Why the future of the workforce is turning contingent

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.

So, what does this mean for contingent workers and what type of hiring trends should they look out for over the next year?

  1. An increase in hiring of financial crime and compliance staff

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.

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.

We have seen 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.

  1. Contingent roles offer opportunities to develop skills for the future

Contingent roles can offer a plethora of opportunities to place hard-hitting logos on your CV and learn from some of the world’s most renowned financial institutions. A contingent role is a perfect opportunity to not only develop your skill set to take on new challenges but an opportunity to get into harder-to-reach organisations such as the big four and bigger retail banks.

Working with an organisation such as Momenta can help you get opportunities that would otherwise be difficult to find and is also an opportunity to gain valuable skills and experience from not just one role but multiple roles that can give you a career resilience that a permanent role would not necessarily give.

Many permanent workers after a while in their roles, still feel a sense of wanting a new challenge. This is hardly the case with a lot of contingent roles as with the nature of being a contingent worker the one benefit is you never will be bored, and you are constantly evolving in a market that offers a plethora of career opportunities.

  1. 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.

Overwhelming regulatory and policy demands from post-Brexit 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.

  1. Remote working and its impact on more talent turning contingent

The transition to remote work is one last known cause that is expected to have the greatest influence on the contingent workforce. The pandemic has put firms’ remote capabilities to the test, proving that employees can better balance work and family life when they are not 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.

  1. The contingent workforce can help drive innovation

Employees with diverse backgrounds, abilities, experiences, and knowledge are more likely to produce fresh and creative ideas. The contingent workforce can be used to temporarily replace any critical skill gaps, increasing the flexibility and responsiveness of your team as needed.

This could have a significant impact on the company because it will help it expand in the long run. It can also provide your firm with a variety of benefits, including innovative ideas. A team made up of long-term employees, on the other hand, can suffer from a lack of creativity and innovative thinking. Employees will feel more comfortable sharing their perspectives with others if distinctive ideas are exchanged across a diverse workplace.

Join the Global workforce of tomorrow today.

Working with an organisation such as Momenta can open the door to some of the world’s most prestigious financial institutions. This will not only open doors for prospects, but you will grow key skills of the future that many permanent employees would not always get access to.

If you are looking to start a contingent career or are looking for a new contingent role, join Momenta today to become part of a network of highly skilled and talented professionals, where we are helping thousands of them secure roles within the Financial Services, Legal, Technology, and Learning & Development sectors.

Momenta is a global contingent resource solutions company, supplying 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.