Posted in:Training & Development
For many business owners, labour costs are among the largest line items on their financial statements and budgets. For this reason, it is important to be aware of monetary government grants (offered at both the provincial and federal levels) that can help offset the cost of hiring, training, and more.
Understanding Grant Programs
One key thing for employers to understand is that these grants are not loans; that is to say, the money is not required to be repaid. Application requirements vary, as do processing times, so it is important to take those factors into consideration when looking into government grant programs. With some research, you will likely find grants that do apply to your situation. We, at Honiva Consulting Ltd., highly encourage business owners to tap into this great free cash resource to propel your growth plans.
A Win/Win Situation
Government grants benefit both employees and employers alike. Many of these programs are intended to help employers hire and train youth employees, a group traditionally facing higher than average levels of unemployment. According to Statistics Canada, In 2012, the unemployment rate of youths aged 15 to 24 was 14.3%, compared with a rate of 6.0% for workers aged 25 to 54. Funding to offset these costs helps young people get the experience and training they need to launch their careers, while helping employers increase their output by bringing on additional help and offering training opportunities.
Alberta: The Canada-Alberta Job Grant
This program pays up to two-thirds of the cost of training an existing employee, or 100% of the cost of training an unemployed Albertan (maximum dollar figures apply). Expenses that may be covered include:
- tuition fees or instructional fees charged by the training provider
- mandatory student fees
- examination fees
- textbooks or software
Other costs may be covered, and eligibility requirements do apply.
Canada: The Canada Summer Jobs Program
This program assists employers with fewer than 50 employees with creating summer position for young people aged 15-30. There is no longer a requirement that eligible employees must be returning students. The application window for employers generally opens in December, and closes in January or February.
How Grants can Help your Business
In addition to the two listed above there are several additional programs for employers, including those specific to certain industries. Identifying grant opportunities should be a component of your Workforce Planning process, allowing your company to save money that can be reinvested back into your business.
Need more information? Honiva Consulting is happy to help with you determine your employee training needs, including identifying grant opportunities that may be available and ensuring application deadlines are met.
Here to Help
We can be reached for a free confidential consultation at +1-403-470-5350 or [email protected]
For further details on how Honiva helps businesses build great HR programs, please view our service listing.