News & Events

Blog

Enter your email address to receive updates via email.

In 2013, the HR world flourished with more and more companies hiring and continuing to grow. For example, according to our data, over 200,000+ more people were hired this year by iCIMS clients compared to 2012. As we look at the big picture, some major hiring shifts emerge. By taking a look at the hiring trends over the past year, we can provide insight into where our clients found their top quality source of hire and learn how to leverage that information in future recruiting strategies.

Tapping into our client base, we analyzed over 2,000 clients’ source effectiveness reports. These reports show the recruitment advertising sources and the number of candidates coming from each. They also looked at the stage in which each candidate moved into the hiring process and whether they were ultimately accepted or denied. By comparing this report to previous years, a pattern starts emerged.

The report results were gathered through the automated source tracking tool inside the iCIMS Talent Platform. We were able to filter out self-identified information and focus instead on the true origin of the candidates; through source code tracking. The tool automatically locks in the true origin of the candidate and gives validity to the report. This report speaks to a wide audience as information for these reports were collected from companies ranging from small ‘mom & pop’ stores with only 10 employees, to global enterprise corporations well over the 100,000 employee mark. Overall, the data collected gave insight into over 2 million job postings, 19 million applicants, and 600,000+ hires.

Taking a closer look at the 600,000+ hires we broke down hiring sources into external and internal sources. External sources accounted for about 26 percent of the new hires (charted below), whereas internal sources like referrals, internal hires, and career sites, accounted for a whopping 74 percent of the new hires. Compared to data collected last year, we see almost identical occurrences (25 percent and 75 percent respectively last year). These numbers indicate that iCIMS clients are continuing to take advantage of the tools being given to them for outsourcing jobs via corporate sites or in-house portals.

These figures are great to see, for the sheer fact that it proves clients are utilizing our sourcing tools. However, the data also points to the fact that external forces are still playing a major role in today’s hiring process. Branded external sources stand out, with contributions from Indeed, CareerBuilder, Craigslist, Monster, LinkedIn, SimplyHired, CampusRecuriting, Facebook, Workopolis, and Glassdoor. As in previous years, Indeed is leading the way in obtaining 3rd party new hires which accounted for 30 percent of the new hires in 2013 from external sources.

Our clients are also sourcing hires through third party recruiting agencies, traditional job boards, and job or career fairs. We saw growth in the field of traditional job boards since last year with 29 percent of new hires from external sources compared to 22 percent last year. Another major statistical swing came in the form of recruiting agencies taking a hit among our clients, dropping from 29 percent of new hires last year to just 10 percent this year.

So what does this information mean, and how what can we expect in the coming years? Well first, it displays a shifting standard. Many people are now conducting independent research for jobs, so recruiters need to realize this fact and adapt. In order to capture candidates while they are searching jobs, recruiters need to focus on displaying a consistent brand across their company’s career site, social media networks, and communications, and leverage search engine optimization tools in order to better position their jobs on major search engines. In a world full of instantaneous access to information, people are going to continue to independently search for jobs; instead of waiting on a third party to present it to them. A digital presence is more important now more than ever and recruiters should focus on their overall company brand on the web to continue expanding their recruitment efficiency.

Share this Blog:

Selecting an Enterprise Resource Planning (ERP) recruitment solution versus a best-in-breed talent acquisition solution is common these days, especially as companies look to reduce costs. What companies should also consider is that cost reduction is not necessarily a worthwhile tradeoff when it comes to “winning the war for talent.” 

Identifying top talent can be a challenge.  HR professionals need a platform that can efficiently track applicants, is easy-to-use for both employees and applicants, and is configurable enough to empower users to streamline their own unique process.  Recruiters need to maximize their focus and put all of their attention into attracting, organizing, communicating, and retaining top talent for their companies.  They should not be spending their time with data entry.

