The financial services industry is coming to rely on the contingent worker to fill key roles.
Whether they are freelancers, contractors or consultants, they are performing jobs that would once have been filled by salaried staff – or taking up positions at short notice to react to a company’s change in circumstances.
The rise of the contingent worker is such that only 42 per cent of the 11,000 companies surveyed for Deloitte’s 2018 Global Human Capital Trends report had more salaried staff than contractors.
That study also found that 50 per cent of respondents used contractors.
Benefits of using contractors
While some of that can be put down to the rise of the “gig economy”, a portion of it can be explained by just how useful having access to a contingent workforce can be to employers.
It allows companies to increase their staffing levels temporarily when required, without having to worry about keeping the new workers on the payroll.
And it gives them access to pool of talented people with the skills and experience they require at short notice – and without the burden of going through a recruitment process, if they use the services of a contracting firm such as Momenta.
This form of outsourcing has been particularly useful in the financial services industry for the duration of the PPI settlements period and has made those working in the sector aware of how easy it is to access staff quickly and replace leavers virtually seamlessly.
And complicated onboarding schemes which run from recruitment to interviewing, from assessment to induction can be handled by an agency – saving firms in accounting industries time and money.
Once contractors are trained up and in position, clients often become aware of particular workers who they want to move into a salaried position. With recruitment and training costs already absorbed, this represents a further saving – and demonstrates the added value contingent workers provide.
Advantages to become a contingent worker
For financial services companies, the benefits are clear. But there are also great reasons to become a contingent worker.
For starters, it allows people to use their skills and develop new ones in a variety of different firms and specialisms. And it can be a gateway to a permanent position for young people starting out in the financial services industry or older people who want to try something new.
Find out how Momenta can help the potential candidates with the process of landing a contractor job.