12 September 2023

Why contractors are hot in financial services right now

With growing interest from regulators, the financial services industry is eager to find short-term talent. In this week’s edition of Top of Book, we speak with MBK Search CEO Spencer Knibbewho explains why hiring interim GRC talent is more appealing than ever.

The financial services sector has undergone big changes in 2023. Regulation is increasing almost weekly in both scope and complexity (tougher rules on bank reporting, and renewed focus on hedge funds). ESG standards also remain high on the agenda for many firms. 

Banks and other financial service providers continue to seek top talent. Flexible work arrangements and strong base salaries remain important for jobseekers.

But heading into the final quarter of the year, what else should employers be thinking about?

MBK Search Chief Executive Spencer Knibbe warns that not all firms are prepared for regulatory scrutiny.

“While budget for full-time hiring has been put on hold at many firms, the workload and demand on existing staff hasn’t abated. Unfortunately, many teams are still quite understaffed and burning out,” he says.

Knibbe says banking and financial services will need to “plug the gaps” somehow.

“There is a clear need for knowledgeable talent to supplement full-time staff in the near term. Interim or temporary staffing is a very good option for clients to gain access to the knowledge and flexibility of ‘plug-and-play’.”

MBK Search’s candidate trend data shows that there is a growing number of jobseekers who would be open to contract roles that are less than 40 hours a week.

That is proving appealing for professionals with substantial experience but want the flexibility of fractional and contract positions. 

With more than 90 years collective experience working within the GRC sector, MBK Search’s talent team have industry alongside talent sourcing expertise.

The company is working with a tranche of highly flexible contractors available on a fulltime or part-time basis, and who can work within a very short notice. 

The benefit of working with MBK Search to fulfil your contract and interim talent needs is obvious.

“MBK Search handles everything for a single hourly or daily rate. Timesheets, payroll, taxes. That can also include running all your contractors through our payroll service,” says Knibbe.

Knibbe says flexibility works for contractors and clients alike.

“The fact that a GRC team can ramp up or slow down hiring when it suits is hugely beneficial. It gives firms peace of mind to focus on what’s immediately important, which is crucial in a fast-moving regulatory market.”

 At MBK Search, we help firms find world-class talent to build champion GRC teams. We recruit across all regulated industries and sectors in the United States, EMEA, and APAC. Let’s start building — visit our website to find out how.


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