Government Incentives for Employers
A company is only as great as the people it hires. Therefore, staffing your firm with the strongest candidates possible is the first step to success.
For business in general, the list of resources available could make a big financial difference for a company. I have always been intrigued by government offerings and how we can put them to work in the pre-employment software space.
Within every business, operating costs can be extremely high. Incentives related to hiring can save exactly the resources needed to develop the latest and greatest product.
To detail one of the hiring incentives, I will focus on the Work Opportunity Tax Credit (WOTC) program. WOTC is a federal tax credit available for employers who hire individuals from eligible target groups. These groups include veterans, TANF recipients, SNAP (food stamp) recipients, ex-felons and other applicants with significant barriers to employment.
If your company isn't using government incentives like the WOTC program, there's a chance you could be losing money.
Each year, companies claim roughly $1 billion in tax credits under the WOTC program.
When I first heard about the WOTC program, it immediately caught my attention. After extensive research, I confirmed that this program provides great benefit for both employers and these target group applicants. The program creates a win-win by providing incentives to employers who hire groups who may struggle to find work elsewhere.The veteran category alone is worth up to four times the amount of a regular WOTC qualifier. This provides an immediate tax benefit to companies who hire veterans. HR departments who do not take advantage of this program are missing out on great opportunities provided by the government.
Companies need to start utilizing technology that integrates social programs to maximize their savings. It is easier than ever to take part in programs like WOTC, which do provide a great benefit to business but, more importantly, make a huge difference in so many lives.
by Arthur Pereless; Forbes Community ©2018 Forbes Media LLC. All Rights Reserved
At Swain Consulting, LLC, we are proud to be part of a program that helps applicants who want to get off social programs and go back to work. Contact us to learn more about WOTC at 513.818.1753 ext. 4.