Ensuring small service providers meet client-defined vendor standards. . .
Vendor Qualification Services
Enterprise clients frequently use large numbers of small service providers and specialized consulting firms to complete projects and secure access to hard-to-find worker skill sets. The small size and relatively low budget profile of these vendors can create workload challenges for procurement or vendor management organizations tasked with providing enterprise-wide oversight and controls. In addition, due to their structure and the employment relationship of their workers, small service providers can often introduce significant worker misclassification risk to the enterprise.
Outsourcing vendor qualification to TalentWave can be a strategic solution that drives business efficiency while reducing risks. With the TalentWave Vendor Qualification solution, we evaluate new or re-engaging service providers to ensure they meet client-defined standards for vendor status, including:
- Business license validation
- Certifications check
- Insurances validation
- Payroll and business tax compliance
As part of this service, we also validate business size so clients can make an engagement decision:
- Larger vendors (this is client defined, but typically more than 10 employees) generally don’t pose much worker misclassification risk, so clients often contract with them directly. For business or procurement category management reasons, some clients elect to have selected larger vendors engaged as Sub-Vendors through TalentWave.
- Small service providers (this is also client defined, by typically fewer than 10 employees) can often introduce significant levels of worker misclassification risk. To gain process efficiency and mitigate risk, many clients choose to have TalentWave engage small service providers on their behalf. With our Sub-Vendor Engagement solution, the service provider is subcontracted underneath TalentWave, and all workers performing services for the client are evaluated for proper worker classification through our ICverify compliance solution.
Vendor Qualification services include:
- Setup and program compliance
- Client-specific documentation and contract provisions
- Business insurance verification and renewal tracking
- Proper classification of all vendor resources performing services
- Prescreening verification of workers
- Payroll tax reporting verification
- Year-end reporting
There's Much More
Understanding and navigating the complexities of our industry is what we do best and we'd enjoy the opportunity to talk with you about yours. Please fill out the fields below and we'll contact you within 24 hours. Thank you.