The Solution: Best-in-Class Integrations

The best way recruiters can save time is through a system integration, the process of bringing together your vendor subsystems into a single platform and ensuring that the systems function together seamlessly. This way, companies can optimize and streamline their recruitment processes by automating feeds between their applicant tracking system and other vendors such as assessment, background check, and job requisition providers. With an integration, pre-hire processes can be completed with speed and accuracy – eliminating the need to check multiple systems for information.  There are many success stories from companies that are benefiting from reduced turnaround times and system simplicity by integrating their current ATS with vendors.

The Power of Using One System and the Benefits of APIs

Recruiters should be able to focus on the tasks at hand within the recruitment lifecycle without having to leave the ATS. The use of application programming interface (API) allows users to see just one interface, but behind the scenes, vendor applications need to work together. This type of integration is seamless, since the user never notices when software functions are handed from one application to another. An API specifies a set of functions or routines that accomplish a specific task or are allowed to interact with a specific software component.

Web Service API and integration tools allow recruiters to share data between their ATS and other recruitment vendors without extensive customization, which involves far more time and technical resources  Examples of these types of recruitment vendors includes tasks like sourcing, screening, building relationships, background screening, tax credit processing, I-9 processing, offers, etc.  Simplifying the process by which information is gathered and stored allows recruiters to focus on their number one priority: finding top talent, which is of course the ultimate goal of a well-functioning ATS.

By eliminating manual data entry, companies also prevent common errors that can slow down the recruitment process. Integration technology establishes a direct line of access to the information their vendors need, thus avoiding the hassle of having to log-in to several websites.  This in turn reduces typos, transposed numbers, and other similar mistakes.

Additionally, ensure your ATS Professional Services team has a breadth of experience with API’s and other interface programs provided by the leading vendors. An experienced Professional Services team will put your company in the best position for success when integrating virtually any third party HR system.

To win the war for talent, organizations without ATS integrations should reassess their systems. If you are a recruiter, raise the issue to your management team. If you are a recruiting manager, initiate a dialogue with relevant people in IT to start the ball rolling and discern what is feasible and reasonable for your organization and system-specific requirements. If you are a recruiting technology manager, prioritizing technical needs is important. Even before tackling integration issues, make sure recruiters can access and fully utilize the ATS itself. Then focus on the system integration opportunities your organization should be reaping benefits from and allow recruiters to do what they love….Connect, Recruit, Onboard.

Share this Blog:

Statistics show that approximately 92% of businesses are using social media in their recruitment efforts.  And it’s no wonder, considering how prevalent social media is in our culture today. Still don’t believe social recruiting is wave of the future? Consider this:

With so many people using social media, it is one of the most valuable places to find the best talent for your organization.

Despite the fact that so many talent acquisition professionals are dabbling in social recruiting these days, many still struggle to prove a positive return on investment (ROI) for their hard work. To that end, iCIMS performed extensive research analyzing over 60,000 jobs posted on social media in 2013 in order to help recruiters develop a social recruiting strategy that actually produces a positive ROI.

Before moving into the research results and insights, let’s take a second to define return on investment. In the simplest terms, return on investment means that an organization needs to be sure that the time and effort dedicated to social recruiting produces some type of positive result for the organization. For recruiting purposes, the ‘positive results’ of social recruitment (or the return on investment) can be measured in terms of employment brand awareness and/or an increase in the number of viable job applicants.

Now, it is probably obvious why an increase in the number job applicants is a positive return on investment, but why do we also consider employment brand awareness a positive return on investment? It’s simple: employment brand awareness is imperative when it comes to attracting the best candidates and filling your organization’s candidate pipeline for future openings. The candidate pipeline that you begin building today will reduce your time-to-fill and cost-to-fill in the future.

With these two ROI opportunities in mind (employment brand awareness and applicants), iCIMS social recruiting research provides valuable insight that you can use to design a social recruiting strategy that maximizes your organization’s return on investment.

Ultimately, the results were thought-provoking and in some cases somewhat surprising. So, what did we find? Here’s a preview of what you will find:

  • Jobs posted on Google+ get nearly 4x more job seeker views per job. This means that Google+ is an excellent platform for companies to expand their employment brand awareness.
  • Nearly half of all of all people viewing jobs on Facebook apply for a job. By this measure, Facebook provides employers with the best conversion from candidates “just looking” to candidates actually applying for a job.

