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Appropriate workers classification, though important, is not the only risk that consulting buyers face. Intellectual property concerns should also be addressed any time a business engages with an Independent Contractor to create, develop, or deliver a product, idea, or service for their business.
With human capital as their primary “product” consulting firms are naturally always on the hunt for the best talent. This battle for talent has intensified in the current economic expansion as many of the best and brightest minds are attracted to technology companies for their next career move.
Worker misclassification is a growing area of concern for US employers. In 2015 we saw significant federal and state regulatory agency activity around worker classification, and this trend is likely to accelerate in the coming year.
Engaging with a corporation does not automatically protect your company from worker misclassification risks. We are frequently asked by clients to help them manage the risks surrounding professional services vendors who perform work on a SOW basis for the benefit of the client company.
In the latter half of 2015 both the IRS and the Department of Labor (DOL) issued guidance emphasizing the importance of proper worker classification for businesses. As we return from the holiday break and dive into 2016 it is a good time to review the potential risks of worker misclassification and discuss effective risk mitigation strategies.
In today’s article we’ll examine a common phenomenon in enterprise programs: the individual worker who “steps outside” their own corporation (or the one he/she works for) and instead performs work as a common law employee for another company.
We’ve now entered a new era of talent scarcity, a time when buyers of talent must focus on attracting and retaining the vital talent they need to execute their strategic plans and get work done. It is predicted that the number of Millennials in the workplace will outnumber the Boomers sometime this year.
As independent contractor compliance and engagement specialists, we are frequently asked by enterprise clients to help them manage the risks surrounding professional services vendors who perform work on a SOW basis for the benefit of the client company. Part of the solution is to educate our clients on the definition of an independent business.
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