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🔵 Freelancing articles, tips, and trick optimizing your workflow for better efficiency and higher earnings. Buy Ads: @JamesCookTg
💻 Pros and Cons of Vendor Management Systems
#Freelance
🔺 Vendor management systems support the entire procurement lifecycle of a vendor from defining a project, distributing requirements to potential suppliers, approving payment milestones, and reporting spend and compliance.
Using a vendor management system offers the following benefits:
🔻 Centralized vendor database
🔻 Cost reduction
🔻 Reduced administrative overhead
🔻 Improved efficiency
Central visibility
While vendor management systems are still useful, they have several disadvantages in a modern workforce environment:
🔻 Complex implementation
🔻 Consultants and knowledge workers
🔻 Suited to traditional procurement processes
🔻 Does not support business agility
🔻 Does not support relationships with contingent workers
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💻 The benefits of a strong workforce management strategy
#Freelance
🔹There are many reasons why payroll managers are looking to work with a non-traditional talent pool, and therefore why they need a strong workforce management strategy that includes freelancers and independent contractors. Here are 5 of our favorites:
🔺Filling the skills gap: 61% of businesses lack the people or the skills to complete all of the work that's currently on their plates.
🔺Time to value: What's your standard time to hire? According to recent data from LinkedIn, in high-tech, the median time to hire for highly-skilled roles might shock you. In Engineering, it's 49 days, while even the lowest end of the scale is administrative roles which take 33 days to fill.
🔺Access to remote talent: Newsflash: not everyone works in Silicon Valley. If your business isn't in an "up and coming" area, it can be tough to get the right candidates to sign on the dotted line, not without a huge monetary incentive anyway.
🔺Greater agility: A strong external workforce gives you a lot more flexibility than a traditional on-payroll staff.
🔺Reduced ongoing costs: Think about the cloud model of OpEx vs CapEx. That's exactly the benefit you get from leaning on a freelance talent base.
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🔻 Tax Tips Every Freelancer Should Know
#Freelancetips
🔻 One huge element of being a freelancer is understanding taxation, and as a business that works with freelance talent, it’s worth giving yourself a quick refresher on some tax tips.
1️⃣Set aside a percentage of your earnings: Don’t wait for tax season to roll around, regularly set aside between 25-30% of your earnings and put it in a specific account.
2️⃣Mark the calendar: April 15th is the deadline for filing taxes as a freelancer or independent contractor.
3️⃣Mark the calendar again: January 15th, June 15th and September 15th are the extra dates to keep track of if you’re filing quarterly, or filing estimated taxes.
4️⃣$400 is the magic number: No matter your expenses, if freelancers earn more than $400 a year, you need to file and pay taxes. Remember, you may still need to file if you make less than this amount.
5️⃣$600+? It’s 1099 time: Each client that pays out more than $600 will need to provide a 1099-MISC or a 1099-NEC form.
6️⃣Fill in the W9: To make things easier, insist that your agency or client gets you to fill in a W9, which will give them critical information needed for the 1099 forms.
7️⃣Keep an eye on the future: Freelancers aren’t given any benefits, which includes pension or planning for retirement. Take it into your own hands by opening a SEP IRA.
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🫥 What is Global Payroll?
#Freelance
👍Global payroll management involves the comprehensive administration of an organization's worldwide workforce compensation, including calculating earnings, handling tax withholdings, managing expenses, tracking benefits and bonuses, recording work hours and leave, ensuring compliance with relevant labor laws, and accurately processing timely payments.
👍How does global payroll work?
Implementing a global payroll strategy involves centralizing worker data and establishing a process to pay all employees on time. Organizations can outsource global payroll to third-party providers like Employer of Record or Professional Employer Organization services, or manage it in-house, which requires ensuring legal compliance, centralizing the payroll process, and understanding cultural norms, benefits, and regulations in each region where the company operates.
👍Benefits of global payroll?
🔵Better visibility
🔵Compliance
🔵On-time payments
🔵Increased productivity
👍Of course, setting a centralized process for global payroll doesn’t come without challenges. You’ll want to decide how to set compensation for remote workers and freelancers who live and work in regions with totally different salary expectations. You’ll need to think about your model for onboarding a global workforce, whether it’s compliantly hiring employees in another country, or utilizing a freelancer model while being safe and lawful with employee classification. You’ll also need to consider tax management for employees, including withholding correctly, filing the right documentation, and understanding differences between regions.
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📱 What’s Included in a Freelance Invoice Template, and Do I Need to Offer One?
#Freelance
⏺The invoicing process differs for employees on a monthly payroll, who receive a set salary through the company's payroll, versus freelancers, who use their own invoices to request payment after completing projects, which can involve upfront payments, multiple invoices, and variable amounts based on the work done.
Each business varies in their needs, but to start with, make sure to include:
⏺Freelancer’s Contact Information: How will you reach out to the freelancer if you have any questions about the invoice?
⏺Client’s Contact Information: Add your own contact information,
⏺Invoice Number and Date: Each invoice should be unique, and an invoice number helps make this happen.
