An estimated 53 million Americans are freelancers, and experts predict this number will continue rising. Statistics like this make it obvious that young professionals are ready for a change. Misconceptions about independent contracts and freelance employees, however, could keep businesses from embracing the same kinds of change. As the stigmas that once haunted this type of employment disappear, it’s time to separate fact from fiction and seriously consider the diverse skillsets supply management ICs and freelancers might provide.
Fiction: Procurement Independent contractors are the same as temp employees.
Fact: Unlike temps, procurement ICs do not complete timesheets or W2s. Instead, they calculate and pay their own taxes using a 1099 form. They are also paid upon completion of a specific project rather than at an hourly or weekly rate. ICs are like temporary employees, however, in that a positive working relationship could prove mutually beneficial and lead to future projects.
Fiction: Procurement Independent contractors work exclusively offsite or from home and create their own hours.
Fact: Though some procurement ICs are remote, many work on location all or some of the time. They can also work during an organization’s regular business hours and collaborate with in-house employees if necessary. A mutually acceptable arrangement should be agreed to during the hiring process.
Fiction: Procurement independent contractors are only short-term and could leave at any time.
Fact: Though they are not full-time employees, procurement independent contractors do enter into an agreement with an organization. Leaving a job unfinished or poorly executed reflects back on them and could mean less work in the future. What’s more, many contractors work on a per-project basis and collaborate with the same organizations regularly. Source One has seen contractors work on-site with clients for over a year, and this is hardly an anomaly.
If you’ve never considered hiring an independent contractor or other freelancer for supply management, you may need to start soon. By 2020, 50% of all workers will freelance at least part-time. Interested in becoming a procurement or supply management consultant? Visit our contractor careers page for information on contracting opportunities in IT, procurement and purchasing, and other areas.
Or perhaps you’re looking for extra support in your supply management operations? Source One has got you covered with our team of procurement contractor staffing services and our unique hybrid solution. The latter provides an additional degree of spend management support courtesy of a dedicated, onsite procurement lead equipped with subject matter expertise, market intelligence, and the full extent of our tools and resources.
Contact Source One today and find out how our flexible service offerings can help change the way you do business.