The benefits of hiring veterans

Each year, about 200,000 members¹ of the U.S. Armed Forces stationed in more than 140 military installations worldwide transition from active duty to either re-enter the civilian workforce or pursue higher education.

Many of these veterans face challenges transitioning from military life to civilian life, including finding employment. However, military-friendly employers that choose to hire veterans benefit from the numerous advantages they bring to the table.

Hiring candidates with military experience is not only a socially responsible decision but also makes good business sense. These individuals possess various transferable skills and qualities that can greatly contribute to the success of your organization.

In this article, we'll explore the many benefits of hiring veteran talent and why it's a win-win situation for your organization.

Takeaways from this blog post:

• Hiring veterans can bring numerous benefits to an organization, including a strong work ethic, leadership experience, adaptability, and specialized training.
• Veterans are known for their teamwork and collaboration skills, as well as their strong moral compass and adherence to values.
• The cross-cultural experiences veterans have gained during their military service can contribute to a diverse and inclusive workplace.

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Top 11 benefits of hiring military veterans

According to the Pew Research Center², there are approximately 18 million military veterans in the U.S. today. Their unique military skills and qualities can make them valuable assets in the civilian workplace. If you're considering hiring new employees, here are 11 reasons to prioritize military talent in your recruitment efforts.

1. Strong work ethic

Veterans are known for their discipline and strong work ethic. Their extensive military training and experience taught them the importance of commitment, punctuality, and professionalism. They're accustomed to working long hours and in high-pressure situations, making them highly reliable and dedicated employees.

2. Leadership experience

The military emphasizes leadership development, and veterans often possess exceptional leadership skills. They have experience leading teams, making critical decisions, and taking responsibility for the welfare of others. This ability to lead and inspire can greatly benefit business operations, increasing productivity and teamwork.

3. Adaptability and resilience

Veterans have learned to adapt and thrive in challenging situations. They can effectively handle stress, quickly adjust to changes, and maintain a calm demeanor under pressure. These qualities enable them to efficiently tackle problems in the workplace and find innovative solutions.

4. Technical and specialized training

Many veterans received specialized training and acquired technical skills during their military service. This extensive training often translates well into various civilian industries, such as technology, engineering, logistics, and healthcare. Hiring veterans with specific technical expertise can bring a valuable knowledge base to your organization.

5. Teamwork and collaboration

The military places an emphasis on teamwork and collaboration. Veterans have experience working closely with diverse individuals and can effectively cooperate to achieve common goals. They understand the importance of communication, trust, and mutual support, making them excellent team players in any professional setting.

6. Strong moral compass

Veterans are also known for their strong moral compass and adherence to values such as integrity, loyalty, respect, and accountability. These qualities make them trustworthy employees who prioritize honesty and ethical decision-making. Hiring veterans can help contribute to a positive culture within your organization.

7. Cross-cultural experiences

Many veterans worked alongside people from all walks of life. They served in diverse environments during their deployments and encountered people from various backgrounds. This experience fosters a global perspective and enhances their cultural sensitivity. Veterans are often more open-minded and adaptable to different perspectives and ways of doing business, making them valuable assets in today's globalized economy.

8. Dedication to continuous improvement

Veteran job candidates understand the importance of ongoing training and professional development. They're accustomed to acquiring new skills, adapting to emerging technologies, and staying up-to-date with industry trends. Hiring veterans ensures a workforce that's committed to continuous improvement and growth.

9. Security clearance

Some veterans possess security clearances due to their previous military roles. Hiring a veteran candidate with a security clearance can be advantageous if your organization deals with sensitive or classified information. This can save time in the hiring process compared to providing clearance from scratch.

10. Tax incentives

Several tax credits are available to employers who hire members of the Armed Forces, such as the Work Opportunity Tax Credit³ (WOTC). Employers can receive this federal tax credit for hiring people from certain targeted groups who face employment barriers.

11. Access to unique hiring programs

The Special Employer Incentive⁴ (SEI) program is an initiative from the Department of Veterans Affairs (VA), Veteran Readiness and Employment (VR&E) program. The program provides training and experience to military talent who face barriers to employment. The SEI program benefits veterans and employers alike by offering compensation to companies that hire and train certain veterans for specific roles.

Military personnel can also participate in Department of Defense (DOD) SkillBridge⁵ during their final 180 days of service. This program gives employers early access to the valuable skills that service members can offer. Through internships in the corporate world, veterans can gain civilian career experience while the government pays their salaries and benefits. By taking advantage of SkillBridge, business owners can gain access to a new talent pool while also supporting a veteran's successful transition into civilian life.

How employee benefits can help attract veteran talent

In today's competitive labor market, attracting top talent can be a major challenge for companies. Along with salary, employee benefits play a crucial role in enticing veteran employees to join an organization.

Offering a comprehensive benefits package can make a significant difference in attracting and retaining veteran job seekers. Our 2022 Employee Benefits Survey Report found that 82% of employees say that the benefits package an employer offers is an important factor in whether or not they accept a job.

Based on our findings, these are the benefits employees want most:

• Health benefits
• Wellness benefits
• Flexible work schedules
• Retirement benefits
• Paid time off (PTO)
• Professional development
• Education benefits
  
  

Health coverage consistently ranks as the most-desired employee benefit, but traditional group health insurance is expensive. Many employers choose to offer health reimbursement arrangements (HRAs) as a cost-effective alternative.

With this employer-funded health benefit, you can reimburse employees tax-free for their health insurance premiums and other qualifying healthcare expenses.

The most popular HRAs include:

• The qualified small employer HRA (QSEHRA): The QSEHRA is a stand-alone health benefit for small businesses with fewer than 50 full-time equivalent (FTE) employees.
• The individual coverage HRA (ICHRA): The ICHRA works for businesses of all sizes. Employers can offer an ICHRA as a stand-alone benefit or as an alternative for employee classes that are ineligible for the existing group health insurance plan.
• The group coverage HRA (GCHRA): The GCHRA, also known as an integrated HRA, supplements a group health insurance policy. It provides extra coverage for out-of-pocket expenses that the group plan doesn't cover.

You can also offer your employees a health stipend to cover their individual health plans and medical expenses. Stipends are flexible and cost-effective. However, they're subject to taxes and count as part of an employee's taxable income.

You can offer various stipends to support your employees’ unique needs. From wellness to professional development, stipends make it easy to offer lifestyle perks to your workforce.

PeopleKeep can help you create a comprehensive benefits package that stands out from the competition. Our personalized benefits administration platform makes it easy to set up and manage HRAs and employee stipends in just minutes each month.

Conclusion

Hiring veterans brings a multitude of benefits to companies and organizations. Not only will you support those who have served our country, but you also gain a highly skilled and dedicated workforce. Their strong work ethic, leadership abilities, adaptability, and specialized training make them valuable additions to any team.

Want to offer a competitive compensation package that attracts top veteran talent? Schedule a call with a personalized benefits advisor now!

1. https://skillbridge.osd.mil/industry-employers.htm
2. https://www.pewresearch.org/short-reads/2023/11/08/the-changing-face-of-americas-veteran-population/
3. https://www.irs.gov/businesses/small-businesses-self-employed/work-opportunity-tax-credit
4. https://benefits.va.gov/BENEFITS/factsheets/vocrehab/SpecialEmployerIncentive.pdf
5. https://skillbridge.osd.mil/index.htm