New year, same old HRaches? Not necessarily! Just like regular physicals keep you in tip-top shape, a proactive approach to your company’s HR programs can unlock surprising efficiencies and deliver hidden value. Think of it as an annual HR health check-up, a chance to diagnose potential issues and optimize your systems for optimal performance.
Although, in our experience when speaking with employers, we often learn that most business leaders are not always on top of their WOTC, VOE, and UI claims programs. The approach of “new news is good news” can cause a myriad of problems and become very costly. Walton is here to help rectify the issue and quickly!
Here’s the reality: many companies, especially those with high turnover or dynamic workforces, are unaware of how their Work Opportunity Tax Credit (WOTC), Verification of Employment (VOE), and Unemployment Insurance (UI) claims programs are truly performing. For more information on what WOTC, VOE, and UI are, we’ve detailed them down below.
HR and Tax leaders should be asking if they are capturing all eligible credits, which leads to the next question. Is your workflow streamlined and user-friendly? Or are you leaving money on the table due to undetected errors or missed opportunities?
This is where a detailed examination comes in. Think of it like “the doctor is in” and is ready to take your HR vitals. Are your claim rates healthy? Are response times lightning-fast? Is your user experience smooth and intuitive? ForeSite, Walton’s innovative platform, goes beyond basic statistics, providing a high-level overview of these key metrics – like a doctor scrutinizing your vitals to gain a holistic understanding of your HR service’s health.
But let’s not stop there. A thorough check-up involves proactive diagnosis too. Walton offers “reverse audits” that delve deeper, scrutinizing your programs for hidden bottlenecks, missed opportunities, and user experience hiccups. Imagine a CT scan or an MRI revealing hidden flaws in your HR processes, allowing you to target inefficiencies and maximize ROI. You can prevent major problems by catching the errors early on in the process. Think of the popular saying, “An ounce of prevention is better than a pound of cure.”
Ultimately, this annual HR health check-up is about awareness and empowerment. By understanding your current state and identifying potential issues, you’re equipped to make informed decisions and optimize your HR programs for the year ahead. You can improve compliance, boost efficiency, and even unlock unexpected savings.
So, why wait? Don’t settle living with unruly HRaches when a proactive approach can lead to a healthier, happier and more productive HR department. Schedule your annual check-up with Walton and unlock the full potential of your WOTC, VOE, and UI savings. It’s time to get your HR-heart beating strong!
Becoming a smart + simple HR is within reach. Book your annual check-up today!
What is WOTC?
The Work Opportunity Tax Credit (WOTC) is a federal program that incentivizes businesses to hire individuals who face barriers to employment. By offering a tax credit to employers who hire qualified candidates from specific target groups, WOTC aims to increase employment opportunities for those who traditionally experience challenges gaining entry into the workforce.
Here’s a breakdown of its key features:
- Who benefits:
- Employers: They can claim a tax credit, typically up to $9,600 per eligible employee, based on wages paid and the specific target group the employee belongs to.
- Employees: Individuals from designated target groups gain increased job opportunities and entry into the workforce.
- Target groups: The program focuses on individuals facing specific challenges, such as veterans, long-term unemployment, recipients of certain benefits, ex-offenders, and youth under 24 from economically disadvantaged families.
- Credits: The amount of credit employers can claim depends on several factors, including the target group, wages paid, and hours worked by the employee. Generally, it’s 40% of qualified first-year wages for individuals who work 400+ hours during their first year.
- Eligibility: Employers must hire and pay wages to individuals certified by a designated local agency as belonging to a WOTC target group. ForeSite, mentioned in the original article, plays a role in facilitating this certification process.
In a nutshell, WOTC is a win-win program that helps businesses gain valuable employees while reducing their tax burden, and at the same time, opens doors for individuals who might otherwise struggle to find work.
What is VOE?
A Verification of Employment (VOE) is a document or process used to confirm someone’s current or past employment. It’s like a background check but specifically focused on your job history.
When is a VOE used?
- Lending: When you apply for a loan, such as a mortgage or car loan, the lender may require a VOE to verify your income and employment stability.
- Renting: Some landlords may require a VOE to see if you can afford the rent.
- New job applications: Some employers may request a VOE from your previous employer as part of the background check process.
- Government benefits: You may need a VOE to verify your employment status for certain government benefits, such as unemployment insurance.
What information does a VOE include?
A VOE typically includes the following information:
- Employer’s name and contact information
- Job title
- Start date and end date (if applicable)
- Salary or wages
- Reason for leaving (if applicable)
There are two main types of VOEs:
- Verbal VOE: This is a phone call to your employer to verify your employment information.
- Written VOE: This is a written document that your employer completes and sends to the third party requesting the verification.
What is UI?
UI claims programs refer to Unemployment Insurance (UI) programs, government-funded systems that provide temporary financial assistance to individuals who have lost their jobs through no fault of their own. These programs vary slightly by state, but generally share core functions.
Here’s a breakdown of UI claims programs:
To be eligible for UI benefits, you must have:
- Lost your job through no fault of your own (e.g., layoff, company closure, not misconduct)
- Met minimum earnings requirements in a recent qualifying period
- Actively seeking new employment
- If eligible, you’ll receive weekly payments for a specific period, usually up to 26 weeks in most states.
- The amount of your benefit is typically calculated based on your previous wages.
- To receive UI benefits, you need to file a claim with your state’s unemployment agency.
- The agency will review your claim and determine your eligibility.
- You’ll need to continue filing weekly certifications that you’re actively seeking work.
Importance of UI claims programs:
- UI programs provide a critical safety net for unemployed individuals, helping them meet basic needs while searching for new work.
- They also help stabilize the economy during periods of high unemployment.
Walton Management Services and UI claims programs:
- As mentioned in the original article, Walton’s ForeSite platform can assist employers in navigating UI claims processes.
- By streamlining administrative tasks and ensuring compliance with state regulations, ForeSite can help employers avoid penalties and potential legal issues.
Eliminate HR Headaches with Walton Management Systems
Ready to ditch the HR headaches and boost your program performance? Contact Walton Management Services today for a consultation and discover how ForeSite can be your HR’s best health buddy.