Why 2022 is the ideal time to be a contingent worker
As the nature and expectations of employees across the globe continues to evolve in 2022 in the face of the shifts that have taken place since the outbreak of the COVID-19 pandemic, the need for a truly global contingent workforce has never been stronger.
Coupled with what has been dubbed by many as ‘the great resignation’, being part of a contingent ecosystem in 2022 will offer a plethora of opportunities as businesses adopt differentiated models to not only help fully resume BAU, but in a landscape were financial crime and increased regulation to combat this is rife, to also manage and mitigate the uncertain nature of future business challenges.
In this latest insight, we have highlighted the key trends and developments that are happening on a global setting and which roles are in the most demand right now.
In the UK Post Brexit and the pandemic fallout mean it’s high time for contingent staffing
According to recent research, demand for contingent and contract-based workers is increasing across the globe, with the biggest demand coming from the financial services sector. Post Brexit and in the face of the many challenges posed during the pandemic, recruiters are now placing record numbers of temporary workers into employment. Many large firms are turning to contingent models to help resume BAU as well as in tackling other forthcoming projects.
Key roles in the UK in 2022 for contingent workers will be around financial crime and remediation, with increased regulatory landscapes placing more pressure on firms to beef up their compliance systems, processes, and controls.
What are the key market outlooks for contingent staffing in Australia?
We believe the top trends for this year in Australia will be still within the Financial Crime space, specifically around AML/KYC/ECDD. 2021 was huge within this area and we expect this to keep growing. Most of the fallout from the Royal Commission relating to Financial Advice continues to ramp down, however forward-looking KYC activity now by the banks prevents retrospective and remediation activity in future years. It is in this arena therefore that we believe additional resources will be required in the future.
With the economic ramp up starting again as the country gingerly emerges from the Covid crisis, we would expect additional roles to come out of this. However, this will also be heavily influenced by the upcoming Federal election and the resulting delays to legislative activity. The inevitable focus on ‘buy now pay later’ activity and transactions will likely be delayed by at least 18 months due to this.
The view from the US for contingent staff
Whilst the model of contract-based roles is historically less common in the United States, contingent workers are increasingly becoming more common in businesses across the US.
Significantly, many companies there do not wish to hire many long-term employees in the foreseeable future. Thus, outsourcing allows businesses to have a small core of employees while having the flexibility to hire specialised personnel and services as needed. There has been a record number of new hires in the US for contingent staff in financial services over the past year, and the numbers are expected to continue to grow
Why become a contingent worker?
There are multiple reasons why many choose to become a contingent worker. One of the most appealing aspects of becoming a contingent worker is the ability to select contracts that best suit your desired working patterns. Contingent workers can have more flexibility in their careers as opposed to permanent staff. They control which projects they choose to work on and can work with some of the globes leading organisations – which would often otherwise be very difficult to get into as a permanent staff member.
Working on a variety of projects for a variety of companies can help your CV stand out from the crowd by showcasing transferrable talents through various employment. Furthermore, many firms are prepared to hire inexperienced workers for temporary positions, making it easier to get a contract job in a field that you are passionate about.
As a contractor, you’ll have more options to work for some of the world’s most reputable and regarded companies, again providing your CV an impressive assortment of both experience and employment credibility when applying for future positions.
Getting temporary or contingent work in a field where you want to make a full-time career can be quite beneficial when applying for future permanent positions. Not only will you obtain a greater knowledge of what the role entails by working as a temporary worker, but you will also gain significant experience for future opportunities.
Contingent roles also offer higher paid opportunities which attracts many to this type of profession. Being a contingent worker also allows you to have more opportunities to explore and grow your career trajectory.
What are the most in demand contingent roles right now?
- KYC analyst: A KYC analyst’s main responsibilities include reviewing new client account documents, evaluating high-risk accounts, and analysing new customer processes and regulations. They also do internal research on market trends and client behaviour patterns. Furthermore, KYC analysts may be involved in the examination of new product proposals as well as the analysis of risk and compliance problems associated with these goods.
- AML analyst: Preventing money laundering is at the heart of what an AML Analyst does. Money laundering is a significant threat to society. It provides criminals with the financial means to pay for their crimes. To verify new and existing consumers, you’ll follow steps that require identity verification. To assist the organisation in detecting suspicious activities, you’ll file reports and keep records. You will begin an investigation if you suspect criminal activity. You’ll construct a case file and collaborate with AML Officers to dig deeper into the customer’s conduct.
- Financial Crime Analyst: The Financial Crime Analyst will investigate all sorts of financial crime to make sure the proper steps are being taken to identify and report financial crime concerns. This person will oversee conducting investigations of Tide members to determine if there are any Financial Crime concerns. If any Financial Crime concerns are discovered, the Financial Crime analyst is responsible for reporting them to the NCA. Tide’s regulatory requirement to identify and report suspicious behaviour in a timely way will be the focus of this function.
- Case Assessor: Case Assessors will oversee examining customer Case Files, judging whether the financial advice offered was appropriate, and determining whether the consumer should be remediated.
- Litigation Executive: Although day-to-day responsibilities vary by industry and organisation, a Litigation Executive’s common responsibilities may include providing legal advice to clients, communicating with them, and clarifying complex legal issues. On behalf of clients, they will liaise with other specialists. Information gathering and legal document preparation will also be required.
- Paralegal: Paralegals work in a range of law companies, as well as the commercial, public, and non-profit sectors, to assist other legal professionals. Preparing legal documents, research, admin, offering quotations to clients, interviewing clients and witnesses, delivering legal information to clients, going to court, and handling a caseload of clients are typical paralegal responsibilities.
- Administrators – to become paralegals: A non-attorney law office employee or law office manager oversees the day-to-day operations of a law firm. Legal administrators oversee workers whilst discovering and creating commercial prospects to ensure the supply of legal services.
Make your next career move a great one with Momenta
Momenta is a global contingent resource solutions company, providing skilled professionals to the financial services, legal, technology and training and development sectors for over 30 years.
If you believe you may have the right skills and experience for an exciting new project with us, get in touch. By becoming one of our associates, you join a company that provides people with quality opportunities, development, and ongoing support globally.
If you are looking for a new opportunity in the financial services, technology, legal, or training and development sectors, start your contingent working journey with us today.