If you’re a small business owner looking for capital to expand your team, you’re in the right place. There are several wage subsidy programs available to employers who want to benefit from the talent, knowledge, and training that post-secondary students can bring to the workplace.
Why Are Wage Subsidy Programs Helpful?
These subsidy programs, created to support students in work-integrated learning (WIL), also give small businesses a boost by offering them the funds to hire extra staff. This can be especially helpful during busy or critical times in the business cycle.
Why Hire a Student?
Here are some ways you can benefit from hiring a student:
- Stay up-to-date – Students will have current knowledge and training relevant to the position.
- Eagerness – They will be enthusiastic about a chance to gain on-the-job experience.
- Gain new ideas – You’ll benefit from bringing in fresh perspectives and ideas.
- Assess talent – You can assess students’ performance for future recruitment after they graduate. This way, you know you’ll have experienced and qualified candidates lined up.
- Develop your skills – Students give you the chance to develop the leadership skills of your existing staff.
Students can help by conducting research and surveys, updating your technology, improving your marketing tools, developing your website, tackling long-ignored projects, and helping bring new products and services on board.
How to Get Funding
Applying for funding is straightforward, as long as you and the student meet the qualifications of the program. Pay close attention to the program prerequisites, such as residency status, business registration, and so on.
It’s also essential to ensure that each step of the application process is followed and supporting documentation is submitted. Most programs approve wage subsidy funding at certain months of the year, but many have a rolling application process that allows you to apply as soon as your documentation is prepared. Typically, the subsidy is given to employers at the end of the student’s term with the company, as a reimbursement.
How to Find a Student
Not sure how to go about finding the right student for the placement? The Association for Co-operative Education and Work-Integrated Learning BC/Yukon (ACE-WIL) has a job portal where your posting is automatically forwarded to the BC public post-secondary institutions of your choice.
The website also includes institution and program information so you can contact them directly, if you prefer. Funding partners may also have suggestions for job posting links specific to their industry. Ultimately, it’s your responsibility to find the right student for the placement.
To be eligible for grants, the students must be able to work in Canada, have citizenship status, and be enrolled in a program at an accredited post-secondary institution in Canada.
Examples of Provincial and Federal Funding Programs
Service Canada – Canada Summer Jobs wage subsidy
This subsidy provides funding to help small businesses, public sector employers, and non-profits hire students from the ages of 15 to 30 during the summer term (usually, April to August). Employers can receive up to 50 percent of minimum wage in private companies and private sectors, and up to 100 percent for non-profit organizations.
To learn more, check out Canada Summer Jobs wage subsidies.
Venture for Canada – Hire an Intern
This Venture for Canada program is open to small or medium-sized businesses, start-ups, social enterprises, non-profits, and charities in any industry or sector. This is an internship program where employers allow entrepreneurial-minded students to contribute to new initiatives and build skills. You could access up to $7000 in wage subsidies for eligible internships.
Check out Venture for Canada for more information.
Government of Canada – Student Work Placement Program (SWPP)
Employment and Social Development Canada (ESDC) created the Student Work Placement Program to generate work-integrated learning opportunities for students to earn skills employers are looking for and experience that will contribute to their development and career path.
SWPP provides up to 50 percent of the wage cost for a student placement (up to a maximum of $5000 per placement) and up to 70 percent (up to a maximum of $7000 per placement) for first-year students and under-represented groups, such as women in science, technology, engineering, and mathematics (STEM), Indigenous students, people with disabilities, and newcomers.
Read the Student Work Placement Program page to learn more.
More Resources
The bottom line is, hiring a student through this program not only helps with staffing and efficiency, but is also helpful in generating new ideas, building your brand, and more.
For more resources to help you with funding, recruiting, and working with WIL students, visit the ACE-WIL website. Access their list of funding, resources, and more.
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