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Companies and gig workers both bear risk if something of value is received by gig workers, operating as contractors, but not reported by them or the companies they work with.There are significant penalties for those who fail to follow these rules. While doing so can help employers stand out as they seek to attract such talent, there are potential risks.When determining individuals' status as either employee or independent contractor, employers will need to consider the duration of the contract, whether the individuals are self-directed and in charge over their hours worked, and whether they are receiving the same benefits as employees."Misclassification is a key issue for companies that utilize independent workforces because the penalties associated with this can be extraordinarily high," Cade said.One way to avoid this risk, she explained, is for employers to keep doing what many have been doing: continuing to provide "a set of products, or a platform, that independent workers can access to build the right insurance portfolio to protect themselves, their business and their families"—essentially a "centralized marketplace for buying benefits that are otherwise available in the open market."These won't be the same benefits employees typically receive, with group-level pricing, she said, but gig workers will benefit from access to products that can help meet their needs.There's a key distinction between "gaining access" and "receiving benefits," pointed out David Klimaszewski, a partner in the Dallas office of law firm Culhane Meadows.The mistake that some employers make, Klimaszewski warned, is "trying to provide the same types of benefits that they provide to employees to gig workers, and they generally can't."In addition to properly classifying individuals as independent contractors, employers should be sure to report the value of employer-provided benefits as income on gig workers' 1099 statements.A foundational best practice for employers when it comes to benefits administration and contract workers is to be aware of and follow the rules related to IRS reporting requirements, financial and legal advisors caution. We have also seen a rise in nontraditional employer benefits such as telemedicine, wellness benefits, virtual consultations and holistic healing."In an increasingly tight labor market and amid reports of a "turnover tsunami," more employers may be thinking about offering benefits to gig workers. In addition to medical coverage, gig workers "are looking for stand-alone dental, vision and other plans that fill the gaps.
" need to make it clear to contractors that they are responsible for reporting the income they receive from you this includes the value of any benefits you are providing."Jernigan noted that improved communication around benefits is important. The government must collect income taxes from somewhere—either through organizational withholding or contractor reporting."Basically, when you're an independent contractor, everything you receive—whether it's in cash or other goods, is all taxable," Klimaszewski said. Companies also tend to have much deeper pockets for paying penalties than individuals do, which can attract regulators' interest.Employers can play an important role in communicating to contractors what the contractors' tax responsibilities are, Klimaszewski said.
"Care packages" containing food and goodies like coffee, candies or charcuterie. "Swag" such as water bottles, coffee mugs and mouse pads that bear the company logo. Monetary incentives to recognize significant effort on a project—in essence, paying more than originally agreed upon for services provided. Even small tokens of appreciation can be welcome surprises.
For now, though, employers need to be aware of and adhere to the laws and rules that regulate what types of benefits they can provide and how they need to report those benefits.Lin Grensing-Pophal, SHRM-SCP, is a Wisconsin-based business journalist with HR consulting experience. Discounts on company products and services.Remember, though, that any of these types of benefits that would provide financial value to contractors may have to be reported on their 1099 forms when in doubt, check with your financial and legal advisors.Finally, simply engaging gig workers as part of the team and including them in communications, meetings and events can help them to feel more appreciated and valued.The growth in the gig economy may result in changes to tax laws to allow more flexibility in providing benefits in the future.
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