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Monday
Nov292010

Offshore Contracting Jobs Go at Lloyds

Most people know that Lloyds TSB took over HBOS in 2009. But even though there have been significant restructuring steps taken recently – resulting in many job losses – there will now be more.

The IT department is now bearing the brunt of the latest round of losses, with some 4,500 being dropped as a result. These are split between permanent, temporary and offshore positions, being split roughly equally between the three job types.

I am always disappointed to see job losses in any way, but sometimes it is necessary to drop jobs in order to keep a company profitable and trading healthily. Unfortunately the people concerned are individuals trying to build secure lives for themselves, and this news coming so close to Christmas will not be welcomed.

According to the reports, it would appear that the HBOS sites taken over by Lloyds will be the ones that will lose the vast majority of this latest set of jobs. But perhaps the most notable worry is that this will spill another huge number of people onto the jobs market at a time when fresh jobs are hard to come by.

This is one reason why I have seen more people creating their own businesses in recent times. Faced with a harsh job market it can be one of the best and most promising ways to get back on your feet again. But as we can see from the above example, not all jobs that are lost will be created as freelance positions. Some people may change jobs altogether.

If you have any concerns about a significant change in tax position following a job loss or a redundancy, contact us for advice at St Matthew now.

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