Your business is keeping businesses staffed. Our business is getting you the money you’re entitled to because of that.
The Work Opportunity Tax Credit (WOTC) provides tax incentives to employers who hire disadvantaged job-seekers from certain groups, including veterans, recipients of government assistance, ex-felons, residents of certain economically distressed areas, and more.
In the competitive world of the staffing industry, firms who find ways to reduce front-end costs and grow profitability succeed. We’ve helped many do so with WOTC. This blog explains how.
How to lower costs with WOTC
1. Target eligible candidates
By actively recruiting and placing candidates from WOTC-eligible target groups, staffing firms can qualify for tax credits. This can significantly reduce the cost of hiring and onboarding these employees.
2. Onboard and train
Staffing firms can offer additional onboarding and training support to WOTC-eligible candidates, which enhances their employability and makes them more attractive to potential clients.
3. Streamline hiring processes
Focusing on WOTC-eligible candidates allows staffing firms to streamline their hiring processes, as they can concentrate on specific target groups and develop expertise in these areas.
How to raise profits with WOTC
1. Attract more clients
Staffing firms that can offer clients the added benefit of potential tax credits through WOTC have a competitive edge in attracting new business. Clients appreciate cost-saving opportunities and may be more inclined to partner with firms that can offer such advantages.
2. Build long-term relationships
By consistently delivering high-quality candidates from WOTC-eligible groups, staffing firms can build long-term relationships with clients, resulting in repeat business and a more stable revenue stream.
3. Expand market reach
Being known as a staffing firm that specializes in WOTC-eligible hires can lead to increased opportunities in industries that prioritize hiring from these target groups, broadening the firm’s market reach.
How to ensure compliance
1. Educate staff
Having a team well-versed in WOTC compliance ensures that the staffing firm can efficiently navigate the program’s requirements, maximizing the potential for tax credits
2. Stay up to date
WOTC regulations and eligible target groups may change over time. A dedicated compliance team can keep the staffing firm informed about updates, ensuring continued eligibility for tax credits.
3. Work with us
WOTC offers staffing firms a unique opportunity to lower costs and raise profits. We’ve helped many staffing firms become more than 40% more profitable through WOTC. We recently helped a staffing firm who claimed WOTC using another service provider triple their credit total.
That’s because we’re a team of tax experts who have made WOTC our specialty. Over the past decade, we’ve developed industry-leading tools and solutions that have helped our clients claim nearly $700 million. Plus, our fees are 100% contingent on you earning a profit.
Stop leaving money on the table. Begin enjoying the full tax benefits available to your staffing firm today.