Hire eligible caregivers to fill open roles and grow your business
America’s getting older.
The US Census Bureau projects that by 2050, the number of people over age 65 will approximately double.
Because that demographic can have a harder time getting around town, home healthcare businesses will grow rapidly as well.
While this is an exciting prospect for home healthcare business owners, it also brings with it some challenges. For instance, the current labor shortage in this industry has already been described as a “crisis” by the Home Care Association of America.
We are a team of tax experts who specialize in extending the benefits of employment tax credit programs to every deserving business. We’ve seen firsthand how the Work Opportunity Tax Credit (WOTC) helps home healthcare agencies fill open positions and boost profitability–sometimes more than 40%!
How WOTC works
WOTC incentivizes employers to hire disadvantaged job-seekers, including veterans, the long-term unemployed, recipients of government assistance, and more. By hiring from these eligible pools, organizations earn tax credits against their federal income tax liability.
Remuneration for recruitment
Hiring and training qualified staff is a significant investment for home health care agencies. WOTC profits can offset these expenses.
Although some employers may hold biases against hiring WOTC-eligible employees, this should not discourage them from taking advantage of the program’s benefits. Research has shown that WOTC workers:
- Perform better than or equal to their peers
- Earn as much over time as their peers
- Progress through career ranks at the same pace as non-WOTC employees
- Are just as likely as non-WOTC employees to move to another job following their WOTC-eligible job (rather than unemployment)
Additionally, WOTC workers tend to come from diverse backgrounds, and bring diverse experiences to workforces. As a result, adding WOTC employees to any workforce can benefit DEI initiatives, and improve workplace cultures in a myriad of ways–including driving innovation and growth, according to Harvard Business Review.
Reduced turnover
Home healthcare agencies face some of the highest turnover rates across industries. One recent report placed it at 77%–significantly higher than the US Bureau of Labor Statistic’s cross-industry average of 44%.
WOTC reduces turnover in two ways.
First, because employers earn more credit when they retain their eligible employees, they are incentivized to keep new hires engaged past 400 hours worked.
Second, research shows that WOTC-eligible workers stay in their job as long or longer than non-WOTC employees, and are less likely to leave their job in the first year than their peers.
These likelihoods are one reason why the average WOTC employee is 408% more profitable than their peers.
Arvo makes WOTC simple
WOTC helps home healthcare agencies save recruiting costs, strengthen their workforce, and help disadvantaged job-seekers.
If you’re ready to get started with WOTC, partnering with us is the right choice.
Our continuously-improving tools and solutions get 2-3X more than our competitors’. That’s because WOTC has been our speciality for the last decade, during which we’ve helped hundreds of deserving businesses claim nearly $700M.
Finally, our fees are 100% contingent, eliminating the possibility of risk for your business.
You provide care for deserving patients. Let us reciprocate that care through WOTC.