Big 4 Consulting Firm Saves $6M with Contractor Compliance Strategy

Situation

Outdated Approach to Compliance

A Big 4 consulting firm was looking to improve their approach to independent contractor compliance. They wanted to ensure the needs of their US advisory practice were being met while at the same time engage independent talent compliantly. Their managers worked through several approved vendors to engage independent talent and the firm was managing compliance internally. However, the process was clunky and inadequate. They knew the lack of rigor within their own compliance program would ultimately cause issues, and so they elected to partner with MBO in an effort to engage their independent talent in a single, compliant model.

The compliance program helped the client to lower enrollment time, increase satisfaction of engagement managers and independent contractors, and maintain a rigorous level of compliance for all incoming independent talent.

Solution

Mitigating Risk and Migrating to the Future of Work

By partnering with MBO, the consulting firm was able to continue working with their existing vendors to find and engage independent talent from a variety of sources. MBO offered extensive experience and invaluable advice in developing a comprehensive compliance program, saving the consulting firm time and money while creating a better overall experience for independent talent.

In addition to working closely with key program sponsors from the consulting firm, MBO met with teams of lawyers to ensure proper development of an airtight compliance solution. The final solution validated independent contractors throughout every step of the onboarding process, making sure all workers had proper business insurance and background checks. MBO's solution also enabled the consulting firm to have a consistent system of record for all contingent labor they engaged while being able to accommodate independent talent from a variety of backgrounds.

Results

A Client of Choice Approach

Ultimately, the compliance program MBO developed for the consulting firm helped to lower enrollment time, increase satisfaction of engagement managers and independent contractors, and maintain a rigorous level of compliance for all incoming independent talent. The compliance program enabled the consulting firm to easily re-engage known talent through MBO, a cost-effective measure that allowed them to avoid expensive third-party markups. The program has also expanded, including compliance for contractors engaged via additional third-party labor sources, such as other freelance marketplaces. Looking ahead, the consulting firm plans to incorporate more direct sourcing solutions to lower their reliance on third-party vendors and build a network of experienced, skilled independent talent.