PHTA is driving interest not only to careers in our industry, but careers that start with an apprenticeship.
Benefits of Apprenticeships:
- A more skilled workforce. Apprenticeships provide a structured way to train new employees in the skills and knowledge they need to succeed in their roles. This can lead to a more productive and efficient workforce.
- A more loyal workforce. Apprentices are more likely to stay with their employers after they complete their training, which can save on recruitment and training costs.
- A more diverse workforce. Apprenticeships can help employers to attract and hire a more diverse workforce, which can bring new perspectives and ideas to the company.
- Tax breaks and other financial incentives. There are a number of tax breaks and other financial incentives available to employers who offer apprenticeships. These can help to offset the costs of running an apprenticeship program.
- The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who hire individuals from certain targeted groups that may face barriers to employment. The credit was introduced by the US government to incentivize employers to hire individuals veterans, ex-felons, individuals receiving public assistance, and others.
The WOTC provides a tax credit ranging from $1,200 to $9,600 per employee hired, depending on the target group and the number of hours worked. The credit is based on a percentage of the employee's first-year wages and can be claimed against an employer's federal income tax liability.
- The Apprenticeship Job Creation Tax Credit (Available in CANADA) This tax credit is available to employers who create new jobs through apprenticeships. The credit is equal to $2,400 per new apprentice.
Ready to start an apprenticeship program at your company? Click here to enroll in a PHTA Apprenticeship Program, registered by the US Department of Labor.