🛡 Direct and Indirect Costs of Hiring New Employees
#Freelance

🔺 The simple definition of hiring costs are any budget that goes towards onboarding new workers to your business. Cost-per-hire is a commonly used metric in HR and Recruitment, but different companies include different line items in their calculation.

Direct Costs of Hiring New Employees:

🔺 Advertising and Recruitment: These are the most obvious costs of making a new hire. Posting the position on job boards, working with recruitment agencies, or using marketing efforts to help find the right people all costs money, and these can stack up fast.

🔺 Hiring Process Expenses: In this category, think about background checks, compliance screenings, technical assessments or the cost of interviewing potential candidates and freeing up interview panels to make that happen.

🔺 Administrative Costs: Especially if you're hiring globally, there are additional direct costs to ensure the employee can legally work for your business, whether that's obtaining work visas and permits, or complying with local legal requirements in the hire's own home location.

Indirect Costs of Hiring New Employees:

🔺 Time Costs: By some estimates, finding and onboarding a new hire can take 42 days. During this time, the HR department and hiring managers are spending their time writing updated job descriptions, reviewing resumes and cover letters, sitting in on interviews, and having private evaluations.

🔺 Productivity Loss: Even once a new hire is chosen, the productivity loss keeps on rolling. When your existing team has to train and manage a new employee, their attention is split, and they have to move a lot slower.

🔺 Training and Onboarding Costs: When a new hire starts work, there’s so much more than handing them their badge! Think about setting up payroll, enrolling them in the benefits program, or updating records.

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💬 What Are PEO Services, and Why Do Organizations Use Them?
#Freelance

🔗 PEO stands for Professional Employer Organization, and PEO services are a smart way for businesses to relieve their administrative burden through co-employment with an external partner.

❔ Why Do Companies Use PEO Services? Managing employee payroll and HR can be complex and labor-intensive, requiring accurate and timely payments while navigating various tax regulations and benefits provisions. This complexity increases when operating across multiple regions or countries, as different states have unique requirements for taxation and labor protections. The rise of remote work, with 74% of professionals anticipating it will become standard, further complicates compliance for employers, highlighting the need for effective solutions to manage these challenges.

❔ What Tasks Do PEO Services Take On? PEO services are exactly that smart solution. These third-parties are experts in the details of local labor laws and compliance requirements, and can support you in managing your workforce with greater agility and ease. Common tasks that they perform include: 

🔺 Payroll processing: The PEO service is likely to be responsible for managing the monthly payroll, including withholding the right taxes and employer contributions for each region, and making sure that all employees are paid accurately and on time, with their benefits calculated and included.

🔺 Recruitment: It can be hard to find the right talent in a new location, especially without “boots on the ground.” A PEO service can work globally or across the US, and use local contacts to hire skilled talent in-region.

🔺 Benefits: No idea where to start on getting your employees the right healthcare, 401k, dental or workplace compensation insurance? Outsource it! PEO services usually have relationships with local partners for a huge range of benefits, which means they can get you a good deal on a wide range of perks for your employees, and know who to avoid and which partners to couple up with.

🔺 Professional development: Learning and development opportunities are a core part of a workplace package today, but small businesses often struggle to implement professional development.

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❔ Key Benefits of Staff Augmentation Services
#Freelance

Many enterprises love the idea of working with freelancers more, but in reality — it’s too much hard work for their teams. Specific challenges include: 

🔺 Finding the right people: Most people look for freelancers on freelance marketplaces or via their own social networks. This can attract a lot of leads, but the quality can be variable to say the least. Narrowing it down is a lot of work. 

🔺 Ensuring compliance: Hiring freelancers without thinking about compliance is a huge risk for any enterprise. Misclassification can lead to fines, penalties, and reputational damage. Compliance isn’t one and done, it’s an ongoing obligation. 

🔺 Onboarding quickly: If freelancers are augmenting your existing team, they may need to sign up to specific systems and applications, and get all the right documentation listed with Legal, HR and IT. This can slow down time to value. 

