Why financial-services firms need to change with the times
Photograph by Witthaya Prasongsin
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As the worldwide vaccine rollout signals the start of the post-pandemic era, businesses are faced with the prospect of emerging into a world that has decisively and permanently changed. The COVID-19 pandemic has led to many significant innovations in the way financial-services (FS) businesses operate and has undoubtedly accelerated the digital transformation agenda beyond all predictions. This has required FS businesses to respond with agility, placing a greater focus on their most important asset: their people.
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About 52 per cent of financial institutions expect to employ more gig-based employees over the next three to five years as the economic impact of the Covid-19 pandemic continues to disrupt traditional working models, according to global consultancy PwC.
Gig-economy talent currently accounts for 5 per cent of the financial services workforce, while contractors account for 9 per cent, the research found.
Gig economy workers are non full-time employees who are sourced for specific projects and skills, and are not exclusive to any employer. They may be working on multiple projects for different firms, with no defined period of time. Contractors are also non full-time employees, however, they generally work exclusively for an employer for a defined period of time.