Why offer benefits to contractors?
As a HR leader, you are tasked with attracting and retaining top talent to drive your company's success. Skilled contractors can play a vital role in this, providing valuable expertise and support to your permanent staff. However, attracting and retaining the best contractors can be a challenge, especially in today's competitive job market. One solution to this challenge is to offer benefits to contractors, just as you would to your full-time employees.
12-step checklist for offering benefits to contractors
Legal compliance
Make sure the benefits offered comply with local, state, and federal laws, including tax laws, immigration laws, and labour laws.
Budget
Consider the cost of offering benefits and ensure that it fits within the budget for contractor compensation.
Consistency
Offer benefits consistently to all contractors, regardless of their location or nationality, to avoid discrimination and ensure fairness.
Tax implications
Consider the tax implications of offering benefits, such as withholding taxes and reporting requirements.
Health insurance
Offer health insurance to contractors, especially if it is mandatory in their country of residence.
Retirement benefits
Offer retirement benefits, such as a 401(k) plan or a pension plan, to help contractors save for their future.
Holiday and time off
Offer paid holiday and time off to contractors to help them recharge and avoid burnout.
Employee Assistance Program (EAP)
Offer an EAP to provide emotional and mental health support to contractors.
Professional development
Offer opportunities for professional development, such as training and courses, to help contractors improve their skills.
Communication
Regularly communicate the benefits offered to contractors to ensure they are aware of and understand them.
Flexibility
Offer flexible benefit options that allow contractors to choose the benefits that are most important to them.
Review and update
Regularly review and update the benefits offered to ensure they remain relevant and effective.
Get one platform to manage benefits and compliance globally
Offering competitive and compliant benefits packages can be a challenging task, especially when dealing with a global workforce. That’s exactly why a global employment platform like Remote is the perfect solution for any growth-focused company looking to scale international employment.
Remote offers locally competitive and globally compliant benefits packages. No matter where your employees or contractors are located, they'll have access to benefits that comply with local laws and regulations. Whether you have a full-time workforce or a team of freelancers, Remote has got you covered. Our team of global benefits experts can create a customised benefits package that is cost-effective, locally compliant, and globally inclusive.
Set up a call to discuss your benefits plans
You can manage the full employment lifecycle for contractors and employees globally, in one simple software hub. Remote is the market-leading multi-country payroll provider, offering HR leaders a simple and efficient way to manage payroll, benefits, and compliance for all of your employees and contractors around the world.
Best of all, using Remote is so easy. Our simple, user-friendly platform gives you access to all the information you need in one neat employment hub. Sign up now and take a look around!