Monday 22 February 2021 9:00 pm

Gig economy workers to nab 20 per cent of financial services jobs

Gig economy workers will soon make up between 15 and 20 per cent of the workforce at financial services firms, up from the current five per cent of workers.

In the next three to five years so-called ‘gig workers’ will become increasingly common at financial services firms, more than half (52%) of financial services firms have said.

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According to global research carried out by PwC, the change will be driven by cost pressure and the need to access digitally skilled talent.

When it comes to gig economy workers in financial services, PwC said firms were worried about confidentiality, a lack of knowledge and regulatory risk.  

John Garvey, PwC global financial services leader at PwC US, said: “Leaders in the industry are looking seriously at their workforces to evaluate which roles need to be performed by permanent employees and which can be performed by gig-economy workers, contractors or even crowd-sourced on a case-by-case basis.”

Garvey said remote working has enabled firms to assess outside of a firm’s physical location, including outside the country.

“What we are seeing now is a talent marketplace for gig workers in financial services, competing to take advantage of their specialist skill set and boost productivity within their businesses,” he added.

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