What are the benefits of engaging independent contractors?
Independent contractors can become strategic assets and competitive differentiators. Many legitimate independent contractors have unique subject matter expertise and specific project acumen that may be difficult to find in the talent marketplace. Independent contractors often provide solutions to short-term, finite needs that are outside the scope of the company’s core business functions. Engaging an expert IC for a specific project can provide flexibility and quicker results. In addition to the talent acquisition benefits, utilizing ICs can often save money over hiring employees. Employers are required to pay federal payroll and social security taxes, state unemployment and workers’ compensation insurance premiums and often offer benefits including health, vacation and sick time, retirement, and life and disability insurance. These expenses add at least 20 to 30 percent to payroll costs. This does not include the costs to provide office space and applicable equipment. Lastly, engaging
