Did you know that 60 percent of job seekers encounter a bad applicant experience, and 72 percent broadcast their experiences on social networks?* Today’s HR and finance professionals can’t afford to have any gaps in their recruiting playbook; yet, many have neglected to re-evaluate the impact of a positive applicant experience with their capture of available federal tax credits, specifically the Work Opportunity Tax Credits (WOTC). When you look at the scoreboard, it’s clear than many companies are under-capturing WOTC during the screening process.
There’s no need to forfeit the game. Advances in technology can turn a traditional, paper-intensive approach into a game-winning strategy by helping to enhance the applicant experience and drive results in maximizing WOTC capture.
Take a look at how two game plans line up to see what may be missing from your playbook and how you can expand it to help win the best talent, as well as maximize the tax credits capture for which you may be eligible.
Game Plan #1: WOTC Capture with Traditional Tactics
Many companies have experienced difficulty maximizing value from the WOTC program due to manual processes and chasing paperwork. Even sophisticated companies who automated their application process often didn’t maximize the benefit under the historic rules of the program.
Candidates must fill out hardcopy forms, answer hard-to-interpret questions and include a wet signature. Not surprising, they find the experience hard to navigate and time-consuming, leaving them frustrated with the process.
Companies, too, are frustrated with the hard-to-administer process that leads to lower-than-expected compliance results and adds paper to an otherwise paperless hiring process.
Game Plan #2: WOTC Capture with Tech-Based Moves
Many companies have made significant investments in recruiting and applicant technologies. The investment positions them well to build a return on investment (ROI) based on the potential for increased WOTC capture. These numerous technological improvements and enhancements to the program, like the acceptance of electronically signed Form 8850s, have allowed for a more automated WOTC process that allows companies to more effectively capture available WOTC credits.
Candidates are now provided convenient screening options, such as electronic application workflows and mobile screening, minimizing the re-entry of information. The questionnaire is easy to understand and can be electronically signed. As a result, fewer candidates abandon the process early.
Today’s technology-focused WOTC process leaves companies more satisfied as well because they can seamlessly integrate it with their applicant tracking system, and it’s easier to navigate the process. Paperwork is reduced and companies see an increase in their compliance results with screening and forms.
Click here to see our full infographic: HR Scoreboard: Traditional Tactics vs. Tech-Based Moves
Coach’s Corner: Four Hiring Credit Best Practices
A positive candidate experience is a powerful force for companies today, and it’s a whole lot easier to capture tax credits within an application tracking system, explains WOTC veteran and ADP Director of Tax Credits Paul VanHuysen. To make sure you’re getting the most of yours, VanHuysen suggests following these hiring credit best practices:
- Get to the point. Provide a launching point within the hiring process to take the applicant to the tax credit questionnaire.
- The simpler the better. Use simple wording, an applicant-specific question set and reflect current legislative changes in the tax credit questionnaire.
- Line of sight. Give visibility to individual tax credit eligibility status.
- Within reach. Make individual form packages for eligible job applicants or employees accessible.
WOTC Analytics vs. WOTC Reports
You also want to make sure you don’t settle for reports when analytics are needed. WOTC reports offer a static presentation of facts and a standardized format to display results. Users find it difficult to make adjustments to information, and the information is historically focused and accurate only as a point in time.
WOTC analytics, on the other hand, provide a platform to perform analysis on a set of data. The data set changes dynamically as the data is refreshed, and the user determines the way it is presented and analyzed. Trends and insights can be tracked and validated over time to define patterns to guide future behavior, and you can add action-based alerts.
There’s still time left on the clock. You can give your WOTC screening process a winning strategy by harnessing the power of technology and analytics to enhance the applicant experience and help drive financial results for your organization.
Ready to raise your game? Click here to download the ADP infographic and watch Paul Vanhuysen’s latest presentation: HR Game Plan to Attract Talent and Maximize Your WOTC Capture.