Basic Recruiters Pricing = No Additional Markup
The Solo Workforce premium employer of record pricing model addresses all three primary stakeholders: Consultants, Companies and Recruiters. This blog post explains how: "Employer-of-Record Pricing: What Are You Paying?"
Premium Employer of Record Provides Elite Corporate Employment
There is no additional markup to the independent contractor billing rate when you refer your contract placements to Solo Workforce for premium back-office support, including contingent worker compliance, co-employment risk mitigation, elite corporate employment, payroll processing, executive-level benefits and tax-advantaged earnings.
The Following Services Are Provided At No Cost
- Evaluation and assessment of contingent worker status based on characteristics of the contingent worker and the nature of yours and the client’s relationship with the contingent worker.
- Compliance files, compliance tracking and automated compliance alerts to assure that Certified IC independent contractors remain in compliance for the duration of their engagement on your client’s project.
- Convert non-compliant contingent workers to Warranted W-2 employees of Solo Workforce.
- Ensure maximum contingent worker satisfaction by offering the most comprehensive tax-advantaged employment and employee benefits available to any independent professional anywhere in the United States.
- Virtually eliminate the threat to you and your client of contingent worker reclassification, costly class-action lawsuits and government audits.
Liability Risk Management
- A complete and comprehensive suite of liability insurance policies.
- Manage engagement of contract professionals and adherence to contract terms for contractors you recruit and refer to Solo Workforce.
- Timely and efficient onboarding and offboarding.
- Integration with on-site vendor management systems as required.
- Simplified workflow through available consolidated invoicing, vendor management and vendor-on-premise solutions.
Remittance of Profit Margin
- You are assured to receive your full profit margin, whether Solo Workforce subcontracts through your recruiting firm to the client or contracts directly with the client as your dedicated agent.
- Manage online digital timesheets and business expense reporting.
- Provide co-branded invoices and marketing materials as your dedicated agent.
- Accurate and timely submission of invoices for authorized work and approved expenses.
- Payroll processing upon receipt of payment for work performed. Payroll in advance of receipt of payment is available (see below).
- Accurate payroll processing and tax reporting in compliance with local, state and federal regulations.
- Processing of IRS Form W-2 and IRS Form 1099 for every contingent worker.
2% Charge for Payroll in Advance of Payment.
Normally, we process payroll on the first regular payday following receipt of payment. Occasionally a recruiter asks us to process payroll in advance of payment. In that case, we mark up the contingent worker's independent contractor rate by 2% to cover the cost of payroll financing. For example, if the independent contractor rate is $100/hour, we will add $2.00/hour to cover the cost of payroll financing.
1% Charge for Non-US Citizens
Occasionally, a recruiter will ask us to sponsor the work visa for a non-US citizen. In that case, we will mark up the non-US citizen's independent contractor rate by 1% to cover the additional administrative overhead of sponsoring the work visa.
Build Your Billing Rate to the Client
Components of the Billing Rate
The ultimate billing rate to your client is made up of the following elements:
- The independent contractor rate (also called the corp-to-corp rate) earmarked for the contingent worker. This is equivalent to the fully burdened labor rate, including the worker's gross wage plus the cost of payroll taxes and employee benefits.
- Any applicable charges for optional services as a % of the independent contractor rate.
- Recruiter’s clear profit as a % of the independent contractor rate.
Contact Solo Workforce for a quote on a specific referral.
Generous Referral Rewards
Earn Generous Referral Rewards
When you refer a contract placement to Solo Workforce for payroll and benefits, you will earn generous referral rewards equal to 1% of that contract placement’s independent contractor rate. Based on average independent contractor revenues of $100,000/year, referral rewards average $1,000/year for one referral, $10,000/year for ten referrals and $100,000/year for 100 referrals.
Referral rewards continue for as long as referred individuals remain members of Solo Workforce, up to a maximum of five years, even when they move on to other projects through other recruiters.