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Risk Mitigation
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Improve independent contractor program adoption, increase talent retention rates, and mitigate misclassification risk with these three best practices for independent contractor engagement.
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Today, independent work is part of the normal career portfolio and organizations are increasingly looking for ways to incorporate independent professional talent into their overall workforce strategy. Independents have a lot to offer, and with the right engagement program, they can help an organization thrive. Here are four important strategies to keep in mind if…
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Any business that engages independent talent will take precautions to minimize the risk of worker misclassification, but if you do find yourself with an IRS audit letter what do you do? Because audits can result in large fines, negative press, back-tax payments, and even class-action lawsuits, the prospect of going through one can be scary….
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Minimize the risk of worker misclassification by understanding these three important components of independent contractor compliance.
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Hiring independent contractors can be risky if you don’t have a plan in place to properly manage compliance and business requirements. More companies are looking to hire independent contractors because they are a valuable source of talent for businesses. The growth of the independent workforce has also made it easier for businesses to compliantly engage…
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Why a Risk Assessment is Important Discussion of independent contractor misclassification seems to be everywhere nowadays. And while most now acknowledge that threat of reclassification is real and growing, most businesses don’t know how to quantify this risk. This isn’t surprising. IC reclassification penalties are highly variable and may rise and fall at the discretion of…
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Most firms working with consultants, contractors, freelancers and other 1099s will use an RFP (Request for Proposal) to set the tone and guidelines for what is expected to complete an assignment. Clients are more comfortable with engaging a contractor when they outline and understand what needs to be delivered by the consultant. Moreover, consultants will…
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By engaging independent contractors, organizations can realize many benefits—from significant financial savings and staffing flexibility, to access to specialized skills and expertise. Independent talent can be a great way to test out new services, lay the foundation for a new business unit, or implement a new technology system. But in order to avoid risk, ensure…
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The differences between 1099 and W-2 tax forms, and considerations to take into account when making hiring decisions for your organization.
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When engaging independent contractors, businesses must abide by laws and regulations specific to these workers. Learn the importance of independent contractor compliance, and how to minimize risk for your company.
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