Thursday, July 30, 2009

Workforce Incentives & Tax Credits

Wage Subsidy
Denver employers that offer a formal training program for entry-level employees can apply to receive 50-100% wage subsidies for up to six months. Potential trainees are pre-screened based on employer's requirements. The Youth Employment Program (ages 14-21) may also have subsidies available.

Workforce Recruitment
In addition to free access to Colorado's state-wide job bank (ConnectingColorado) workforce recruitment and/or candidate pre-screening is available at many centers across the state. Of the approximately 300,000 registered jobseekers in the workforce system pool, about 20% are currently employed, and at any given time, approximately 25% of the particpants in the Adult Dislocated Worker WIA Programs have at least a Bachelors Degree, and another 25% have some college or an Associate Degree. For more information about the diverse demographics, please contact lynn.sargent@denvergov.org or contact a business representative at a center near you.

CRC/WorkKeys Assessments
The CRC is an effective tool for pre-screening recruits, gauging skill-building needs of current employees, or as part of an internal promotion process. CRC certifies the skills of employees and recruits in three categories: applied math, locating information, and reading for information (an Applied Technology module is also be available to certify knowledge levels in Electricity, Fluid Dynamics, and Mechanics). These assessments are harder than most people assume. Related tutorials for all modules are also available. Assessments are administered by many Colorado Workforce Centers, including Denver's. Denver employers must register. Contact Lynn Sargent for more details, or to schedule an appointment to try the assessment to discover how it meets your pre-screening needs.

Training
Training is a smart investment in human capital, can lead to greater efficiencies, and employees often view it as a benefit. Colorado businesses can save training costs by using free computer and other skills training at Denver workforce centers for their existing employees. Customized training is also available for training of new technologies, introduction of new production or service procedures, or any additional skills required to upgrade to a new job/classification (click here for more information on Customized Training).

Training Grants
The Colorado First and Existing Industry grants are jointly administered by the Colorado Office of Economic Development & International Trade (OED-IT) and the Colorado Community College System (CCCS). Maximum grant award of $800 per employee. CCD's Performance Solutions is one of the organizations that can assist businesses with writing their grant application.

Workforce Investment Act (W.I.A.)
Jobseekers enrolled in WIA may receive tuition assistance for attending WIA-approved training courses, and financial assistance for "supportive services", such as steel-toed boots and other PP&E if these items are required by the employer to secure employment. Refer to the beginning of my Schools post to learn how to access the database of WIA approved training providers.

WOTC Tax Credits
Tax credits for hiring Welfare Recipients, Veterans receiving food stamps, TANF recipients, jobseekers receiving vocational rehabilitation to learn new careers, and other populations.

Enterprise Zone Projects
Up to 25% state tax credit for monetary donations/in-kind contributions (excluding membership fees) to non-profits certified as an EZ Contribution Project.

Free Fidelity Bonding
Helps alleviate employers concerns that at-risk job applicants would be untrustworthy workers by allowing them to secure fidelity bonds to indemnify them for loss of money or property sustained through the dishonest acts of their employees.

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