With 2024 in full swing and tax season upon us, now is the perfect time to explore the benefits of the Work Opportunity Tax Credit (WOTC)—a valuable opportunity for employers statewide.
WOTC is a federal tax credit incentive program, provided to employers for hiring individuals from certain target groups. By participating in WOTC, you not only expand your talent pool but also benefit from tax incentives, making it a win-win situation for your business and the community.
+(1).jpg)
With Utah’s challenging hiring landscape, WOTC is a great incentive to consider as you build your workforce. By hiring untapped populations, you not only address your workforce needs but also contribute to breaking down barriers to employment. These populations, often overlooked, might just hold the talent your business needs.
.jpg)
Through WOTC you can receive up to $9,600 in tax credit. The Department of Workforce Services is here to help guide you through the process. To learn more about the WOTC and access an online application, click here.
For additional information about the program including frequently asked questions, click here.
Employer workshops and hiring events may also target untapped, vulnerable populations and generate interest in the WOTC. To learn the benefits of accommodating, hiring and retaining individuals with disabilities, contact Ben Baldonado at (435) 414-5461 or Joshua Rodeback at (385) 266-0509.
By Gwen Kervin
Since March of 2022, the Federal Reserve has been raising interest rates in an attempt to cool inflation and slow the economy. However, so far, the effect on Utah’s labor market has been minimal. Constricted labor markets following the COVID pandemic caused employers to have a hard time filling open positions. Because employers struggled to find workers, a large gap developed in unmet labor demand. This elevated wages, which in turn lured marginal workers into the labor force, helping to fill some of the vacancies. While Utah continues to turn in job growth numbers, growth rates have come down from the highs experienced in 2021 and 2022, resulting in a reduction in the unmet labor gap. Because of this, any additional Fed rate moves could have a more immediate influence on the Utah labor market going forward. More...
Apprenticeships are a great way to develop a skilled workforce in any industry. They are one of the many pathways that lead to a successful career. Apprenticeships combine on-the-job learning with related classroom instruction. They benefit employers by building a pipeline of high quality and motivated workers trained to the exact skills needed for the job. In Utah there are more than 280 registered apprenticeship programs and more than 4,100 active apprentices. Apprenticeships continue to expand in Utah with opportunities available in automotive, construction, manufacturing, information technology, health care and more. More...