Independent Contractor (IC) misclassification can expose your company to significant financial penalties. Keep your organization healthy. Make an appointment for a business physical!
TalentWave’s Health Check is a quick, efficient and affordable first step to help you identify and solve the issue of IC misclassification that may be present today throughout your organization. Our Health Check, paired with our sub-vendor qualification solution, ensures service providers and their workers meet all legal classification requirements as well as your pre-defined standards.
We’ve developed tools that provide transparency, exposure estimates and actionable plans to help you launch a comprehensive risk mitigation program. Undergo a Health Check annually and benefit from learning best practices to ensure your independent workforce is compliant, risk mitigated and cost effective far into the future.
Why does your organization need it? Well, you don’t know what you don’t know. Plus, a Health Check can help you to find your invisible IC workforce.
Avoid potential issues and gain peace of mind with a minimal investment of time and resources. During the Health Check, TalentWave examines your IC use and provides high-level insight in three key areas:
- Compliance: Is your company appropriately classifying ICs?
- Governance: Does your company have appropriate controls in place to mitigate the risks associated with classifying ICs?
- Regulations: Does your company comply with federal and state reporting requirements regarding employment of ICs?
How is it done?
TalentWave reviews your company’s 1099 list from the previous year, analyzes client questionnaires and performs a detailed analysis that includes:
- Identifying whether your current ICs are correctly classified
- Calculating the estimated size of the company’s IC population
- Determining the scope of the IC program across the enterprise
- Determining whether government notifications were appropriately issued
- Calculating the probable dollar risk of the company’s IC program
- Reviewing company policies on IC use as well as federal and state reporting
What data does a company provide?
TalentWave would like access to these resources, if possible:
- One to two years of appropriate 1099 data
- Company name and business name
- Services provided
- Department manager
- Spend as it appears on 1099
- SSN or EIN
The entire Health Check process takes about two weeks after the required data is received.
How are results delivered?
At the end of the process, TalentWave provides:
- An executive overview detailing how your company uses IC help
- An Excel workbook containing the summary of population and financial risk
- A model to run alternative scenarios
- A summary of risk-mitigating procedures
TalentWave can discuss your results with you and make mitigation recommendations including best practices for IC management. For example, your organization may want to survey your current suppliers and sub-vendors or conduct detailed Statement of Work reviews going forward.
IC misclassification can expose an organization to significant financial risk. Find out what your company needs to do to stay safe.