I was laid off in 2023 and ended up taking a contract role at a bank through an Indian consulting firm via a vendor. At the time, I didn’t push back much on the pay. it was lower than my previous role, but the workload was lighter and the work-life balance was actually decent.
Now that the contract has ended, I’ve been actively applying to full-time finance/IT roles. What’s strange is I’m barely getting callbacks for permanent positions, but I am getting contacted for contract roles through the exact same vendor/consulting setup.
What’s more frustrating is the pay. I was making around $55/hr before, and now I’m getting offers in the $40–45/hr range for essentially the same type of work, despite having more experience. And these roles don’t even offer incorporation options. It feels like I’m being lowballed repeatedly, just because they’re putting my name forward.
It also feels like the hiring model has completely shifted. Banks used to hire contractors directly, but now everything seems to be funneled through companies like TCS, HCL, Accenture, or Cognizant. If you’re not coming through them, it’s much harder to get in.
Given how small the Canadian IT market already is compared to the U.S., it’s frustrating to see so much of the hiring and the margins going through these layers instead of directly to the people doing the work.
I am applying to other roles and companies but not able to avoid these vendors since they call me when they learn I have worked at the particular bank.