Hiring employees. It may be the least enjoyable of all responsibilities as a restaurant owner. It’s time-consuming, expensive, and in an industry with extremely high turnover rates, seems almost never ending. But, what if there was a way for restaurant managers to save time and money, while potentially turning a profit in the hiring process? Before you say it, we’ll tell you, it’s not crazy.
Through a low notoriety federal program, your restaurant can reap high rewards through the Workplace Opportunity Tax Credit (WOTC). Ideal for businesses like the food service industry that employ hourly workers, hiring restaurant employees who are eligible for WOTC can help restaurant managers save both time and money.
How Does The Work Opportunity Tax Credit (WOTC) Put Money in My Pocket?
Maybe you’ve never heard of WOTC, or have, and the thought of filing more paperwork gave you too much of a headache to participate. Nuts and bolts, the federal program incentivizes the hiring of individuals who face significant barriers to employment, such as those who have been unemployed for more than 26 weeks, are veterans, live in low-income areas, and more. This win-win situation gives individuals who are in most need of finding work a bit of a boost, while at the same time offering employers credits for hiring WOTC qualified employees.
How Much Could My Restaurant Earn?
When hiring restaurant employees through WOTC, you can receive anywhere from $2,400 to $9,600 in credits per eligible new hire. Best of all, there is no cap on the amount of credits a business may earn. At an average of $2,400 per new hire, times 25 new hires, you could be saving $60,000 per year! The more WOTC candidates you hire in a year (and who work a minimum of 120 hours within the first year of their hired role), the more dollars you are eligible to earn.
Do I Need to File Documentation?
WOTC offers businesses high rewards, in part, because the majority of business owners aren’t participating by filing the required documentation. Here’s where the news gets even better for restaurant managers.
Evergreen Point of Sale offers the Heartland Payroll solution that automates required tax filings! By streamlining this time consuming process, you have little to lose and much to gain by hiring restaurant employees through WOTC.
What Else Can Heartland Payroll Do?
Streamline the process for hiring restaurant employees with electronic onboarding. New hires can complete federal and state documentation forms, and your business can comply with Title VII with just a click of a button. No more manual filing and sorting! With Heartland Payroll, you could reduce time to hire by 90% or more!
How Do I Get Started?
For more information, or to learn about other products that can help streamline your operations, increase productivity, and increase ROI, contact us today.