Now, you must be wondering, what about LinkedIn and Twitter?  Yes, LinkedIn and Twitter are in the report too. Overall, we found that strategic posts to all four of the major social networks are imperative to a strong social recruitment strategy with a positive return on investment. It’s all about how you use them!  But, if you want to know more than that, you will have to check out our new infographic, “Know the Facts & Improve Social Recruiting ROI,” available free from iCIMS’ Hire Expectations Institute

Share this Blog:

I think it is safe to say that most companies have received the memo about the importance of a solid onboarding process. While they received the memo, there are still a significant number of companies that either do not have a formal onboarding process or have implemented one without proper deliberation.

According to a 2013 Aberdeen Report, companies with a best-in-class onboarding process retained 91% of employees within the first year. For companies with industry-average onboarding processes, that number drops to 70% and then 30% for laggard companies. These numbers indicate the significance of not only having an onboarding process, but the necessity for quality in the process output. Essentially, it is no longer a wise business decision to refrain from investing in onboarding. With retention concerns as an ongoing dialogue in companies, making sure your new hires are adequately supported and prepared to contribute is paramount.

There are so many statistics out there regarding onboarding, how do you know what the appropriate approach is for your organization?

Here are five things that you should be considering when developing and deploying an onboarding process:

  1. Onboarding is not your new hire orientation. While your new hire orientation is one of the facets in the hiring process that facilitates onboarding new hires; one should not mistake the orientation itself as the method of onboarding. There should be several components to your onboarding process- new hire orientation is just one of them.
  2. Streamline your hiring process prior to investing in an Onboarding platform. As the saying goes, garbage in, garbage out. The worst thing any company can do is to take an inefficient process and apply it to a new system in hopes that the system will magically improve it. Take the time to look for inefficiencies and create a more lean process in support of any onboarding system you implement.
  3. It’s not just about collecting paperwork. Yes, one of the necessary and efficient uses of an onboarding system is task management and collecting new hire paperwork; but what about incorporating training components? How about video messages from your recruitment team or CEO that provide tidbits on getting settled in their new role? Get creative and make onboarding a company experience.
  4. Onboarding is a collective effort. We speak about onboarding quite frequently from an HR perspective, but how are we training our hiring managers and ancillary staff in support of this process? Everyone that touches the hiring process has to be on the same page with regard to how you approach the onboarding of new hires. This is the only way to ensure the consistency of your message and delivery.
  5. Onboarding of a new hire does not stop once they are hired. Onboarding extends well beyond the first day of work. That new hire needs to be followed as they get acclimated to your company for a minimum of one year to ensure that they are receiving the proper support and resources needed to do their job successfully. This is where you get ahead of flight risks and potential turnover issues before they become exit interviews.

Share this Blog:

LinkedIn’s New Publishing Platform Revolutionizing Social Recruitment

LinkedIn is the largest professional social network. With more than 150 million users worldwide, the site has long provided an invaluable resource to recruiters: a dynamic network of resumes, endorsed by colleagues and connected by 2nd or 3rd degree connections.

For a long time, though, the site was missing something that drives traffic to social media sites like Facebook and Twitter: content.

But all of that has changed… and recruiting will never be the same.

Candidates & Recruiters: Finally On The Same Page

Back in October of 2012, LinkedIn began offering its own content via “Influencers”—a move that has increased site traffic eightfold, according to LinkedIn’s executive editor, Daniel Roth.  Just this February, the company announced on its official blog that it would be opening up the publishing platform to all of its members, starting with 25,000 members and then slowly expanding it to multiple languages over upcoming weeks and months. With the publishing platform open to all of its users, traffic will only continue to grow, increasing the opportunities for candidates and recruiters to connect online.

Just Another Blog?

