2021’s economic recovery has resulted in a dramatic surge in the number of Independent workers in the United States, increasing from 38.2 million in 2020 to 51.1 million in 2021 – an unprecedented 34%. Managing contractor payroll is a complex employer responsibility that opens organizations up to risk and program overspend. 

The truth about contractor payoll

Performing a maturity assessment of your Contractor Payroll Program is the key to determining whether your organization has the Onboarding, Rate Management, Worker Management and Value Add attributes needed to ensure risk mitigation and really drive cost savings.

They may not be aware of it, but many organizations aren’t getting the most out of their contractor payroll program. Yet, in order to save on costs and increase efficiencies, there are key attributes that every program must consist of. The best way to determine whether your organization’s contractor payroll program is delivering the best value is to conduct a program maturity assessment.

Whether your organization refers to them as gig workers, temps, freelancers, or independent contractors, contingent workers can be a valuable asset to your company. But managing temporary talent is also an extremely complex undertaking.

Below, we’ll outline how to conduct a program maturity assessment, while also examining some of the potential risks of a mismanaged contractor payroll program.