US Contingent talent hiring set to soar in 2023
The past 12 months of ever-evolving hiring trends have shaped the destiny of what contingent recruitment will deliver to the world over the course of this year. The global recruitment landscape has experienced a state of flux from the great resignation to the great reshuffle – and this is impacting changing landscapes across worldwide hiring models
The future of staffing continues to dominate the news 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 pandemic 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.
There is a continuation of an increase in flexible and remote work, the effects of technology at work, and the contribution of office design to productivity and employee engagement: The trends influencing the workplace’s future as well as strategies for preparing for and adjusting to these changes. Workplace issues, financial risk, compliance, privacy, and ESG, are all key influences for new global contingent hiring trends.
Here are the most significant influences on the contingent landscape’s outlook of the future of work and what organisations should consider as they plan their future roadmap.
US talent trends 2023
The US employment market for compliance professionals is lively overall, but strong buy side talent and individuals with background in the larger FinTech industry are in particularly high demand. The desire for skilled people across sectors is driving a spike in activity in financial crimes compliance.
US compliance recruiting exploded in the second half of 2021, and it has remained at high levels through the first quarter of 2022. Unprecedented rivalry for Compliance talent has resulted from this market’s intense hiring activity, and many organisations have had difficulty locating or finally securing the talent they require.
Another widespread trend in the US is compliance professionals seeking to transition from traditional banking and finance to a more “growing” or emerging sector of the industry. ESG-focused businesses or those in the fintech industry seem to receive the most requests.
The need for contingent labour in the US has significantly increased over the last two years as firms have struggled to deal with pandemic-related limitations and an ever-unpredictable job market.
In financial services we expect to see a demand in the following roles: commercial lending, financial planning both loans, expense analyst, senior financial analyst both insurance, contract negotiators, and operations roles within investment banking.
In order to specifically cut costs, 32% of organisations across all industries replaced their full-time staff with contingent labour, according to a Gartner poll. This is possibly one of the more obvious benefits of hiring people on a contract basis: it is frequently less expensive to hire people for a set period of time or on a project-by-project basis than it is to pay salaries and benefits to full-time employees throughout the entire firm.
Many feel the 2023 tech boom is to rely on contingent professionals especially for start-ups who are keen to get the tech up and running in an efficient and compliant manner. Some of the most in demand technology contingent roles will be: digital learning content designers, automation RPA support engineers, user acceptance testing analysts, workflow sailpoint developers, oracle fusion security, tech leads/software engineering and analytics solution architects.
We have seen a surge in financial crime contingent professionals being deployed in the UK as AML and KYC measures and regulatory requirements are strengthened and set to only get more stringent in 2023.
How can the contingent workforce help with the BAU gap in talent?
As businesses struggle to stay up with the continuously shifting regulatory and risk environments, financial crime roles are increasingly among the most sought-after contingent placements in the financial services industry.
Overwhelming regulatory and policy demands and increased cyber threats have meant that more 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 ability to cope with added demands.
As firms hunt for certified specialists in compliance, AML, KYC, and EDD to help strengthen financial crime compliance procedures and systems, the sector has seen seismic expansion over the past few years.
There has been a significant rise in financial crime contingent resource requirements globally, with Firms acting quickly to set up new hiring methods that accommodate the shifting personnel scenario, which includes more financial crime, increased regulatory demand, and additional BAU work because 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 added work demands being placed on firms.
The contingent workforce will be essential for new business models, new hiring models.
Companies want more flexibility in their talent investments, but they are also dealing with a scarcity of specialised talents. As a result, new hiring models are including contingent talent as part of new hiring strategies. Therefore, 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 keeping key staff. The past two years have proven the importance of the contingent workforce to financial services.
Over the past year or so, the advantages of a contingent workforce have become abundantly clear. The global recruitment landscape has evolved from the great resignation to the great reshuffle, and we are seeing changing landscapes in global 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.
Contingent resource teams can ensure a ‘no stone is left unturned approach’, and in a highly pressured regulatory environment, hiring contingent resource can make a vital difference in understanding the weaknesses of your risk assessments, as well as setting up concrete plans to resolve them.
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.
Momenta have worked with multiple companies across industries globally, successfully building their contingent workforce. If your business has been impacted by additional regulatory or compliance pressures and needs additional staffing support in your claims handling and risk/compliance departments, speak to us to see how we can help in supplying experienced and effective members to your team.