Have you considered the financial impact that flexible workers have on your company?
Managing the Costs – and Risks – of your Independent Workforce
You’re responsible for the financial viability of your organization. Budgeting, cost-control, risk management, and compliance are all on your plate. Have you considered the impact of independent workers?
Finance professionals know labor can be the single largest cost for the organization. This category is comprised of both traditional employees and a rapidly growing pool of flexible workers such as freelancers, consultants, and independent contractors.
Strategic Issues for Finance
Along with HR and Procurement business partners, Finance may have oversight of this non-employee, flexible, workforce used by an organization to get vital work done. When Finance considers the organizations use of flexible workers it is confronted by a number of strategic issues:
- Visibility and cost control over the entire flexible workforce spend
- Comprehensive reporting and data analytics for flexible workforce spend
- Ensuring proper worker classification (and risk mitigation for worker misclassification) for every non-employee worker performing services for the organization
- Co-employment risk mitigation
- Assurances that taxes, benefits administration, payroll, consultant invoicing/payment are being handled appropriately
- Vendor rationalization, category spend management
- Contract standardization and compliance
Value Proposition for Finance Sponsors
Partnering with TalentWave means we design a solution that solves these Finance challenges to deliver bottom-line results. Our CFO and Finance sponsors enjoy these valuable benefits:
- Discovery and documentation of the total independent workforce population within the organization, along with cost center visibility
- Detailed reporting on spend and usage to enable effective category management and ability to drive cost savings
- A/P process simplification and invoice consolidation
- Risk mitigation and indemnification for worker misclassification
- A consistent enrollment and on-boarding process ensures standard company contracts are in place for all contractors (both ICs and agencies) along with uniform application of flow-down provisions that protect the company (IP, insurance, etc.)
The TalentWave Blog
Your source for expert analysis and commentary on the independent workforce. We also share our thought leadership and proven client best practices on safely and effectively engaging independent workers.
Visit our Resources section download the latest TalentWave thought leadership material.
There's Much More
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