Hiring a Veteran Advantages and Benefits
According to the U.S. Bureau of Labor Statistics, approximately 370,000 veterans in the U.S. are unemployed. This number represents a major source of untapped potential that could be helping new businesses to thrive.
There are many reasons why a new business owner should give preference to former military personnel when hiring, not the least of which are the experience and skills they bring to the job. Hiring, especially for a new business owner, can be nerve-wracking because if you make the wrong decision, it can cost you big time. The good news is that military experience and training are excellent preparation for the workplace. On top of that, your business may qualify for tax breaks by hiring veterans.
Skills That All Companies Need
Regardless of the product or services being offered, every company seeks specific qualities in its employees, including:
- A strong work ethic
- Ability to show up on time
- Loyalty and commitment
- Ability to function as part of a unit
Anyone who has spent time in military service understands how these qualities are instilled during basic training and reinforced throughout one's enlistment. Veterans are trained to lead as well as follow orders and have learned to rely on their comrades for completing missions. It is easy to see how these skills and qualities transfer to a wide range of civilian careers.
Finding Candidates
On the surface, employers appear to be very supportive of hiring veterans as they transition back to civilian life. According to the U.S. Chamber of Commerce, over 80 percent of business owners express a commitment to hiring veterans. Yet in practice, only about 10 percent report having actively reached out to veteran candidates when recruiting. Business owners report difficulty locating information on veterans and knowing where to focus recruiting efforts, among other challenges.
Fortunately, the U.S. Department of Labor maintains a website to assist business owners in their search for veteran candidates. From here, employers can post openings to their state's job bank and contact Veterans Employment Representatives at local offices of the American Job Center. In addition, the DOL offers a special tool that can assist in determining what types of military skills translate into civilian jobs and careers as well as other resources.
Of course, there are the usual outlets as well, such as career and job fairs. Some of these are specifically targeted at veterans. Business owners and hiring managers who attend these should have business cards ready. These will give candidates a tangible reminder of the company, unlike emails that so often go unread or are deleted. Even on a shoestring budget, it is simple to design and print one's own business cards using an online business card maker.
Tax Advantages
Because veterans often face barriers to employment, they are a targeted group under the Work Opportunity Tax Credit (WOTC). To claim this credit, the employer must certify that the new hire is a qualified veteran. Once this is done, an employer can claim between $2,400 and $9,600 per year against their income or payroll tax liability, depending on whether the business is taxable or not.
More Benefits
Employers who hire even one veteran can find that one worker to be a source of inspiration and motivation to their colleagues, potentially changing the entire work culture for the better. Generally, there are many advantages to having a veteran working for the company, and very few downsides, if any.
For more veteran resources, explore Senior Veterans Care Network.
