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Development Manager
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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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🔵 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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🫥 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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🔻 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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💻 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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💻 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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🔸 What Are Global Payroll Providers and some Key Features of Global Payroll Providers 
#Freelance

🔻 Global payroll providers are specialized entities that offer payroll services across multiple countries. They handle the complexities of managing payroll for employees spread out over various jurisdictions, each with its own set of regulations, currencies, and tax systems.

A global payroll provider should offer the following capabilities:

🔹 Multi-country compliance: Ensures that companies adhere to the varied and complex labor laws, tax regulations, and reporting requirements across different countries.

🔹 Currency and exchange management: Addresses the challenges of dealing with multiple currencies across different countries.

🔹 Consolidated reporting: Simplifies the management and analysis of payroll data across multiple countries.

🔹 Payroll automation: Automates repetitive tasks such as data entry, calculations, and the distribution of payslips, reducing the scope for human error and freeing up valuable time for HR professionals.

🔹 Tax filing assistance: Aids organizations in accurately calculating, reporting, and submitting employee taxes to the appropriate local authorities.

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🔻 Future of Talent Management: 7 Trends You Can’t Afford to Ignore
#Freelance

🔸 Talent management refers to the approach organizations use to attract, develop, motivate, and retain high-performing employees. It covers a range of human resource practices, including recruitment, onboarding, performance management, training and development, succession planning, and compensation strategies.

Here are some of the emerging trends that will likely shape the future of talent management.

🔺 Talent Ecosystems and Freelance Networks: Talent ecosystems and freelance networks offer a flexible, scalable approach to workforce management, enabling companies to tap into a global pool of freelancers for specific projects or skill needs

🔺 Remote Work Optimization: Remote work optimization involves creating an environment where remote employees can thrive, emphasizing the importance of technology, communication, and a strong organizational culture.

🔺 Data-Driven Decision Making: Data-driven decisions in talent management leverage analytics and insights from various data sources to guide strategic decisions about workforce planning, recruitment, development, and retention.

🔺 Diversity, Equity, and Inclusion (DEI): Diversity, equity, and inclusion (DEI) initiatives focus on creating a workplace environment where diverse perspectives are valued, and all employees have equitable opportunities to succeed.

🔺 Employee Well-Being and Mental Health: Organizations now recognize that employee performance is intrinsically linked to mental health and overall well-being.

🔺 Personalized Learning Paths: Learning path personalization focuses on customizing development initiatives to align with individual career aspirations and organizational needs.

🔺 Gamified Assessment for Learning and Development: By incorporating game mechanics into assessment tools, companies can enhance the learning experience, making it more engaging and enjoyable for employees.

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