Insights from FORUM 2013 – Best Practices in Driving WOTC and Tax Credit Results
When implementing and managing tax credit capture programs, employers are challenged to maximize results, and therefore, realized value, while forcing the least operational impact on field operations and management. The tax credit capture process requires identification of eligible new hires, verification of their eligibility and supporting documentation, state certification processes, and stakeholder reporting. There is a significant and measurable difference between an optimized tax credit capture program that delivers the greatest possible return on investment and an implemented program that is disjointed from the goals of the employer. To ensure the goals of screening compliance and credit generation are realized, subscribing to best practices, especially as they relate to the utilization of technology and data, will help any company capitalize on available tax credit opportunities. These practices can be divided into the following categories:
- Security and privacy
- Workflow automation
Security and Privacy:
To ensure the security and privacy of applicant data is important that:
- Paper is removed from the screening process.
- All online screening transactions are secured by industry standard technology.
- When online screening is not available or does not make sense, phone in screening
To maximize applicant participation:
- Meet your applicants “where they are. “ That is to say, do they fill out new
hire paperwork at home? In remote locations? In centralized hiring hubs? This
is where screening needs to happen.
- Make screening part of the hiring process by integrating the screening platform into
already implement applicant tracking or onboarding systems.
To enhance screening capture value:
- Automate identification of credit eligibility by integrating all HRIS data sources.
- Provide managers with insight into their success in screening compliance by surfacing
available reports where appropriate
- Leverage existing data feeds to reduce data entry burdens on applicants.
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