According to a study by Princeton University, 95% of the 10 million new jobs added during President Obama’s terms were temporary or part time. Unfortunately, the reality for many such workers is difficult. Often, they lack access to benefits, work overtime without corresponding compensation, and deal with clients who pay late or don’t pay at all.
On the other end, employers often have a difficult time keeping up with contractor and freelancer management. Staying on top of ever-evolving laws, minimum wage and overtime changes, benefits eligibility, and the differences between state and local regulations is time consuming. It is a worthwhile investment, though. It raises businesses to preferred client status among contract workers and helps protect them from costly fines, to boot.
If you’re wondering how to pay temp employees and freelancers fairly and accurately, we can help.
How to pay temp employees and freelancers accurately and fairly
Accurate worker classification is an essential starting place. It’s easy to get wrong, but with your reputation and large fines on the line, it’s also important to get it right. Here’s a list of the most common classification errors and how to avoid them. Here are some basic guidelines for identifying the difference between employees and independent contractors.
Pay accurately and on time. Some big companies make a habit of net 90, but we don’t recommend it. Net 30 is more ethical and ultimately better for business. Here’s why. The dust hasn’t settled on new overtime regulations or minimum wage debates, but here are our suggestions on this front.
Be proactive about benefits and keep up with evolving state and local laws rather than waiting for workers to knock on your door. Transparency is a great way to build trust.
The bottom line:
We know you care about your freelancers, but they only know it if you show it. Taking these measures makes sure you handle your freelancers in a way that is ethical, shows your appreciation, and keeps you compliant.
We know you’re busy. If you don’t have the time, resources, or desire to pay attention to all the details, hire an expert to keep track of contractor and freelancer management for you. Our team of experts and our PayReel OnLine software are fully equipped to help you sort out the rules and execute processes while also balancing contractor expectations, legalities, and company budgets. This quiz can help you decide if you’d benefit from hiring a team like PayReel.
We help you care about your workers even when you’re short on time. We think happy workers and peace of mind are pretty close to priceless.
Producing multimedia content and executing live events is chaotic. At PayReel, we make sure our clients are able to hire who they want, when they want and that everyone is paid properly. Leave the details up to the PayReel team so you can focus on pulling off a flawless production. Contact us anytime at 303-526-4900 or by emailing us here.
Relax. We got it.