The future of the workforce – Why contingent services will be key

The future of the workforce is a trending topic for multiple industries, as new workforce norms are being defined. Many organisations especially those in financial services are asking how they can prepare for the future of work. Given the current market’s unpredictability, understanding the new patterns and trends will be key, especially for compliance departments facing additional pressures from regulators.

The COVID-19 epidemic has resulted in a significant rise in consumer digital interactions, opening up new opportunities but also increasing operational and market dangers, many of which are related to fraud and financial crime.

Here are some thoughts on the most significant influences on the contingent landscape’s outlook of the future of work, as well as what organisations should consider as they plan their future roadmap.

The contingent workforce will be essential for new business models, new hiring models

Companies want more flexibility in their talent investments, but they’re also dealing with a scarcity of specialised talents. As a result, new hiring models are including contingent talent as part of new hiring strategies. This is why the importance of contingent workforces cannot be overstated.

Past events can only forecast the future to a limited extent, but what we can see from present workforce trends and developments is a shift in both hiring and retaining key staff. The past two years have demonstrated the importance of the contingent workforce to financial services. Overwhelming regulatory and policy demands from post-Brexit and increased cyber threats have meant that additional staff support was and is very much needed. Many financial institutions have turned to the contingent workforce to help in areas of weakness or areas where they do not have enough in-house capacity to cope with additional demands.

Firms should act quickly to establish new hiring methods that accommodate the shifting personnel scenario, which includes more financial crime, increased regulatory demand, and additional BAU work as a result of the pandemic’s delays. Contingent staff offer key skills and a bigger pool of talent which allow for BAU to resume, but also allow for outsourced teams to be set up quickly to complete additional work demands being placed on firms.

Remote working and its impact on more talent turning contingent

The transition to remote work is one last known cause that is anticipated to have the greatest influence on the contingent workforce. The pandemic has put firms’ remote capabilities to the test, demonstrating that employees can better balance work and family life when they aren’t compelled to be physically present in an office. Workers understand the worth of their skill set and unlock chances that would not have been possible locally when they begin to explore remote opportunities outside of their native market.

The future is flexible

Contingent resource can be used to temporarily replace any critical skill gaps, increasing the flexibility and responsiveness of your team as needed. The contingent workforce can give you more flexibility in your workforce, allowing you to extend your labour force and increase productivity output on demand without incurring the expenditures of acquiring and maintaining permanent employees.

If your business needs additional staffing support in your compliance departments, speak to us to see how we can help in supplying experienced and effective additional members to your team.