you.
Typically, after you work for a specific company for a certain amount of time (90 days, 6 months, etc), they will convert you for free. No fee charged to the company depending on the agreement they have with the agency.
So there's no "double fee" - no fee for the contract (they're paying that hourly) and typically no conversion fee. If there is a conversion fee, it's usually small like maybe $2500 because they've already made so much money on you on the contract part of the deal.
Typically, the only time a recruiting agency gets paid a fee is if it's a direct hire situation. They find you, send you to the company and the company hires you as a permanent employee right off the bat.
If you're in the City, I don't see why you should have to do a reverse commute - that seems like it would be expensive both money and time-wise.
What have you done so far in your job search? Do you have the "open to work" banner up on your LinkedIn profile? The other "open to work" indicator in LI where you can tell recruiters what kind of positions you're looking for? What resources are you using to find jobs to apply to? Are you getting responses? Interviews? Making it to final rounds?
Michele Christine PardonApril 20,2023 at 12:16PM UTC
I have been looking, but everything is contract and all over zoon which is hard to do when in the office all day, but Itake the time off to do it, but then the job gest put on hold. It gets frustrating. Also, we are streched so thin there. It's likeI am just a temp, but expected to have ther responisbility of someone full time, whuch I duitfully do even after hours. But its a challenge to swing both without being exhausted,
AnonymousApril 20,2023 at 11:16AM UTC
I would go back to the agency and ask how long the company signed the contract with you for. There is a deadline, they have committed to paying the agency for a certain amount of time, 99.9% of the time. Although they pay the agency and you get a portion it is still cheaper for the contracted company to have you hired in this way, like the no benefits,etc, as it costs them $ as well. Once you learn that date go to your manager and express interest in staying on after the contract ends.Did you say 'too junior' to ask? Nope, it would already be cheaper after the contract ends for them to hire you then into the company. This contracted time can be viewed as a tryout and to perform at the level of what they're looking for so ask. Why not ask the agency for anything open in Manhattan? Good luck.
AnonymousApril 20,2023 at 5:56PM UTC
If they are employing you through an agency then more likely than not, they are paying an additional fee to the agency on top of the salary. Honestly, I would speak with whoever you are reporting to in the company to both indicate your interest in a full time role and ask what is the process for hiring you on.
Rebecca MillikenApril 21,2023 at 2:31AM UTC
While it can be problematic if they hired you through an agency, it's not like it's unheard of.
The last place I worked was always lamenting how hard it was to hire new people and how they were trying and just couldn't find qualified people. My take is that they weren't willing to offer potential employees enough to work there; the fact that those of us who were there were being run ragged didn't really affect upper management.
It just makes me wonder if this claim they are looking for people is just lip service, and saving money by not having to pay benefits is too comfortable for them to actually do much to entice new workers. Even though they are paying extra for contract workers, they can get rid of you whenever they like and they don't have the added responsibility of benefits, etc.
Kathy MasonApril 21,2023 at 1:25PM UTC
The fees to convert you from contingent to full-time, if you are with an agency, can be as high as 20% of the annual salary. Find out from your agency when you can convert with no fee and then talk to your manager.
GirlBossanova934974April 22,2023 at 2:10PM UTC
Candidly, I don't see things getting much better for the investment banking profession for the next 6-12 months. Deals (IPOs or buyouts) are not going to get done with these higher interest rates. So full time head count is going to be kept to an absolute minimum. On the other hand, commercial banking is still doing well regardless of what the hysterical financial media is chattering about. I would look around the New York and New Jersey area for well known REGIONAL banks. With the shutdown of Signature, there is all sorts of business looking for a home.
AnonymousApril 22,2023 at 6:18PM UTC
Correct they will probably have to pay 2 fees. Separate yourself from the other person and go directly to HR and let them know you really want to stay. Let them know that if it means conversion needs to wait until after a certain period of time for the fee to dissolve, that you are okay to wait. Ask for endorsements and feedback from the folks you are supporting and let them know you want FT and benefits matter to you. Show your committment to them and let them know you are NOT looking elsewhere because you so enjoy working for them. Ask about the reality of conversion and if it truly doesn't exist most execs can shop you in their network to find you a new home.
Crystal HowellApril 23,2023 at 10:23AM UTC
All said it makes sense for them, I would try www. Ladders com with your background or try Kelsey Blue at Chase in HR,Good luck, look on LinkedIn sales navigator to find the decision makers.
Erin VegaApril 25,2023 at 9:02AM UTC
Have you applied for these openings? I worked as a temp for almost nine months and really wanted to work with this company. I assumed that they would look at their temporary agents first as we were already doing the work. I was than informed that I needed to formally apply for the position. After the third application for an open position within the department I was temping in was submitted, I got an interview. Interview was fairly quick as the department heads already knew that I would be an asset to the team. I was told they were unaware of my applications to the position or they would have offered the position sooner to me.