IREI gets peace of mind over compliance concerns
Institutional Real Estate, Inc. (IREI), a global real estate media company, turned to WorkMarket for compliance support as well as to improve how they manage, track and pay their independent contractors.
IREI serves the investment community by publishing news and insights on the commercial real estate market, relying heavily on independent contractors for its content. They were concerned about regulations changing how employees and independent contractors were classified. They needed a solution to help them better manage how contractors are engaged, utilized, and paid.
The solution and results
Reduced compliance risk
With WorkMarket, IREI can perform reliable and up-to-date internal audits to monitor the firm’s risk around payment and hours to help ensure it wasn’t exceeding any thresholds. The company is able to capture all necessary worker documentation in one central location, and can easily track and report on contractor engagements. This gave IREI peace of mind, knowing all workers on the platform would be properly managed and paid.
"Now, we are finally able to easily and compliantly use more contractors. WorkMarket helped us save both time and money.”
~Jenny Guererro, Controller, IREI
Faster Invoicing & Pay
In order to retain workers, it was important for IREI to move away from manual invoice processing and paper checks, which can cause delays in payment. Using WorkMarket, the firm was able to pre-set payment terms for each assignment and automate invoice generation, helping workers get paid quickly. IREI also appreciated WorkMarket’s handling of electronic Form 1099-NEC furnishing and filing with the IRS and applicable states on their behalf.
Increased contractor satisfaction
IREI's network of freelancers was hesitant about adopting a new platform. However, WorkMarket’s mobile app proved intuitive and easy to use. Plus, WorkMarket’s flexible payment options meant contractors could now set up auto-withdrawal to help ensure funds transfer automatically, which is a crucial element in retaining freelancers. As an added benefit, WorkMarket's service – from evaluation to implementation and support – scored high marks from IREI’s team too!
"Any company that has a contractor workforce should strongly consider WorkMarket. The platform makes bringing on contractors easy, paying them seamlessly and mitigates compliance risks we were concerned about.”
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