Not exactly. Unlike other social media sites, LinkedIn is a platform for individuals to share their professional voice. Once a post is created, it will be integrated with the professional profile alongside the resume, connections, and endorsements. For candidates, this is an opportunity to build a cohesive portfolio online. For recruiters, it means quickly identifying the passions, writing skills, and expertise of potential candidates.

Candidate profiles aren’t the only ones on display though; all companies should be developing a strategy for how to use LinkedIn to market their brand. The benefits of a strong brand for talent acquisition is long established: simply put, companies with strong brand presence are more likely to engage and retain top talent.

Tips to Make The Most Out Of The New Publisher

  1. Involve your CEO: As leaders of your company, they are your brand ambassadors. Leverage them to build a strong voice for your company online.
  2. Share your business’s expertise: Your insights and thought leadership will engage candidates and spark professional conversations that will in turn strengthen your network.
  3. Don’t bore readers with walls of text: It’s tempting to restrict content to text when maintaining a professional tone, but in order to truly engage readers you will need to include images and video.
  4. Connect with the right readers: One of the big perks of the new platform is being able to see demographic analytics about who is clicking on your content. This means you’ll be able to review whether your content targets the right professionals.

Get Ahead Of The Curve

The new publisher isn’t available to everyone yet, so there is still time to build your network by joining groups and updating your profile. In the meantime, develop a strategy with your HR team to leverage this new tool to access top talent at no additional cost.  

Share this Blog:

In such a competitive recruiting environment, an outstanding employment brand is key to attract the best and brightest. Here’s what you need to know: 46% of candidates rate their candidate experience applying for jobs as poor to very poor. And worse, 64% said that they share information about their candidate experience via social media.

Companies who are serious about creating a positive candidate experience need to include this as a priority within their talent acquisition and branding strategy. Based on iCIMS proprietary candidate surveys, we have determined that a great candidate experience is one that is accessible, fast & easy, engaging, and personal. Fortunately, it is very simple for organizations to make major improvements quickly in order to provide candidates with the best possible experience.

Accessible:

I know someone who decided to apply to a company on a whim, and—because she had key skills and experience needed for the role—was immediately called in for an interview and hired. The trick to hiring the best talent is to eliminate any barriers that might make it difficult for these highly-qualified candidates to apply.

First and foremost is getting your job post in front of the right eyes in the first place. This includes leveraging career microsites to improve your SEO performance, niche and major job boards to get your name and jobs out there, and utilizing the power of social media to improve employee referral programs and find key talent within your employees’ existing networks.

Secondly, mobile accessibility is key. To reduce candidate drop-off, make it easy for applicants to complete the full application process on their phone or iPad. Candidates also need to be able to upload a resume from Google Drive, Dropbox, or social media sites (in addition to simply uploading from their device) so that anyone who doesn’t store his or her resume on his or her phone may still easily submit an application.

Fast & Easy:

I had a summer retail job for several summers in a row during college. Each year, I was asked to re-complete a 100-question questionnaire to prove my suitability to work for the company. To state the obvious: this exercise took a decent amount of my personal time and could easily have turned off a less-interested applicant.

http://www.icims.com/sites/www.icims.com/files/public/recruitment_accessible.png

A job application should take no longer than 15 minutes for a candidate to complete! Make sure your applicant’s time is used wisely by providing them with tools to easily upload a resume or apply with a social media profile. Further, choose an applicant tracking software that automatically parses a candidate’s uploaded resume to reduce data entry so that candidates need not re-complete already-provided information.

Engaging:

On a scale of 1 to 10, candidates rated how important the professionalism, look, and feel of a company’s career portal is to their decision to apply for a job. 78% of candidates reported that the professionalism of a company’s career portal is moderately to highly important to their decision to apply. This means that having a well-designed, appealing career portal is imperative.

Further, incorporating the latest technology, such as video, into your hiring process engages candidates. Use videos to entertain and engage candidates in a way that makes your employment brand memorable and desirable. Highlight video interviews with current employees to give the candidate a sneak peek into your corporate culture. Let candidates set themselves apart by creating video cover letters as well!

