In a business environment where the wrong classification can cost you everything, understanding the distinction between employees and contractors has never been more crucial. On this episode, we’re joined by Omnipresent’s Senior Commercial Manager, Product, Suresh Jones, and Co-General Counsel and VP of Risk and Litigation, Stan Broome. They reveal the strategies that protect your company from costly misclassification risks whilst leveraging a flexible workforce.

Key Takeaways:

(02:04) Contractors are typically less expensive in the short term due to lower costs associated with taxes, social benefits and equipment. 

(03:27) Contractors offer flexibility, allowing businesses to quickly scale their workforce up or down. 

(04:07) Companies can access top talent quickly by hiring contractors for short-term projects. 

(05:30) Misclassification risks include compliance issues and potential legal repercussions. 

(06:11) Governments globally are shifting towards protecting workers, increasing scrutiny on contractor classifications. 

(09:19) Penalties for misclassification can include fines, back taxes and legal fees, as well as reputational damage. 

(16:01) Conducting regular misclassification risk assessments can help businesses stay compliant. 

(17:00) Having clear, compliant contracts and verifying contractor identities are crucial steps in managing classification risks.

Resources Mentioned: 

Suresh Jones - https://www.linkedin.com/in/sureshpjones/

Stan Broome - https://www.linkedin.com/in/stanbroome/

Omnipresent - https://www.omnipresent.com/

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