Why You Should Be Hiring Military Veterans
Veterans should be at the top of every employer’s hiring list. A recent study by LinkedIn, shows the gap in underemployment between veterans and non-veterans. The study reveals the dramatic increase over the last several years. Its highest difference at 38% for veterans more likely to be underemployed than nonveterans. According to the Department of Labor, the unemployment rate dropped from 6.6% to 3.9% this year for male and female veterans. These statistics prove companies are taking notice of the excellent work of this highly skilled and employable population.
Benefits Associated With Hiring Veterans Include:
Diverse Hiring Pool
The military workforce is more diverse than other industries across the U.S. In fact, the U.S. military has a racial diversity percentage of 43% non-caucasian members. That’s compared to the U.S. workforce, which comprises 37% non-Caucasian members. Without doubt, the U.S. military is an excellent resource for DE&I talent pools. Veterans are included in the diversity efforts that organizations are eager to achieve due to their unrivaled understanding of leadership, teamwork, and work ethic. According to an article by Tralaint, veterans know how to solve complicated problems quickly. Many have worked with cutting-edge technology. Therefore, making them acquainted with and comfortable in cross-functional environments. The Department of Veterans Affairs projects that minority veterans groups will grow from 23.2% of the total veteran population in 2017 to 32.8% by 2037.
Responsibility Is Taken Seriously
Military personnel are trained to take their jobs seriously. They know that careless mistakes, bad decisions, and blatant oversights can put their comrades and themselves at risk. This isn’t something you unlearn. For this reason, veterans bring a level of precision into the workplace. They also understand commitment and dedication; taking their responsibilities seriously.
Trained To Perform
The military is a high-performing organization made up of high-performing men and women. These men and women sustain organizations by understanding the people they lead. Thus, taking advantage of the diverse skills and talents that are derived from everyone’s unique experiences. This leads to incomparable precision and increased productivity.
Globalization Is Understood
Veterans bring experience from overseas to the workforce; something that’s increasingly important in the global economy. Today, you’ll be hard-pressed to find a business that isn’t impacted by globalization in some way. As a business leader, when working on developing strategies which take global factors into consideration, it’s advantageous to have a military mind to pick. The overseas experience that veterans have means that they have language skills and firsthand knowledge of markets in different areas of the world. This is an incredible asset.
Team Players
Military service creates people who earn the respect of their peers and understand the importance of being able to work together as a team. Camaraderie is a critical aspect of the military experience. Veterans typically spend years of their life cooperating with, respecting, and relying on their teammates to stay safe and complete tasks. As a result, this experience enables veterans to understand the value of a diverse group working together to achieve a common goal.
Leaders
Veterans are trained in the military to accept and execute responsibility for tasks, resources, and their behavior. This unique training inspires leadership, motivation, delegation, and giving clear direction. Their experiences in a team-oriented and a hierarchical environment allow them to understand how to take and give orders and when each is appropriate.
Core Values
Veterans have a proven track record of trustworthiness and live by a strong set of core values and ethics. Post-service, veterans continue to conform to the same basic principles they were taught while serving:
- Commitment
- Integrity
- Accountability
- Loyalty
- Service before self
Financial Benefits
In addition to building diverse talent, organizations that employ veterans may be eligible for the Work Opportunity Tax Credits (WOTC). This credit can offer up to $5,600 for each unemployed veteran they hire. Additionally, hiring veterans with service-related disabilities can provide up to $9,600 in tax credits.
The Benefits of a Diverse Workforce:
By 2044, groups formerly seen as “minorities” will reach majority status. Consequently, if you aren’t working on Diversity and Inclusion (D&I) initiatives now, you risk falling behind competitively and financially. Diverse companies boast 2.3 times higher cash flow per employee. As a result, 43% of companies with diverse boards noticed higher profits.
The benefits of a diverse and inclusive workforce include:
More Innovation Company-Wide
When you have a team with a variety of skill sets, life experiences, and cultural backgrounds, your chances of getting fresh ideas and perspectives skyrockets. Furthermore, this allows managers to leverage each person’s strengths and creates high-performing teams. In fact, a Harvard study of six different teams and how they responded to new, complex, and uncertain situations found that teams that were more cognitively diverse scored the highest. In conclusion, higher cognitive diversity leads to greater performance and faster learning — all factors that can spark creativity and innovation.
Attract and Retain Talent
A diverse workplace is essential for businesses looking to attract and retain top talent. A Deloitte study found that millennials tend to stay with companies longer when they feel the company understands the needs of a diverse workforce. Unlike previous generations, millennials have grown up with the notion that diversity and inclusion are critical. It’s something they intentionally consider when making a job decision. Moreover, fostering a diverse and inclusive work environment helps your company look more appealing to job seekers and current employees alike. Organizations that embrace DE&I efforts are also seen as more socially responsible; something else that is increasingly important to today’s consumers.
Empower and Engage Your Employees with Diversity
Diversity in the workplace has benefits that stretch further than brand recognition and increased profits. When you build a diverse corporate culture, you also provide new opportunities for employees to share their perspective. Furthermore they can learn about different cultures, and discover fresh approaches to work. This fosters a positive employee experience that helps them grow professionally and personally.
Why Military Hire?
At MilitaryHire.com, we provide resources for both U.S. Veteran job seekers and employers. We make it our mission to “Serve Those Who Served” by connecting them with employers who value their experience and skills. This not only benefits the veterans struggling to translate their hard earned quality skills into civilian work life, but also organizations across all different industries seeking to increase their diversity, equity and inclusion practices. For more information on how to improve your diversity and inclusion (D&I) efforts with MilitaryHire, checkout our article, “Step Up Your Diversity, Equity & Inclusion“.