{"id":253,"date":"2022-09-22T08:47:28","date_gmt":"2022-09-22T15:47:28","guid":{"rendered":"https:\/\/dev.workmorphis.com\/resources\/?p=253"},"modified":"2022-09-22T08:47:29","modified_gmt":"2022-09-22T15:47:29","slug":"leveraging-the-work-opportunity-tax-credit-wotc-to-create-opportunities-for-overlooked-workers-and-employers","status":"publish","type":"post","link":"https:\/\/dev.workmorphis.com\/resources\/leveraging-the-work-opportunity-tax-credit-wotc-to-create-opportunities-for-overlooked-workers-and-employers","title":{"rendered":"Leveraging the Work Opportunity Tax Credit (WOTC) to Create Opportunities for Overlooked Workers and Employers"},"content":{"rendered":"\n

Barriers to success at work come in many shapes and sizes, ultimately slowing opportunities for workers and employers alike. Many employers want to do more to alleviate barriers, but with rising costs in both goods and services<\/a>, it is often too costly<\/a> to change policies without some sort of financial offset. Many people who are overlooked or underemployed, including \u201chidden workers<\/a>,\u201d are either waiting for the right opportunity or have left the job market entirely, making it even more essential to address barriers that will unlock access to more job seekers.  <\/p>\n\n\n\n

While there are many government incentives available to employers, the public workforce system can feel like a churning sea of unmapped waters. Workmorphis helps employers navigate this essential policy area by connecting them with the resources they need.<\/p>\n\n\n\n

The federal Work Opportunity Tax Credit (WOTC)<\/a> was created to help alleviate some of the cost burdens faced by employers when hiring by creating savings that they can reinvest in their employees. This means the WOTC has the added benefit of creating economic mobility for workers from non-traditional pathways.<\/p>\n\n\n\n

What is the WOTC?<\/strong><\/p>\n\n\n\n

Established as a temporary program in 1985 and made permanent by a bipartisan bill in 2019, the WOTC was designed to incentivize employers to consider overlooked recruits from non-traditional employment pathways. Reports such as this from the National Conference of State Legislatures (NCSL)<\/a> have found that WOTC not only \u201cappears to be among the most effective\u2014for some analysts the most effective\u2014labor market policy for getting individuals into jobs,\u201d but also that the program may pay for itself and then some because of economic gains from employing overlooked workers and low costs. However, there is some evidence that the program is underutilized with some analysts arguing that the government should implement more direct employment subsidies<\/a> to encourage employer buy-in.<\/p>\n\n\n\n

Regardless, the WOTC is an incentive that your company can leverage right now<\/em><\/strong> to both attract new talent and create economic mobility for workers and their families. Populations who may be eligible for WOTC include:<\/p>\n\n\n\n