PROBLEM: You see Help Wanted signs everywhere. We hear every day from clients just how tough this labor market is to attract and retain talent. The traditional signing bonus does not make the dent it used to when everyone is doing that. Desperate times call for creative measures, particularly in areas where trained candidates are thin on the ground.
SOLUTION: Employer sponsored forgivable loans. We have helped more and more employers adopt forgivable loans to employees for a variety of reasons: advanced licenses, tuition, and even training before employment officially starts. In exchange, employers are requiring a commitment to employment for a certain period of time for full loan forgiveness. It gets you the trained employees you need at no cost to the applicants.
What is the catch? The Fair Labor Standards Act must be complied with even in the case of offering specialized training prior for employment. The language of your policy and documentation must show that. We also recommend employment agreements and mandatory arbitration agreements to protect your investment. Let us help you strategize solutions that will assist you in attracting and retaining talent.