C1S1: Why Should I Become An Employment Partner?
1. It’s Good for Business
Businesses need loyal, hardworking employees to run and run well. A groundbreaking statement, we know. We also know that attaining those quality employees is easier said than done—even in a world of LinkedIn, Indeed, and ZipRecruiter. What’s more, due to shifting demographics (e.g. the retiring of baby boomers, declining birthrate) and other economic factors, a national workforce shortage is already here, including in Minnesota, and it’s not going anywhere.
Jeff Korzenik offers 2 valuable observations here from his book, Untapped Talent:
“The pandemic of 2020 has elevated unemployment and freed workers, but even this has proven an incomplete solution for those companies that are still hiring. Yes, workers are available, but their skills and geography may not align with needs, retraining becomes less viable as workers age, and some workers are unavailable because of health concerns. To the degree that recessions create a surplus of available labor, it proves to be fleeting.”
“…our current labor shortage is not going to pass. Over the long term, it is likely to get worse. Today the lack of workers is a major irritant; in the decade ahead, for businesses that do not address the challenge, it will represent an existential threat.”
This shortage of labor is a challenging reality and one that will require business leaders to get creative with how they attract, utilize, and retain their workforce. Likely, it will require them to explore untapped talent pools—one of the largest and most viable being those with criminal records.
Other Benefits Include:
Federal Tax Credit
The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to all private sector businesses as an incentive to employers to hire workers in certain groups who consistently experience high rates of unemployment. The tax credit allows employers to reduce their federal tax liability by up to $9,600 per new hire.
Federal Bonding
Fidelity Bonding is no-cost employee dishonesty insurance that protects employers against employee theft of money or property. The Minnesota Federal Bonding Service provides individual Fidelity Bonds to employers for new or current employees who may be denied coverage by commercial bond carriers.
That’s where our TRP Fellows come in. When we suggest one of these motivated individuals to you as a potential match for mentorship they’re already coming to you partially vetted via (1) completing our rigorous Virtues for Success class, (2) completing a mentorship application process, and (3) being thoroughly evaluated by us.
Those that complete these steps are the hungry ones. Hungry for the chance to prove to you, their potential mentor and/or future employer, that their past mistakes will not dictate their future. This is part of the reason why more and more research is finding that second chance hiring can actually yield better than average hires when it comes to job performance and loyalty. Even big names like J.P. Morgan Chase, Koch Industries, Johns Hopkins Health System, The United States Army, and Richard Branson’s Virgin Group have all embraced second chance employment as a part of their hiring practices.
Connecting a TRP Fellow with you through our Employment Partnership process can put them on a path to a better future while helping you keep your business running well.
2. It Transforms Lives and Makes for Stronger, More Equitable Communities
Employment Partnership’s benefits and impact don’t stop at your business. Your involvement in the life of a TRP Fellow has a ripple effect that extends well beyond employment.
Research has shown that training programs, designed to quickly and effectively connect formerly incarcerated individuals to meaningful employment upon release from prison, reduces the likelihood that they’ll return (aka recidivism). When people are meaningfully employed and stay out of prison, other social benefits get put in motion like:
Keeping Families Together
Creating More Equitable Communities
Reducing Tax Burdens for Citizens
Increasing Public Safety
Destigmatizing Individuals with Criminal Records
Whether you’re all about avoiding workforce shortages and hiring loyal, productive workers or making communities better for everyone (or both), when you sign up to be an Employment Partner you’re signing up to change lives and make an impact!