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High Turnover Industries Can Benefit From Hiring Incentives
High turnover industries often face the challenge of continuously hiring and training new employees, which can be costly and time-consuming. However, there are several federal and state hiring incentives available that can help offset these costs and encourage businesses to hire and retain certain types of employees.
One such incentive is the Federal
Work Opportunity Tax Credit (WOTC), which provides a tax credit to businesses that hire individuals from certain target groups, including veterans, temporary assistance for needy families (TANF) recipients, and ex-felons, among others. This credit can be worth up to $9,600 per eligible new hire and can be claimed for the first year of employment.
In addition to the WOTC, there are also various state-level hiring incentives available, such as credits for hiring employees from disadvantaged backgrounds or those living in high-unemployment areas. These credits can vary in amount and eligibility requirements, but can provide a significant financial benefit to businesses that take advantage of them.
While it can be a challenge for businesses in high-turnover industries to stay up-to-date on the various hiring incentives available, the financial benefits of doing so can be significant. By thoroughly evaluating their eligibility for all available credits and incentives, businesses can offset the costs of hiring and training new employees, helping to reduce turnover and improve retention rates.
Here are some of the high turnover industries that can benefit from tax credits and hiring incentives:
- Retail
- Hospitality
- Customer Service
- Call Centers
- Manufacturing
- Staffing
So, if you're in a high-turnover industry and looking for ways to reduce your hiring costs, don't overlook the potential benefits of federal and state hiring incentives. With careful evaluation and compliance, these credits can provide a valuable financial boost to your business.
Contact the experts at OnCentive to learn more or receive a complimentary eligibility assessment.
Have Questions or Need More Information?
What Clients Say About OnCentive:
Don't just take it from us.
Morgan Akins, The Arc of Tuscaloosa
"The OnCentive team helped our non-profit raise hourly wages to attract and retain employees through a very difficult labor market. The services we provide our clients are critical to the community. Thanks to OnCentive we are able to remain competitive as an employer. Their team is great to work with and without a doubt will help you maximize the amount your organization can recover.”
Tawny DeBolt, Neon HCM
"OnCentive has delivered millions of dollars in credits to our clients. We had them take a look at our business and they found over $100k in cash refunds for our company. Their staff treats every one of our clients like they are their own and our clients and ecstatic we made the introduction."
Cliff Morgan, CFO Concrete Guys
"OnCentive has exceeded our expectations. We were skeptical on whether or not these programs would work for us but they absolutely made us believers. I would highly recommend them to any business looking to increase its profitability.”
Led by Tax Attorneys,
CPAs & Credit Experts
Our leadership has over 150 years of combined tax experience. With $3 billion in incentives captured, you are in good hands with OnCentive.
Quality Guaranteed
In the unlikely event that your credit is ever contested, the OnCentive team will defend our work and will fully refund any credits that are disallowed.
Maximum Credit Yield
Our profitability is tied with yours. We work off success fees which means we are motivated to find the maximum credits your business can qualify for.
