What is contractor payrolling?
Amid the rise of the gig economy, more and more organizations are turning to non-traditional workers to quickly and efficiently reach their corporate goals -- so much so that 40 per cent of the U.S. workforce alone is currently made up of contingent workers, with the number expected to rise to 50 per cent by 2050.
Yet while gig workers are trending toward becoming the norm in most companies, a flexible workforce can open organizations up to a myriad of tax, financial, legal and branding risks not associated with traditional worker programs.
Fortunately, however, there are methods to help mitigate these risks, and organizations don’t have to face the threats that come with a contingent workforce alone.
One of these methods is outsourcing employer responsibilities like contractor payrolling to a trusted vendor who will manage workers’ wages, bonuses, and deductions as well as provide support during the length of a worker’s assignment(s). The client partner will also identify and implement internal measures to protect organizations from serious risks like unforgiving fines, penalties and negative employer branding.