Employing Young Talent Incentive: How Your Company Can Leverage This

In early April, Ontario unveiled its Employing Young Talent Incentive (EYTI), designed to help young people ages 15-29 find jobs and support employers by offering financial incentives to businesses that hire them. Small businesses who employ less than 100 people could be eligible for a hiring incentive of $1,000 and a retention incentive of another $1,000 after six months for each young person hired through the program. Businesses of any size are also eligible for a $1,000 incentive payment after three months of hiring a youth through the program and an additional $1,000 after six months.

In order to fully leverage this program for success, it’s important to understand the basis of the program and how it works.

Facts About EYTI

EYTI is part of a broader push to help young people start their careers on the right foot and to help small and medium-sized businesses in Ontario succeed in challenging economic times. Here are some important facts about EYTI to be aware of:

  • Ontario has pledged $124 million to the incentive program to help young people between the ages of 15 and 29 find meaningful employment.
  • Technically, the program went into effect January 1, which means employers who hired young people before April 1 may be eligible for retroactive incentive payments.
  • This incentive program is just one piece of a massive push to strengthen small business in Ontario. The province is expected to invest more than $500 million over the course of the next three years in things like tax rate reductions, youth employment initiatives, support for “main street” business and reducing bureaucratic red tape.

How to Make the Program Work for Your Business

Businesses can’t simply hire a young person and collect their money. To be eligible for the EYTI benefit, employers must:

  • Be licensed to operate in Ontario.
  • Comply with all labour, workplace and human rights legislation.
  • Have workplace safety and liability insurance.
  • Offer job opportunities in Ontario.
  • Hire Employment Service-assisted youth.

As with any government program, you must make sure you follow necessary procedures and provide required documentation at every step. If you are interested in hiring young people and receiving the incentive, it pays to partner with an Ontario staffing firm that can help you navigate the red tape and hire effective employees who will ultimately add value to your business.

Young talent can bring fresh perspectives to your business, and they can make valuable contributions when placed in the right roles. It is wise to partner with an experienced firm that understands how to make strong matches, and who can help you navigate the changing business and regulatory environment in Ontario.

If you want to take advantage of EYTI and you are looking for a true partner in your success, contact Employment Professionals Canada today.