The contingent workforce is a growing part of today’s world economy —particularly in the financial services sector. Yet it is difficult to quantify the number of contingent workers who work for banking and financial services firms.
This contingent workforce takes many forms. The insurance ads you see on television may have been written and produced by external agencies. Your financial advisor may be an independent contractor. The analytics for approving your business loan or underwriting your reinsurance may have been developed by consultants. Conservative estimates suggest that external talent comprises 10%-30% of the workforce in many financial institutions. But this assessment may be understated because many firms don’t have the right data to quantify their external workers accurately.