In a number of industries and verticals, contractors are often one of the better choices when qualified individuals are required for a set period of time. According to Xero, contractors mean access to an array of skills, flexibility and lower overheads. But, management can be risky.
This is where flexible and safe solutions for contractor management can prove invaluable. In effect, such services can ensure businesses are able to take advantage of the benefits of using contractors, without the risk. Of course, what about the contractors themselves? These individuals require insurance, superannuation and a number of other financial services.
So, with this in mind, what professional contractor services should businesses and contractors be on the lookout for? Here are several that fit the bill from Oncore Services.
1) Salary packaging solutions
A business can open itself up to significant risk if there are any issues when paying contractors. Regardless of whether these are IT contractors retained for the long term or individuals hired for a smaller project, businesses need to get invoicing and payments right. This is where salary packaging management solutions can prove especially useful.
Essentially, these are designed to provide safe and convenient employment structures for businesses. Once in place, there’s both outstanding personal service and a significant lack of risk, whether related to tax or compliance.
2) Proper insurances
Another risk reduction measure, full insurance cover is just one other way of protecting the interests of contractors. Oncore Services provides $20 million Professional Indemnity cover, $20 million Public Liability cover and mandatory WorkCover, which can help contractors to perform their various roles without the fear of a significant financial fallout.
Oncore Services are quite skilled in this area, with a team of dedicated Client Service Managers in place and ready to ensure contract engagements are set up properly.
Superannuation can be one of the most important things many people will establish in their lifetime, as it’s a nest egg that’s developed over time. Contractor’s funds accrue via payments from employers, as in most cases they’re required by law to pay 9.5 per cent of an individual’s salary into a superannuation fund. By 2025, this amount is set to climb to 12.0 per cent. The funds build over time, eventually yielding the savings at retirement.
Again, this is where dedicated services can help. Ideally, these should help contractors to work out the best possible super fund based on their circumstances.
It’s worth thinking about, especially with the Australian Securities and Investments Commission explaining that it can make a huge difference to someone’s future lifestyle.
4) Wealth management
In a similar vein to superannuation, wealth management is something else contractors need to seriously consider. After all, it’s important in order to meet long-term financial goals.
The Oncore Wealth Solutions team is in place specifically to help individuals meet their goals. The team can help with estate planning, transitions to retirement, margin lending, trauma insurance and even education funding.
5) Contractor management tools
For businesses, bringing contractors onboard may seem a difficult undertaking. However, it’s easy when using contractor management software. When using such solutions from Oncore Services, a business can view essential contractor information around the clock, whether timesheet or invoice records.
In effect, these solutions act as a central repository for all of their information a business requires to manage contractors effectively and safely.
To avoid being on the wrong side of any contractor engagements, it’s important to consider the right services from the get-go. Reach out to Oncore Services today to learn more about the best solutions available.