🔺 Keeping information up to date: You can work with a great freelancer, but lose their up to date contact data or accurate information on their rates or working status. This is especially true after some time has passed. 

With staff augmentation services, a lot of these challenges are bypassed automatically. Staff augmentation services will have a pre-vetted pool of expert talent, which means you don’t need to sift through dozens or even hundreds of applications or profiles. Compliance is usually part of the vetting process, so you can onboard new workers quickly and help them get started with a project immediately. Staff augmentation services will have a record of who you have worked with, and a constant stream of new talent for specific needs. 

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💠 Types of Labor Laws
#Freelance

🔹 Labor laws have evolved a lot over the years, and whether it’s laws protecting the individual worker, or collective laws that protect a whole workforce, labor laws are one area that any business needs to be on top of. Let’s look at the two main kinds of labor laws, individual and collective.

🔺 Individual labor laws

For individuals, labor laws include any legal issues that relate to the individual worker and their employer. Individual labor laws include: 

🔺 Terms of employment: When you start working with an employee, a consultant or a contractor, you need to have certain laws in mind.

🔺 Discrimination laws: As well as domestic labor laws around discrimination, the International Labor Organization lays out standards for equality of opportunity and anti-discrimination.

🔺 Benefits: These vary widely from one country to another, for example in the US, health insurance is mandatory for businesses with over 50 full-time employees or equivalent, while in the UK, as there is a National Health Service, health insurance is not a common benefit, let alone a mandated one. Benefits such as pension contributions, sick days, parental leave and more all need to be checked closely depending on where your workers reside.

🔺 Minimum wage: Minimum wage is another area which is different depending on the location.

🔺 Collective labor laws 

🔺 Labor laws can protect groups of workers by enabling collective bargaining, which individuals may not achieve alone. In the U.S., the National Labor Relations Act (NLRA) grants workers the right to form unions and negotiate for better wages, working hours, and improved health and safety conditions without facing discrimination. Unions operate independently of employers and are often tailored to specific professions, such as nurses and doctors, with various local, national, and regional unions existing across different countries.

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🔔 Everything Businesses Need to Know About the 1099 Form
#Freelance

🔺 A 1099 form is a way of reporting that a non-employee has been paid for a job by someone who is not their employer. It is a piece of documentation that the IRS requires, and individuals will use it to declare income that is not from a traditional employer/employee relationship. For example, while employees use a W-2 form, independent contractors use form 1099-NEC. 

There are a few different types of 1099 forms that you may hear about, including: 

🔺 1099-NEC: This is the standard form that employers need to use to declare income given to non-employees. A business will use 1099-NEC to report any non-employee compensation that is above $600 in the tax year. It replaces the function that was held by box 7 of the 1099-MISC form. 

🔺 1099-MISC: As MISC is short for miscellaneous, it’s no surprise that this form is used to report income that doesn’t fall into the usual categories of employee wages, or freelancer payments. Almost any payment that a business makes of more than $600 needs to be reported on this form, including medical and healthcare payments, renting of equipment of office space, awards and prizes, and cash payments or royalties of any kind. 

🔺 1099-K: This form is related to income that you receive for goods and services that arrive via credit card, or any other third party payment system. This includes FinTech apps such as CashApp or Venmo. While previously, you would need to receive more than $20,000 across more than 200 transactions to file a 1099-K, for 2023, the IRS has reduced the reporting threshold to $600, no matter how many transactions are received. 

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🔺 Do Agencies Rely on Freelance Talent?
#Freelance

🟡 For agencies, freelance talent comes with a wide range of benefits, which is why 75% of marketing agencies for example are already outsourcing to freelancers or content marketplaces. 54% of these agencies work exclusively with freelancers.

🟡 Take the same reasons why big businesses are investing their attention in independent contractors, and you can multiply the value exponentially for agencies.

🟡 Expert skills: For agencies, an inability to offer specific industry or audience knowledge is the biggest blocker to creating quality results for clients. By outsourcing to experts, agencies can attract talent with the exact knowledge or skills needed to get the job done.

