There are so many things employers have to track when hiring new employees –everything from legal and company policy documents to forms and paperwork. While all of these are required, many employers often forget that there are also ways to put money back into their business’s pockets when they hire a WOTC-eligible employee. Although there were talks of WOTC being discontinued after 2021, recent legislation authorized an extension until 2025. Read on to find out why all skilled nursing and senior care organizations should consider taking advantage of this program.
What is WOTC?
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to businesses that’s designed to aid individuals from groups that typically experience significant barriers to employment, which includes:
How Can Your Skilled Nursing Facility Benefit From This?
When organizations like skilled nursing facilities hire individuals from any of these categories, they can receive thousands of dollars in tax credits per employee. This can easily add up, helping your facility save money that can then be repurposed back into your business.
The U.S. Department of Labor issued more than 2.2 million WOTC certifications in 2018. This is a great opportunity to businesses and facilities since this credit can help fund benefits and programs for employees, such as:
These provide extra incentives that can help with attracting and retaining the best employees as well as increasing their overall job satisfaction. And as we all know, happy employees will better look after your patients and business – meaning happier clients, higher customer satisfaction, and more referrals.
Reasons Our Skilled Nursing and Senior Care Clients Participate in WOTC Through Viventium
If you’re curious about how Viventium helps our skilled nursing clients take advantage of WOTC, visit our Senior Care and Skilled Nursing page and check out a case study from one of our valued clients.
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