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Solutions for Recruiting and Retaining Workers
During the 2022 legislative session, the Vermont Chamber focused on the workforce crisis currently impacting Vermont’s businesses. While there is no easy fix, there are a variety of new or expanded tools for relocation, training, housing, and child care that are available for employers to use as workforce recruitment and retention tools.
- Worker Relocation Grant: Promote this relocation incentive as a way for recruiting out-of-state workers to recoup a portion of their moving expenses.
- Military Retiree Pension Tax Exemption: Recruit retired military veterans with Vermont’s new partial exemption of retired military pensions which will exempt the first $10,000 of military retirement pay from state personal income tax.
- Recent College Graduate Forgivable Loans: Entice students at Vermont higher education institutions to become employees through forgivable loans available to students committing to work in Vermont for two years after graduation. The program will be administered by the UVM Office of Engagement, and more information is coming soon.
- New Americans: Offer access to support services available through a program aimed at in retention of recent arrivals. More information on the program, administered by the Agency of Human Services, is coming soon.
- Professionals in Health Care: Offer training opportunities to fill health care positions with incentives including grants, forgivable loans, loan repayment, and tuition assistance.
- Vermont Trades Scholarship Program: Get the high-demand trade sector employees needed by promoting the Vermont Trades Scholarship Program which provides initial licensing fees, exam fees, and tuition payments for certification and degree programs to applicants and employees.
- First-Generation Homebuyer Tax Credit: Retain employees struggling with buying a home by sharing the new first-generation homebuyer tax credit program with them. This program will be administered by the Vermont Housing Finance Agency. More details are coming soon.
- Home Heating Incentives: Help employees receive financial assistance to switch to lower cost, energy efficient residential heating sources. Some products and services are free to income qualified households.
Child Care Costs
- Child Care Financial Assistance Program: Promote Vermont’s expanded child care subsidies available to a wide range of income levels as a way to reduce out-of-pocket childcare costs.
- Child Tax Credit: Vermont’s new child tax credit for individuals and families with children under five will reduce the financial burden of child care costs for employees through a refundable tax credit. This new State benefit is a great way to recruit out of state employees with child care needs.
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