No matter what the state of the economy and the job market is, many businesses have discovered that veterans bring valuable expertise to their companies when they are hired as their companies’ employees. Did you know that in October 2022, the veteran unemployment rate was a full percentage point lower than the national average i.e., 3.7% vs. 2.7%? This shows us that a significant number of companies know they’re receiving excellent value when they hire veterans. While the veteran unemployment rate is lower than the national average, some veterans still have trouble making the transition from the military to the civilian workforce.
It is believed that at least two hundred thousand active-duty service personnel return to civilian life every year. Even after some time after getting back to civilian lives, not all veterans get employed by private companies. Not surprisingly, employment assistance is one of the most sought-after services by veterans making the transition back to civilian life. Employing veterans is a win-win for both – the veterans and the company. This is because, the companies benefit from the veterans’ extensive training and experience, while the veterans themselves find fulfilling work and transition into being part of the civil workforce.
On this Veterans Day, let us look at some compelling reasons why more private companies should hire veterans. These are:
Veterans can apply many of the transferrable skills they acquired during their service
Veterans are well-versed in undertaking and adapting to several responsibilities and roles during their time of service. During the time of their service, veterans also gain the ability to work well under pressure and complete tasks in a timely manner are also crucial aspects to consider. Veterans are excellent prospects for employment in private companies because of the vast range of skills they acquire during their military service, including critical thinking, adaptability, problem-solving, time management, resilience, and comprehensive computer program training. All of these skills are the transferrable skills that employers and hiring managers are often looking for. These skills are crucial for every good employee to have.
Veterans have a low employee turnover rate
According to institutional socialization, the identity of key members of a social group gets intertwined with the identity of the organization. Veterans are able to carry the same level of dedication and loyalty they developed while serving their country to their civilian jobs because the military is very good at institutional socialization. According to a study conducted by General Electric (GE), the attrition rate for veteran employees is 7% lower than for non-veteran employees. Having a significant number of veteran employees in the company helps ensure lower employee turnover rates, which in turn ensures that the company’s culture and practices are consistently upheld. This also helps companies lower their talent acquisition costs and increase their productivity.
Veterans have excellent leadership and teamworking skills
Veterans are highly valuable to any team because of the skills they learned to lead and follow in the military. When it comes to the military, there is a clear line of command. A veteran who stays in the military for a long term will inevitably rise through the ranks to a position of leadership and will have the experience to know when to take charge and when to provide support. However, this does not imply that all veterans should be promoted to managerial roles immediately; rather, it only acknowledges that veterans having prior military experience would likely have a shorter learning curve than their civilian counterparts.
Veterans are likely to bring the same values of trust and collaboration with them from the military into their new civilian careers. It’s not enough for employees to just simply get along with their co-workers; true cooperation involves much more than that. In the military, it is often crucial to rely on communication and teamwork to avoid imminent danger. What are the implications of adopting such a frame of mind in the working world? It implies that trust-building, setting expectations, and making progress as a team is the cornerstones of their professional abilities.
Hiring veterans can lead to a company having a diverse representation in the workforce and acknowledge the gratitude the company has towards the country’s military
A company hiring veterans can show its clients and prospective employees that it has an inclusive culture. A company can also show that it honors the bravery and efforts put in by the veterans to serve the country and protect its citizens. Thus, in this way, a company can give back to society by considering hiring veterans to be a part of its workforce.