Managing an independent contractor workforce is not easy. With so many legal landmines to avoid, and with competition for recruiting and retaining ICs as fierce as ever, companies like yours are looking for a competitive edge to stand out from the crowd of businesses trying to contract with their next IC.
One critical advantage to have in the market right now is access to perks and benefits.
But as a contracting company, you cannot legally directly offer these benefits and perks to ICs. So how can you implement a program that helps retain the best ICs?
Enter Openforce’s IC Retain, designed to keep your ICs happy, engaged with your company, and moving business forward.
Although it’s necessary to keep W2 employees under separate operations from ICs, ultimately, they are still people performing a job. No matter what your tax filing status is, finding happiness in your work is important not only on the job, but for your overall well-being. Studies have shown that happy people perform better work.
Here are a few things to keep in mind when considering a benefits program such as IC Retain:
- Contracting companies cannot offer benefits, but we can: From settlement advances and affordable health benefits to everyday retail discounts, IC Retain offers ICs the benefits they need that contracting companies cannot offer directly.
- Contracting companies need to retain current ICs: The ultra-competitive market combined with the convenience of tech offering opportunities at their fingertips, ICs now have more options for generating income. Contracting companies can’t afford to lose ICs to the Ubers of the world who are already offering faster pay cycles.
- Contracting companies need to attract more ICs: Due to high demand for quality ICs, recruiting efforts must stand out by offering extra perks.
Openforce internal audits have uncovered that companies utilizing IC Retain have seen as much as three times the retention rate of ICs, compared to the industry average. We’ve developed this program with prominent industry partners to offer a suite of benefits designed to keep 1099 workers engaged long-term and help them thrive as independent business owners.
Over 150,000 ICs taking advantage of this program have enjoyed:
- Discounts on optional insurance from multiple providers (including auto, medical, accident, life and more)
- Cash advances on settlement funds (our most popular benefit)
- Hundreds of retail and entertainment discounts and cash back rewards
- A variety of auto savings, 1099 tax help, and business and legal services
By introducing ICs to the Openforce benefits portal, our contracting clients have remained at arm’s length to protect themselves legally, but have also realized:
- 52% reduction in contractor turnover
- 3x higher contractor retention
IC Retain is a program obviously designed to give ICs access to benefits and perks. Coupled with the favorable metrics mentioned above, this is truly a win-win situation for contracting businesses. Be sure to reach out today to learn more about how IC Retain can boost your IC retention rates.
Openforce is the leader in technology-driven services that reduce operating costs and mitigate risk for companies using independent contractors. Our cloud-based applications help companies and contractors alike achieve more sustainable, profitable growth by removing financial, operational, and compliance barriers to getting business done.