⏺Description of Services Rendered: What did the freelancer do for your business?
⏺Itemized List of Charges: The same is true for the amount of money being requested.
⏺Total Amount Due: Make sure your freelancer has a place to mark the amount they are asking for, in total.
⏺Payment Terms and Due Date: How would the freelancer like to be paid, and by when?
⏺Accepted Payment Methods: What payment methods do you offer?
⏺Additional Notes or Terms: Here’s where you can add anything you think the freelancer needs to know ahead of sending their invoice.
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🟡 8 Ways to Effectively Manage Your Talent Bench
#Freelancetips
🗣 A talent bench refers to a pool of employees who have been identified as potential candidates to fill key leadership and critical roles within an organization both now and in the future.
Below are 8 tips to help you navigate the challenges of talent bench management.
1️⃣Identify Critical Roles. Begin by identifying the key leadership and critical roles within your organization.
2️⃣Use a Comprehensive Identification Process. Develop a rigorous identification process to assess the potential of employees to fill these critical roles.
3️⃣Develop Tailored Development Plans. Create personalized development plans to nurture their skills and prepare them for future leadership roles.
4️⃣Incorporate a Variety of Development Opportunities. Offer different types of development opportunities, such as mentoring, coaching, training programs, and job rotations.
5️⃣Monitor Progress and Provide Feedback. Take time to review the progress of individuals on your talent bench and provide feedback to help them improve and grow.
6️⃣Communicate Openly and Transparently. Communication is key! It’s super critical to maintain open lines of communication with your talent bench to keep them informed about their progress, opportunities for advancement, and organizational changes.
7️⃣Plan for Retention. Implement retention strategies to ensure that top talent remains engaged and committed to the organization.
8️⃣Evaluate and Adjust Your Strategy Regularly. Regularly evaluate the effectiveness of your talent bench strategy and make adjustments as needed based on changing business needs, market dynamics, and feedback from stakeholders.
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🔹 6 Tips for Building a Successful Talent Acquisition Strategy
#Freelancetips
🔸 A talent acquisition strategy is a plan designed to help organizations identify, attract, and hire top talent for their needs.
Here are some recommendations for establishing an effective talent acquisition strategy:
1️⃣ Assess Your Current and Future Needs. Analyze your current workforce’s skills, gaps, and potential retirements to align HR strategies with business objectives.
2️⃣ Build Your Employer Brand. A compelling employer brand is crucial for attracting top talent.
3️⃣ Leverage Targeted Sourcing. Targeted sourcing involves identifying and attracting candidates from specific talent pools that align closely with the company’s requirements
4️⃣ Consider Freelancers and Flexible Work. Incorporating freelancers and offering flexible work arrangements can significantly enhance a company’s talent acquisition strategy
5️⃣ Establish an Effective Screening Process. An effective screening process is vital to identify the best candidates from a pool of prospects
6️⃣ Improve the Candidate Experience. A positive candidate experience helps reinforce the employer brand and attract top talent
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🔵 5 Effective Talent Acquisition Strategies
#Freelance
🔹 Here are a few common ways companies ensure they acquire the talent they need. Many companies combine two or more of these strategies.
🔺 Talent Forecasting: Talent forecasting is a strategic approach that involves predicting an organization’s future hiring needs based on business and workforce data.
🔺 Talent Pipelining: Talent pipelining refers to the process of building a continuous stream of potential candidates before they are actually needed.
🔺 Skills-Based Hiring: Skills-based hiring focuses on the specific skills and competencies of candidates rather than solely on their educational background or work experience.
🔺 Employer Branding: Employer branding is the strategy of promoting a company as the employer of choice to a desired target group, one which a company needs and wants to recruit and retain.
🔺 Talent Analytics: Talent analytics involves the use of data analysis techniques to make informed decisions about various aspects of the talent acquisition process.
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✅ The importance of establishing freelance terms and conditions
#Freelance
⏩ Contracts are legal agreements that are designed to protect both parties — the freelancer and the hiring company throughout the work relationship and beyond. As a hiring manager, establishing freelance terms and conditions gives you a guarantee that the freelancer will deliver the work according to the timeline and specifications that you agreed upon.
There are a few other important reasons to draft and sign a contract for every freelancer your hire:
1️⃣Avoid misunderstandings. Contracts help you avoid conflicts that could arise down the road about who is responsible for certain things, such as covering business expenses, providing training, or issuing equipment.
2️⃣Protection in court. Since contracts are legal documents, they can be used in court should one party breach the agreement.
3️⃣Work “by the book.” Contracts show stakeholders outside of your company (such as investors) that you are doing everything by the book and in an orderly manner. During due diligence audits, such as before receiving funding or going public, all of your vendor and freelance contracts will be reviewed.
4️⃣Comply with labor laws. In some US states and other countries, it is against the law to work with a freelancer without signing a contract. For example, New York passed the "Freelance isn't Free" act in 2016, which requires freelancers and hiring companies to sign contracts, among other obligations.
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