Research
This latest research report from the Aberdeen Group reports on the dramatic growth in the use of independent contractors, SOW consultants, and services spend, and gives readers insights on how Best-in-Class organizations are navigating the contingent labor landscape. New this year, the report has an expanded scope to include new categories of spend in the contingent workforce, including project / services spend.
Conventional Contingent Workforce Management (CWM) approaches are weak when it comes to wrangling independent contractors. But recent innovations in independent contractor engagement models are being integrated into more traditional VMS/MSP programs, and delivering the kind of results that will allow your business to successfully transition into the new economic reality. By focusing on the root cause of independent contractor engagement challenges, rather than just chasing after symptoms, contract workforce program managers will be able to reap significant 1099 compliance and performance improvements, and even win some ROI in the process.
With economic recovery around the corner, businesses must manage the growing contingent workforce to not only achieve business goals, but strategize for oncoming demand. This new data from Aberdeen benchmarks the performance of 200 companies with respect to contingent workforce management. The study found the adherent risks of managing contingent labor, particularly independent contractors, must be mitigated, while delivering performance across areas like time, cost, and compliance with labor policies and employment law.
From May through August 2009, HCI conducted extensive research to understand whether organizations are realizing a return on their investment (ROI) in centralized contingent and contract talent management, and if so, how. The surprising findings are summarized in this paper. HCI strongly recommended organizations move toward enterprise, centrally managed and technology-enabled CWM. Specific to companies like MBO Partners, the research concluded, “Among users of Independent Contractor Engagement Specialists (ICES) and/or Portable Employer of Record (PER) services who track cost savings, almost half (48 percent) have experienced significant cost savings greater than 15 percent.”
The pharmaceutical industry is recognizing its susceptibility to the same risks inherent to engaging independent contractors as any other sector. Baby boomers who have built their careers at pharmaceutical companies aren't leaving the workforce, but they are working differently -- as consultants. Keeping them on board is beneficial to both the pharmaceutical company and the consultant, but as Gene Zaino discusses, it's important to engage them safely. (Listen to the interview here.)
With the nation facing the toughest economic times since The Great Depression, enterprises are being forced to reevaluate their current labor needs and implement alternative workforce strategies to effectively drive performance without sacrificing time, cost, or quality. Download the latest research on contract labor, and in particular the risks and challenges for managing the growing sector of independent contractors.
According to a new study, over 90% of organizations surveyed use contract talent, and 34% said use has increased in the past three years. The composition of the contract workforce is changing; more than half are skilled consultants performing mission critical functions. The study indicates HR and procurement will need to collaborate to manage contract talent strategically.
Jointly produced by Michael Best & Friedrich LLP and MBO Partners, this paper offers a groundbreaking overview of the legal ramifications and risks for federal contractors required to use E-Verify, with particular attention to how the new regulations -- which go into effect in May 2009 -- will apply to independent consultants, independent contractors, small vendors, and other sub-contractors.
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Video
Watch the video replay of our special topics webinar with guest expert, Eric Rumbaugh. Mr. Rumbaugh is among the most respected co-employment experts today and is a Partner with the law firm, Michael Best & Friedrich, LLP. In this content-rich one hour program, he delivers up-to-the-minute facts about independent contractor compliance, and speaks to IRS reclassification risk, co-employment, benefits, and issues you need to be aware of.
Watch the video replay in Windows Media Player >
Download the slide presentation in PDF >
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- FedEx: 1 2 3 4 5
- $319M penalty: A B C
- Microsoft: 1 2 3 4
