Compliance with state and federal 1099 classification criteria is critical when engaging freelancers. If not done properly, the costs of misclassifying just one freelancer could easily outweigh the benefits that led you to the freelance talent population in the first place. Knowing the 1099 risk landscape and understanding how it will impact your business model is the new compliance imperative for the gig economy.
Today's podcast features Michael Matherly from Compliance Solutions. His ICPrecheck service has helped organizations understand the risk complexities of engaging freelancers as 1099 contractors and can provide specific strategies and recommendations on how to effectively manage the risk to safely engage the freelance talent you need.
A Freelancer Management System (FMS) is a software solution that helps companies streamline their engagement with freelancers at scale. It should not be confused with a freelance marketplace, which focuses on talent sourcing but lacks the features to handle complex operational needs of companies with a large freelancer workforce.
Beside freelancers, a Freelancer Management Software serves 3 types of users within a company:
✓ Hiring: Teams that hire and work directly with freelancers, most commonly software development, data science, IT, marketing, sales, product design, and creative teams.
✓ Operations: Teams that offer administrative support related to working with freelancers, such as HR, legal, procurement, and program management teams.
✓ Payment: Teams that handle freelancer invoicing, payment, budgets, and expenses, such as accounts payable and finance teams.
All freelancer programs share 4 universal elements:
✓ Sourcing and Onboarding
✓ Talent Pool Management
✓ Collaboration and Project Management
Choosing the right freelance management system is critical to a company’s long-term freelancer program success. An ideal freelance management system should save a company time and resources while maximizing the benefits of leveraging a freelance workforce.
Read more about what an FMS is here: https://bit.ly/2IPVTmG
Start using Shortlist Freelancer Management System now. Signup for a free account or a demo here: https://bit.ly/2WRRMAn
Technology has dramatically reshaped the business landscape and reset consumer expectations. On-demand services, accelerating innovation and global competition are driving new business models. Successfully integrating a contingent workforce is becoming a key ingredient to remain competitive. By leveraging a talent pool that is highly motivated, self-skilling, and globally proficient, businesses can become increasingly agile.
Transitioning your workforce to a more freelancer-friendly model requires a strategic, leadership-driven approach. We recommend taking the following steps to prepare:
✓ Conduct a thorough task inventory
✓ Transition to the cloud
✓ Automate and digitize
Employing freelancers vs. full-time employees is not an either-or decision. The wisest companies are utilizing their own unique mixture of the two.
Read full post here: https://bit.ly/31ARUD7
Freelancer Management System (FMS) software is an umbrella term for desktop and mobile platforms that help a business manage their talent or resources more effectively. The term originated in customer interaction centers, and other service businesses, that employ a large number of workers who are paid on an hourly basis. Other terms such as contingent workforce management or contractor management may also be used.
Read the full blog post here: https://bit.ly/2Y70QOw
Google and Amazon may be able to offer top salaries and equity packages to attract talent, but your business can offer a perk that might be even more enticing. Autonomy and self-determination are incredibly desired among independent workers, who are often willing to trade employment security for greater control and flexibility.
Read full post here: https://bit.ly/2ZA5ZPa