Recruiting CNAs and Caregivers is more expensive than ever before. Stiffer competition has led to increased sourcing costs, while the time it takes to recruit Caregivers continues to grow, raising operational costs. Home care agencies across the country are committing more resources to their Caregiver and CNA recruitment, but few are taking advantage of the best way to get some of that money back. What would your business do with an extra $50,000 each year?
The Work Opportunity Tax Credit, or WOTC, provides your business a chance to do just that. It’s a dollar-for-dollar tax credit available to employers that hire Caregivers meeting specific criteria, such as unemployed veterans or food stamp recipients. An estimated 40% of all Caregivers and CNAs nationwide are eligible for this credit. The size of the credit varies depending on number of hours worked and the classification of the employee being hired, with an average credit being worth around $2,400 per new hire. As you can see, WOTC provides an enormous opportunity for home care agencies today.
Take an example of a home care agency who makes 5 new Caregiver hires per month. If 40% of those hires are eligible for the credit, and each hire produces the average credit of around $2,400, that would return more than $57,000 to the agency over the course of one year.
To learn more about WOTC and how it can make your home care recruitment more effective, Join us Friday, April 11th and Wednesday, April 18th at 11am CST for our free webinar: Caregiver Tax Credits & Recruiting During Tax Season. Learn about the Workforce Opportunity Tax Credit, how to identify caregivers eligible for the credit, and connect to local resources to file the paperwork and help generate more money for your company in this brief, info-packed webinar.
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