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    How SMBs Can Leverage WOTC To Help Accelerate DE&I Initiatives

    It's time to consider implementing a WOTC screening program

    Posted on 08-24-2022,   Read Time: 4 Min
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    Cover_How_SMBs_Can_Leverage_.jpg

    Small business owners have a lot on their plate, and when there are opportunities to accomplish multiple goals in one fell swoop, it’s often a no-brainer. The Work Opportunity Tax Credit (WOTC) can help your organization's bottom line, but what if it could also help with your DE&I initiatives and retaining employees?
     


    In one poll, nearly 80% of workers say they want to work for a company that values Diversity, Equality, and Inclusion (DE&I). Another recent study showed that almost a third of employees think their organization doesn’t have a strong commitment to DE&I, and it is correlated to those employees’ willingness to leave. This was especially true among Millennials since 60% of them expect their employer to have a strong commitment to DE&I, significantly higher than older generations.

    WOTC is a federal tax credit available to employers who hire and retain employees from certain targeted demographic groups that typically have challenges gaining employment, and could be worth a federal tax credit of up to $9,600 per eligible employee. Hiring these workers who may have had barriers to employment, may help you reach your goals of having a more diverse workforce, while also helping you fill open positions you might have during this talent shortage.

    You may not think you hire workers who qualify, but there may be more opportunities than you are aware of. Since long-term unemployed workers are eligible, many workers displaced during the pandemic or who needed nutritional assistance during that time may now qualify. Historical data1 from Equifax shows an average of 20-30% of an employer’s employee base may qualify for WOTC, and that was before the effects of the pandemic.

    Consider these current eligible categories:

    ●    Supplemental Nutrition Assistance Program (SNAP) recipients
    ●    Unemployed or disabled military veterans
    ●    Long-term unemployed
    ●    Temporary Assistance for Needy Families (TANF) recipients
    ●    Residents living in designated economically struggling communities
    ●    People with disabilities who have completed or are completing vocational rehabilitation
    ●    People with criminal histories
    ●    Supplemental Security Income recipients
    ●    Teens from designated empowerment zones employed for summer work

    And hiring qualified employees might also be good for your retention efforts. Equifax data2 shows that workers hired through WOTC
    1.    On average, stayed in their jobs for the same amount of time or longer as non-WOTC hires
    2.    Are less likely to leave their job in the first year than their cohorts
    3.    Typically progress through the ranks at the same pace as traditionally hired co-workers

    Even if your business does not have a lot of expertise in WOTC, it may be time to consider implementing a WOTC screening program. You can work with an experienced WOTC provider who can present the screening form and often apply for the certification on your behalf. Many times, there are integrations with your HCM systems that can help streamline this process even more.

    Notes:
    1Equifax research study on new hires (WOTC and non-WOTC) over the period of 2008-2013.
    2Sourced from The Work Number® and Equifax clients’ WOTC certifications.


    Useful Links:
    ●    Learn more about the potential dual value of WOTC for your business in this whitepaper.
    ●    Use the WOTC calculator on this website to get an estimate for how much money your company could save with WOTC.  

     

    Author Bio

    Carli_Brown.jpg Carli Brown is the WOTC Product Manager at Equifax Workforce Solutions. She has five years of product experience and was previously the Product Manager for HIREtech, an Equifax company. She has spent her entire career in WOTC management. One of the many reasons Carli is passionate about WOTC is it promotes diversity and inclusion for all of our clients.

     

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    ePub Issues

    This article was published in the following issue:
    August 2022 HR Strategy & Planning Excellence

    View HR Magazine Issue

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