Finally, keep your new hires engaged in the final steps of the process through a welcoming, personalized onboarding experience that lets them hit the ground running when they start at your company. Utilize a personalized onboarding portal to introduce them to your company and their team members to increase their engagement with their new job.

Personal

I remember it like it was yesterday: early on in my career search as a young graduate, I applied for a fair number of jobs. One organization never responded to me—until a year later, when I received an impersonal automatic notification that, per record retention policies, my resume would no longer be held in their system. All employers interested in providing a stellar candidate experience must be aware that applicants notice and remember when their applications disappear into a resume black hole.

At an absolute minimum, organizations should make sure that every job seeker receives a response when they apply to a position (to confirm that materials were received) and when a final decision regarding their candidacy has been made. Fortunately, applicant tracking systems offer the capability to auto-schedule email responses with the ability to personalize these messages based upon information from the candidate’s own profile.

This idea of personalization carries past the candidate selection process and into new hire onboarding. Create a personalized task list and onboarding highlights for each department, job, or business unit, so your new hires feel empowered to make meaningful contributions, not like they are just another cog in the machine.

For more content like this, check out iCIMS Hire Expectations Institute

Share this Blog:

Sharlyn Lauby, SPHR, CPLP is the HR Bartender, whose blog is a friendly place to discuss workplace issues. When she’s not tending bar, Sharlyn is president of ITM Group, Inc., which specializes in training solutions to help clients retain and engage talent. Her off-hours are spent searching for the best hamburger on the planet, fabulous wine that cost less than $10 bottle and unusual iPad apps.

The purpose of technology is to make our lives easier. Technology allows us to do things faster and cheaper. I believe we’re all on the same page when it comes to the role of technology at work. Businesses are willing to implement technology solutions that help them deliver their product or service in the best way possible.

Sometimes, what can be a challenge with technology is quantifying that effort. Even though we “know” that technology is making our work more efficient, it’s good to understand exactly how much. Being able to have data and metrics can not only pave the way for future technology investments but focus us on the value of our face-to-face interactions.

Improve Productivity by Source Analysis

Organizations want to spend their recruiting dollars wisely. So, it’s important to understand where their applicant flow comes from. Not just any applicant flow, but where the most qualified candidates are coming from. Today’s recruiting technology solutions allow companies to track applicant flow and report on the most effective recruiting sources.

A word of caution: It might be tempting to write a source off after one posting. Be aware that it can sometimes take promoting a job opening more than one time to get accurate data about a source. Once a job is promoted, reporting technology can be used to see trends associated with the posting.

Reduce Time and Improve Productivity

Another way to improve productivity is by spending time on the right things. Being able to hire the best people faster is valuable to the company. It might also help the company maintain a competitive advantage. The “time-to-fill” metric allows companies to measure the average time it takes to open a position and hire a candidate to fill it. The reports from your applicant tracking system can provide you with this data.

Something that I really like about using this particular metric is its flexibility. Companies have the flexibility to decide specifically what the terms “job opening” and “hire” mean to your organization. For instance, does job opening mean the date the opening occurred or the date a requisition was authorized? Does hire mean the date an offer was accepted or an employee’s date of hire? You have the ability to define this metric in a way that makes sense for your organization. Any metric should be clearly defined and calculated consistently.

Improve Productivity and Increase Quality

Yield ratios offer us greater understanding into the success of the recruitment process. Here’s an example: a company is hiring sales representatives. Their recruiting history shows that, if they post an opening, they will get 100 applications. Typically, 25% (or 25) of the responses are qualified for an initial interview. After the initial screening, 50% (i.e. 12) are qualified for a second interview. Only 25% (or 3) will be considered after the second interview. Of the 3 remaining, at least one typically doesn’t pass the background screening process. So 100 applications yields 2 candidates.

The best part? HR doesn’t have to calculate these numbers. They’re readily available in your recruitment technology.

Being able to share this data with hiring managers is incredibly important. They need to understand the best sources of hire so they can support them. The time-to-fill metric not only speaks to the length of the HR process but the hiring manager’s performance as well. Lastly, yielded ratios can help focus recruiting efforts to obtain better results.

