TECHNATION — Career Ready Program
Highlights
The Career Ready Program is designed to support your business by subsidizing the wages of students you hire for tech-focused roles. This program offers 50% of a student’s pay (up to $5,000), and 70% (up to $7,000) if you hire students from underrepresented groups. This financial assistance can significantly reduce your hiring costs while providing valuable work experience to students.
Why should you apply?
- Cost Savings: Reduce your wage expenses by up to $7,000 per student.
- Diverse Talent: Gain access to a diverse pool of students, including women in STEM, Indigenous students, and more.
- Tech Immersion: Fill tech-immersive roles in high-growth sectors like AI, cybersecurity, and clean tech.
What’s in it for you?
- Financial Relief: Government-backed subsidies make it easier to manage payroll.
- Growth Opportunities: Hiring students can bring fresh perspectives and innovative ideas to your business.
- Easy Application: The process is straightforward, taking only about 10-12 minutes to complete the initial application.
By participating in this program, you not only support the next generation of tech talent but also benefit from reduced hiring costs and access to a diverse workforce.
Financing Details
Type of Financing: Wage Subsidy
Repayment Terms and Interest Rates:
- There are no repayment terms or interest rates. This is a subsidy, not a loan.
Eligible Expenses:
- The subsidy can be used to cover 50% (up to $5,000) of a student’s wages.
- For students from underrepresented groups, the subsidy covers 70% (up to $7,000) of their wages.
Ineligible Expenses:
- The funds cannot be used for any expenses other than the student’s wages.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be a registered Canadian business or non-profit.
- Must provide a meaningful, tech-focused work placement opportunity to a student.
- Must be able to hire students for a work term placement.
- Must be able to employ students as fixed-term employees (not freelancers/consultants).
- Must be able to employ students for 12-16 weeks during one of the placement periods (Winter, Summer, or Fall).
- Must be able to hire students for full-time or part-time hours.
- Must be able to provide a tech-immersive role within high-growth sectors (e.g., Digital technology, AI, IoT, Machine Learning, Advanced Manufacturing, Cybersecurity, Agri-Tech, Clean Tech, Health Tech).
- Must be able to hire students from underrepresented groups to qualify for increased subsidy (e.g., Women in STEM, Indigenous students, Visible minorities, New Canadians within 5 years, Persons with disabilities, First-year undergraduate students).
- Must be able to submit up to 5 applications per employer.
Must be able to grow the number of students hired each year (Net New).
Disqualifications:
- Large financial sector employers.
- Post-secondary institutions.
- Municipalities.
- Businesses that cannot provide a tech-immersive role.
- Businesses that cannot hire students as fixed-term employees.
- Businesses that cannot hire students for the required work term duration.
- Businesses that cannot hire students for full-time or part-time hours.
Description
The Career Ready Program offers a fantastic opportunity for your business. You can receive 50% of a student’s pay, up to $5,000, as a wage subsidy. If you hire students from under-represented groups, the subsidy increases to 70%, up to $7,000. This makes it easier for you to bring in fresh talent without bearing the full cost.
You can use this money to hire students for tech-focused roles. These roles can be in areas like digital marketing, software engineering, AI, cybersecurity, and more. This not only helps you fill important positions but also supports students by giving them valuable work experience.
The program emphasizes diversity, equity, and inclusion, ensuring funds are distributed fairly across different regions. Priority is given to businesses hiring from under-represented communities. This means your business not only benefits financially but also contributes to a more inclusive workforce.
Program Steps
Register on the Application Portal: Visit the TECHNATION Career Ready Program website and create an account on the application portal.
Complete the Online Application Form: Fill out the required fields in the online application form. This will include basic information about your business and the student placement.
Prepare Necessary Documentation: Gather the following documents to support your application:
- Business registration details
- Proof of business address
- Student’s resume
- Job description for the student placement
- Proof of student enrollment in an accredited Canadian post-secondary institution
- Financial statements (if required)
Submit the Application: Upload the prepared documents and submit the completed application form through the portal.
Await Review and Approval: Your application will be reviewed by TECHNATION. Priority will be given to those hiring students from underrepresented communities and tech-immersive roles within high-growth sectors.
Respond to Follow-up Requests: If TECHNATION requests additional information or documentation, provide it promptly to avoid delays.
Receive Approval and Funding: Once approved, you will receive confirmation and details about the wage subsidy. The funds will be disbursed according to the program guidelines.
Hire and Onboard the Student: Proceed with hiring the student and ensure they are onboarded according to your business practices.
Submit Final Reports: At the end of the placement, submit any required final reports or evaluations as specified by TECHNATION to complete the program requirements.