New Research Shows WOTC-Eligible Employees More Likely to Stay on the Job
“Most employers are familiar with the WOTC program and the value it delivers by way of reduced tax liabilities to offset the cost of hiring. However, our new research uncovers an added benefit – that employees hired through the program represent less of a flight risk and are likely to stay in their jobs longer than their non-WOTC hired colleagues,” said Angela Lockman, vice president, Product Management of Equifax Workforce Solutions.
The research findings show the significant, dual value of the program:
- Providing employers with increased income through tax credits
- Gaining access to high-quality, productive, and engaged workers
Since its introduction in 1996, WOTC has offered tax breaks to businesses that hire workers deemed by the Department of Labor (DOL) to have significant barriers to employment (i.e. veterans, disabled workers, individuals on temporary financial assistance, residents of certain geographic zones, etc.). Despite the benefits, employers often conduct a risk-benefit analysis around whether the savings are worth the potential need for additional training for those individuals.
Equifax Workforce Solutions’ research findings are likely to dispel much of the hesitance some employers may have about screening for WOTC eligibility among their candidates.
View the whitepaper “Dual Value of WOTC: Reduce Turnover while Increasing Income” to learn more about the research and what it may mean for your organization.
The best practice challenge – solution
As more and more employers are planning to take advantage of the WOTC program, the Compliance Center solution from Equifax Workforce Solutions can help employers’ best practice environment by turning the challenging process of screening candidates for WOTC eligibility into a streamlined, integrated solution alongside the Form I-9 employment eligibility verification process.
“Equifax Workforce Solutions continually seeks ways to drive efficiency for our clients to help them get greatest return on investment and maximum value from our offerings,” said Erik Trusler, senior vice president of Marketing for Equifax Workforce Solutions. “As our latest research shows the added value of the WOTC program, employers have much to gain when hiring individuals from the DOL’s protected classes.”
Recommended For You
Recent bipartisan legislation looks to make the Work Opportunity Tax Credit (WOTC) permanent Senior members of the Senate Finance and […]
Are You Following WOTC Best Practices? If you don’t WOTC, you should. This federal Work Opportunity Tax Credit (WOTC) program […]
Beware of WOTC Myths The Work Opportunity Tax Credit (WOTC) is a valuable employer tax credit. So valuable that it […]
Revised Year-End Tax Relief Package Introduced Update: On December 10, 2018, House Ways & Means Committee Chairman Kevin Brady (R-TX) […]