Human resources departments are equipped with the technology to make their processes more efficient. Leveraging the reporting feature in recruiting technology allows HR to share data that will make recruiting more productive.

Share this Blog:

As one of the Client Relationship Directors here at iCIMS, I interact on a daily basis with several different clients. Due to the configurability of the iCIMS Talent Platform and the diversity of our clients, I see our solutions being used in a variety of different manners. The system is dynamic and scalable, so companies can tailor it to meet their unique needs, size, industry, and user experience. 

In recent conversations with clients over the past few months, I find myself asking, “Where are you getting your traffic from?”. Invariable, my clients always mention that they have a process for attracting talent. Often times the process involves the use of the same job fairs and the same marketing strategy to attract their candidates.  

With hearing the same answer over and over again, I consistently urge my clients to shake it up a little bit.  It is critical that they try new ways to attract candidates. Sourcing from the same avenues year after year is good, but we want you to be great.  So we have a few exceptional tools that are worth exploration to help you in your searching.

Social Distribution: With an overwhelming amount of candidates taking to social media for their job search, recruiters should consider using technology that leverages this potential sourcing channel. With a click of a button, users of Social Distribution can push out any job opening they want to over 300+ social media sites at peak times and dates based on the product’s alga rhythms.  Another great part about Social Distribution is the ability to have employees get involved and share job openings with their own social network. We believe that top talent knows top talent.

Job Board Posting: To maximize exposure with minimal effort, many clients are taking advantage of iCIMS’ pre-established integration with Job Target’s OneClick. With the seamless integration, customers can automate the process of posting available positions to their choice of more than 14,000+ online job boards. Users also have access to Job Target’s Media Discovery tool, which identifies niche- and industry- specific job boards that target active and passive candidates.

Once candidates come through multiple sourcing channels, it’s time to screen each applicant. We have technology to shake that up as well! Video Cover Letter, unveiled in the later part of 2013, has proven to be a true game-changer for many companies.  In a short video clip, candidates can explain why they feel they are the best fit for the job and in turn recruiters can easily determine the caliber of each candidate’s soft skills – personality, presentation, communication skills, and creativity – without ever conducting a face-to-face or phone interview. No longer is there a need for organizations to lose time and money interviewing potential candidates.

So as a takeaway, we encourage you to regularly explore new avenues for attracting and screening talent.  iCIMS is here to consult and advise you so you can in fact … win the war for talent!  We have great tools to arm you so that the talent that you need to keep your organization strong, will be there. 

Share this Blog:

Recruiting without an applicant tracking system is challenging enough all on its own. When I was a recruiter on a team of 5 focused on one region, we ran into several sourcing issues due to an overwhelming amount of unorganized paperwork. Our team was sourcing the same resumes, calling the same candidates multiple times, and contacting candidates that were already interviewed with the company. The amount of time we were spending on the same candidates was mind blowing.

Campus recruiting added even more challenges when using a paper based process. I collected, organized, and rated hundreds of resumes. I lugged my briefcase packed with resumes from hotel to hotel as I visited different schools in the Northeast. After our roadshow, I would then begin contacting the students I had just met. That task alone would take a full day. Whether it was sending out emails, or following up by phone, I wanted to reach out as quickly as I could to avoid drop-offs in such a competitive landscape. 

Then everything changed. I was introduced to my first applicant tracking system, iCIMS Talent Platform. The system was fast, easy to use, and had amazing functionality. Candidates were organized in folders, allowing our team to see exactly where a candidate was in our workflow. We no longer embarrassed ourselves by calling candidates who already come into interviews are had an offer extended to them. Our team became much more efficient. We were wasting less time on the same resumes, reaching out to even more candidates, and making better hires. 