🟡 A lean team: More than your average enterprise, agencies understand the need to scale teams up and down. Freelancers can join the team for a specific client or project, without adding full-time workers who may not be needed once the project is complete.

🟡 Engaged workers: The epidemic of Quiet Quitting is a sign of unengaged workers who aren't committed or passionate about their roles. Freelancers work on their own terms, agreeing to the projects that make them excited, and often setting their own hours, pay, and working processes. This gives agencies a competitive edge.

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❔ Why Current Contingent Workforce Programs are Not Adapting to the Modern Workforce
#Freelance

🔺 Organizational agility is critical in today’s fast-changing and unpredictable global business environment. However, most contingent workforce programs are stuck in the past and don’t have what’s needed to maximize the potential of their organizations’ evolving workforce, which includes a growing percentage of non-employees. 

🔺 Traditional contingent workforce programs are typically built around a company’s temporary staffing workforce, which leaves out all other categories of non-employee workers, such as independent contractors, consultants, SOW-based workers and gig workers. 

🔺 While these categories make up most of an organization’s contingent workforce today, in contrast to 10 years ago, most programs’ structure and goals haven’t changed to adapt to the modern contingent workforce.

🔺 To leverage today’s talent pool, where about one-third of the US workforce is a freelancer, contingent workforce programs must evolve to support all categories of non-employees.

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💠 Top 30 Skills to Learn in Order to Land the Best Freelance Jobs
#Freelancetips

🔹Blockchain and Cryptocurrency Programming

🔹Amazon Web Service (AWS) Development

🔹Mobile App Development

🔹Artificial Intelligence (Al) Development

🔹Website Design

🔹Website Development

🔹Data Analysis

🔹Online Security and Ethical Hacking

🔹Accounting and Bookkeeping

🔹Writing

🔹Editing

🔹Illustration

🔹Virtual Assistance

🔹Video Editing

🔹Graphic Design

🔹Copywriting

🔹Search Engine Optimization (SEO)

🔹Excel Management

🔹Social Media Marketing

🔹Independent Sales

🔹Videography

🔹Photography

🔹Translation

🔹Career Coaching

🔹Audio Transcription

🔹Voice-Over Acting

🔹Delivery Service

🔹Tutoring

🔹User Testing

🔹Survey-Taking

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💻 How to Start a Freelance Business in 7 Steps
#Freelancetips

Let’s dive into the practical steps to launch your new freelance business.

1️⃣Choose a Freelance Niche
There are a few ways to identify a profitable niche. First, start by evaluating your skills, strengths, and areas of interest. Consider what you are passionate about and what you excel at. These qualities will drive your motivation when you start freelancing.

2️⃣Set Up the Freelance Business
As a self-employed individual, setting up your freelance business involves handling legal and financial aspects independently. This includes crafting freelance business contracts and managing your annual revenue.

3️⃣Select a Platform to Run Your Freelance Business
Having a business website is essential for freelancers to enhance credibility and visibility in the competitive market. Hostinger offers a website hosting service with features tailored to meet freelancers’ needs. Hostinger’s user-friendly interface and intuitive website-building tools make it easy for freelancers to create a website that is both visually attractive and functional

4️⃣Price Your Freelance Services
Pricing freelance services correctly is crucial for attracting clients while ensuring your work is adequately compensated. Consider factors like your skills, experience, market rates, and the value you provide to paying clients when devising your pricing strategy. Strike a balance between profitability and competitiveness.

5️⃣Build Your Freelance Brand
Building a freelance brand is crucial to stand out in the competitive market. Your brand reflects who you are, what you offer, and how you provide value to clients. By crafting a compelling brand, you can attract the right audience and set yourself apart from other freelance businesses.

6️⃣Find Freelance Clients
Some effective approaches to get clients when you start freelancing are:

🔹 Utilize Online Freelancing Platforms
🔹 Leverage Social Media
🔹 Network within Your Industry
🔹 Referrals and Word-of-Mouth
🔹 Expand Your Online Reach

7️⃣Manage Freelance Projects
Effective project management is essential for delivering high-quality work, meeting client expectations, and maintaining long-term client relationships.

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