For many businesses, diversity and inclusion is a hot topic.
Scott Poeschl from Avionte, Tom Kosnik from Visus Group & Larry Feinstein from Synergi Partners teamed up to talk about Second Chance Hiring and the impact it can have on staffing agencies, but really anyone hiring today. You might be wondering what Second Chance Hiring means – let’s break it down together.
There are 9.2 million open jobs with 9.5 million unemployed people. “Recruiting, Recruiting, Recruiting – it’s most firms #1 issue,” states Tom Kosnik.Recruiting has become an issue for most organizations during and post-pandemic. With that, staffing agencies and businesses are starting to look at alternative ways of hiring. To do this, they are looking at hiring from groups that need a second chance such as single moms, veterans with PTSD, people with disabilities or are on SSI, people with autism, people with a history of substance abuse, and those on long term disability, just to name a few.
When you think about diversity and inclusion, there are so many matters that can be addressed. Organizations are looking to cut out biases from the recruiting and hiring process through various methods. One movement is called “Banning the Box” which eliminates questions relating to applicants’ arrests and/or convicted felonies.
Studies show that those who are labeled as needing a second chance, when hired, perform 82% better than others. This is huge and can be very impactful to your organization. Second Chance Hires have an eagerness to work and be successful, and their loyalty and reliability are commendable.
There are Federal government programs in place to incentivize employers to hire people that usually face significant barriers to employment, such as the Work Opportunity Tax Credit (WOTC). The Work Opportunity Tax Credit Program rewards employers for hiring applicants who fall into various target groups. Depending on the qualifications of the individual, companies may be eligible to receive $1,200 to $9,600 per eligible employee per year upon hiring.
It’s likely that you’re already hiring individuals who meet the criteria for your business to earn this type of credit. On average, 1 in 5 new hires qualify your business for WOTC. As Larry states in the session, “There are also local tax credits available, depending on where you’re located. For instance, in New York, you can now get a tax credit if you hire someone between the age of 16-24. This credit is called New York Youth.”
This recorded webinar discusses how to make second-chance hiring part of your corporate culture, the benefits of second-chance hiring, and the impact second-chance hiring can have.
Thanks Scott, Tom and Larry for the great dialog!