On the campus front, I saw the biggest change. Our candidate experience greatly improved. We set up a laptop where candidates could quickly enter their information and receive a branded email thanking them for their interest. I could even take a picture of their resume and upload it into the system later. Once a candidate’s information was in the system, I could rate the resume, leave notes, and forward profiles to the appropriate hiring managers. As students used our quick and easy new technology, they began to tell me how easy it was and how they wished more application processes were like it. The best part they liked was the personalized emails they would get throughout the process letting them know about the status of their resume and company happenings, which I could send with a click of a button.

Simply put, technology supercharged our recruiting efforts in all areas. Besides delivering a much better candidate experience, our recruiters regained passion and their focus on results. We were spending less time on duplicate resumes, getting to candidates quicker and decreased our time to fill by 43%. After using an applicant tracking system, I would never be able to go back to paper. 

Share this Blog:

Cheryl Dallner is Vice President of Partnerships for Tax Credit Co., an iCIMS partner integrated with iCIMS Recruit.  Tax Credit Co. helps clients increase earnings by optimizing the process of obtaining state and federal tax incentives, including national hiring incentives such as the Work Opportunity Tax Credit (WOTC), state enterprise zone tax credits, state and federal research and development tax credits, job training grants as well as other state and federal programs. Tax Credit Co.’s proprietary, next-generation software platform manages national tax credit screening and compliance for large, complex organizations. For more information, please visit the company’s website at www.taxcreditco.com. .

The last thing you want to do as an HR or Talent Management manager is add more work to your plate. You’re already doing more with less and constantly overcoming new challenges to optimize your recruitment and hiring best practices.

When I meet with talent management professionals, from mid-sized employers to the Fortune 100, to learn if they are taking advantage of hiring-related tax credits, I’m quick to mention it doesn’t have to add more work to their hiring process. For those who are not taking advantage of these lucrative programs that increase profits, they anticipate it creates more paperwork or adds more time to the hiring process. That can be the case if you’re capturing these programs with manual processes. The good news is there’s an easier way.

Contribute to the bottom line.

Often times employers are already screening for and capturing the Work Opportunity Tax Credit (WOTC), a hiring tax credit encouraging employers to hire targeted job seekers like Veterans and those receiving various forms of public assistance. With the WOTC program, employers can typically earn an average of $50 per hire. The credits can add up, which is an excellent way for HR to contribute to the bottom line and become a superhero.

Less work. More credits.

Once I learn they already are capturing the credit, I dig a little deeper. How are they capturing it? Do candidates have to complete the WOTC form 8850 manually or complete a phone screen? Does it require HR to get involved? This is where employers have fallen off their chair (literally) when they learn how seamless it can be.

Historically, capturing WOTC and other hiring tax credits required every candidate or new hire to complete a paper form. This causes extra work for HR and makes it difficult to ensure that every candidates completes it. The paper form is no longer required when you embed the tax credit screening questionnaire within your electronic application process. It typically adds only 30 seconds to 2 minutes to your application including capturing the candidate’s electronic signature. As a result, employers eliminate nearly 100% of the paper typically associated with capturing these dollars while ensuring you screen every candidate.

Can be used as the tie breaker.

Results of whether or not the candidate is potentially eligible for a tax credit is shown immediately within your recruitment solution along with the rest of the application data. That’s exactly how the IRS and the Department of Labor designed the WOTC program, encouraging employers to hire targeted job seekers and requiring you to screen on or before the day of job offer.  If you have two candidates both qualified for the job and had great interviews, however, one is also tax credit eligible and the other one isn’t, why not hire the tax credit eligible candidate? You could receive several thousand dollars in tax credits -- pure profit to the bottom line.

How many credits are available for your company?

By gathering some basic data from a company like head count and a location list, we can determine how many Federal and state tax credit dollars are available. Typically 10% to 20% of a company’s employees are eligible for the WOTC program worth up to $9,600 per eligible hire, but there are also location-based hiring credits that can be twice as lucrative when hiring in states that offer these programs.

The best way to take advantage of the technology and all of the available tax credits for your company is to consult with a tax credit consultant. Look for one that not only has the screening technology that eliminates the effort but also has the expertise in nationwide tax incentives so no tax credit is left behind.

Share this Blog:

Pages

HR Thought Leadership