Veterans Day is right around the corner and there is no better time to consider hiring military talent. At Synergi Partners, we value our veteran employees and look for innovative ways to get more former military members into the workforce.
Military veterans bring unique perspectives and strong work ethic to organizations and employers that hire veterans benefit from the transferrable skills and prior experience these individuals possess. (See more about how veterans can help organizations, especially in this current labor market.)
“In the military, it is often said that you are a part of something bigger than yourself. This perspective often translates exceptionally well into the civilian workforce because veterans often have a deep sense of ownership and take pride in their job—making veterans extremely valuable.”Trey Watford, Lead Software Engineer, Synergi Partners, and military veteran.
In addition to the benefits a veteran brings to a job described above, employers who hire veterans can also benefit from hiring veterans because they can take advantage of the Work Opportunity Tax Credit (WOTC) and get money back in the form of a tax credit.
How does WOTC work?
WOTC is a federal hiring incentive program that enables participating businesses to receive anywhere from $1,200 to $9,600 in tax credits per eligible new hire. The credits are applied to taxes owed and can be carried forward for up to 20 years.
The WOTC program also serves as an additional incentive for companies interested in providing assistance for certain employees that experience difficulty integrating back into the workforce.
“The WOTC program can help companies not only by providing a tax credit, but also by providing work opportunities to individuals that may find difficulty finding a job as a result of being in a certain target group,”Tammie White, Desktop Support Specialist, Synergi Partners, and military veteran.
While veterans are covered under WOTC, they’re not the only eligible group. Other groups covered under this program include:
- Qualified food stamp recipient and family members
- Qualified supplemental nutrition assistance program (SNAP) benefits recipient and family members
- Qualified ex-felons, pardoned, paroled, or work release individuals
- Vocational rehabilitation referrals
- Qualified summer youths
- Qualified supplemental security income (SSI) recipients
- Qualified individuals living within an empowerment zone, enterprise community, renewal community, or rural renewal county
- Qualified temporary assistance for needy families (TANF) recipient and family members
- Qualified Long Term Temporary Assistance for Needy Families (TANF) recipient and family members
- Qualified Long-Term Unemployment Recipients
How does WOTC benefit businesses and veterans?
While qualifying businesses may already partake in several tax incentives, companies that actively hire veterans will likely see larger tax credits because, in addition to WOTC, veterans qualify for other credits and incentives.
“The Work Opportunity Tax Credit provides a major benefit to both employers and job seekers. A well-run Work Opportunity Tax Credit program can provide companies a return on their investment for hiring well-qualified candidates. This return on investment allows them to reinvest in their business and gives them the ability to expand their workforce even further, which benefits both the company and potential candidates. In my opinion, the Work Opportunity Tax Credit program really is a win-win. I am proud I get to work with our clients and the WOTC program so that they can continue to hire veterans and grow,” says Watford.
Where and how can I hire veterans?
Companies eager to hire veterans should connect with our partner, RecruitMilitary.
RecruitMilitary is a leader in military-to-civilian employment recruiting, with an approach that includes contingency recruiting services, live and virtual military career fairs, employer branding and insights, the nation’s largest military-focused job board, and more.
To date, RecruitMilitary has connected employers with over 1.5 million job-seeking veterans and military spouses. RecruitMilitary’s network spans military bases, transition offices, DoD and DoL partners, and veteran organizations to reach the largest group of job seeking military talent in the nation.
How can I apply for WOTC?
If you’re interested in learning more about the WOTC program and would like to maximize the financial benefit for your organization, work with our team that specializes in the WOTC program.
At Synergi Partners, we have more than 30 years of experience in WOTC and other tax credits and incentives! We handle the heavy lifting to ensure our clients get the most value out of participating in various tax credit programs.
Reach out to our team to maximize the value of your military hires.