Is a co-op student right for your small business?
Posted on Wednesday, July 6th, 2016
Many large corporations choose to hire co-op students for work-placements, but small-medium sized businesses can benefit just as much, if not more. Hiring a co-op student as a small business brings many advantages both the organization and to the student.
Co-op students are a valuable asset for any small-business
Get a better tax credit
Any organization that hires a co-op student for a placement is eligible to receive the Co-op Education Tax Credit from the Government of Ontario. While large organizations are able to claim up to 25% of wages paid to the student, small businesses (those whose total payroll is under $400,000) are able to claim a tax credit of up 30%, to a maximum of $3000.
This tax credit could make hiring a co-op student a more cost-effective tactic for your organization, rather than going through the process of seeking out and hiring a full-time, salaried employee.
If you want to learn more about the Co-op Education Tax Credit, take a look at our previous blog post here.
Students who are driven want to make an impact
Co-op placements are meant to be a bridge, from the classroom to the workforce. Students who are doing their placements will likely be seeing the things they were taught in class being used in real-life application for the first time.
Students are eager, not just to keep learning while on placement, but to put those skills and knowledge learned in the classroom into action, and make an immediate impact with the organization that they are hired by.
This can be great thing for your organization.
Bring fresh ideas to the table
This generation of workers entering the workforce possess certain technological skills that existing staff at a small business might not have. A co-op student having these skills, without the need for extra time and money spent on training, could be an invaluable addition to your small business.
These students are also able to bring a fresh perspective to any position, having come straight from the classroom where they are learning the latest techniques, software, and skills that will enable them to offer up new ideas or solutions to problems.
Access a new market
Employing co-op students can be a beneficial public relations tactic to utilize for small businesses. Becoming known as a small business that employs young workers, and that has a positive impact on soon-to-be grads, will have a beneficial impact on the community reputation of a small-business.
Since positive word-of-mouth is so important to the success of any small business, hiring a co-op student widens the potential reach that a small-business can have. Your small business will now be exposed to that student’s social circle of friends and family, as well as become known as a trusted partner of the Algonquin College co-op program.
If you think that you might be interested in learning more about the co-op program, please visit our website at https://www.algonquincollege.com/coop/, connect with us at coop@algonquincollege.com or call us at 613-727-4723 Ext.7623
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