Tapping into Experience: How Veteran Talent Drives Business Success
In today’s competitive business landscape, companies are constantly seeking ways to gain an edge and boost their bottom line. One often overlooked strategy is the recruitment and retention of older Veterans. These seasoned professionals bring a unique blend of skills, experience, and values that can significantly impact an organization’s success.
As told to the U.S. Chamber of Commerce Foundation, “All branches of service invest heavily in leadership development at all ranks, and they put those skills to the test with incredibly demanding roles,” said Dave Johnston, director of Continuous Improvement and Step Change at Arconic.
But leadership is only one skill in a long list of qualities military talent brings to the workplace.
“Work ethic, leadership, adaptability, versatility, adherence to an ethical code of conduct, and a drive to succeed are some pretty good reasons to hire veterans and military spouses,” Johnston said.
Understanding Veteran Employment by the Numbers:
- According to the U.S. Census Bureau, there were 17.9 million Veterans in the United States in 2023.
- According to latest data released by the U.S. Bureau of Labor Statistics, 51.4% of unemployed Veterans were 45 or older in 2023
- 72% of Veterans are aged 50 or older
- Around 4.78 million veterans hold service-connected disability status in the United States
- In spite of a comprehensive benefit system, as well as progress over the last decade, there remains an estimated 33,000 homeless Veterans in the U.S.
- In 2022, around 5.06 million Veterans had obtained a Bachelor’s degree or higher
- In 2000, women Veterans were just 4% of the Veteran population. But by 2040, they are projected to make up 18% of all Veterans, making them the fastest growing group of Veterans.
- Average earned incomes for Black Veterans are 38% lower than the average earned incomes for their White Veteran and White nonveteran counterparts
Let’s explore the top 10 reasons why hiring older veterans can be a game-changer for your company:
- Diverse Skill Set
Older veterans bring a wealth of experience to the workforce. They offer a rich tapestry of skills honed through years of military service and, often, subsequent civilian careers. This diverse skill set allows them to adapt quickly to various roles and contribute effectively across different departments.
- Leadership Abilities
Veterans, especially those who have served for extended periods, often possess exceptional leadership skills. The military invests heavily in leadership development at all ranks, putting these skills to the test in demanding roles. This leadership experience translates well to civilian workplaces, where veterans can guide teams, mentor younger employees, and drive projects to successful completion.
- Adaptability
Military service demands flexibility and the ability to learn quickly in changing environments. Older veterans have likely faced numerous challenges and adapted to various situations throughout their careers. This adaptability is invaluable in today’s fast-paced business world, where change is constant and the ability to pivot quickly is crucial.
- Technical Expertise
Veterans are highly rated on technical skills such as installation, equipment maintenance, and troubleshooting. Many have received specialized training in advanced technologies used by the military, which can be directly applicable or easily transferable to civilian industries. This technical proficiency can help companies stay competitive in an increasingly technology-driven marketplace.
- Discipline and Work Ethic
The military instills a strong sense of discipline and work ethic in its members. Older veterans bring these qualities to the workplace, often demonstrating exceptional punctuality, reliability, and commitment to completing tasks. These attributes can significantly enhance productivity and set a positive example for other employees.
- Problem-Solving Skills
Military training emphasizes critical thinking and problem-solving in high-pressure situations. Veterans are adept at analyzing complex situations, making quick decisions, and implementing effective solutions. These skills are invaluable in any business environment, particularly in roles that require strategic thinking and crisis management.
- Teamwork
Collaboration is at the core of military operations. Veterans excel at working in diverse teams towards common goals. They understand the importance of clear communication, mutual support, and collective effort. This team-oriented mindset can improve overall workplace cohesion and efficiency.
- Diversity and Inclusion
Veterans come from all walks of life and have experience working in highly diverse environments. Their inclusion in the workforce can bring fresh perspectives and contribute to a more inclusive company culture, especially an age-inclusive culture.
- Tax Benefits
Employers may qualify for significant tax credits when hiring Veterans. The Work Opportunity Tax Credit (WOTC) provides incentives for employers who hire and retain Veterans, potentially reducing a company’s tax liability. This financial benefit, combined with the skills Veterans bring, makes hiring them a smart business decision.
- Long-Term Potential
Older Veterans often seek opportunities for career advancement and are committed to long-term professional growth. Their maturity and experience make them ideal candidates for roles with increasing responsibility. Investing in these employees can lead to improved retention rates and a stronger leadership pipeline within the company.
By tapping into this experienced talent pool, companies can address skill shortages, boost productivity, and enhance their organizational culture. The unique combination of technical skills, leadership abilities, and strong work ethic that older Veterans bring to the table can significantly contribute to a company’s success and bottom line.
Employers looking to hire Veterans can take advantage of resources such as the Department of Labor’s Veterans’ Employment and Training Service (VETS) and the HIRE Vets Medallion Program, which recognizes employers for their efforts in recruiting, employing, and retaining America’s Veterans.
In conclusion, hiring older Veterans is not just a patriotic act; it’s a smart business decision that can yield substantial benefits for companies across various industries. Their diverse skills, leadership experience, and strong work ethic make them valuable assets in today’s competitive business landscape.
To learn more about the Center for Workforce Inclusion’s work with Veterans, click here.