7 key benefits of hiring veterans
The IRS and the U.S. Department of Veterans Affairs (VA) both provide resources and may provide financial assistance to businesses that choose to hire veterans. They provide these benefits to encourage business owners to help assist veterans during the transition back to civilian life.
Besides the financial benefits of hiring a veteran, there are other advantages such as the extensive and unique knowledge and skills they bring to your business. As an employer, you can feel good about supporting veterans and saving money while doing it through these key benefits:
1. Potential tax breaks
The Work Opportunity Tax Credit (WOTC) is a deduction that business owners can get from hiring certain groups, including veterans. While the program originally ran until 2019, the Consolidated Appropriations Act, 2021 (Section 113 of Division EE P.L. 116-260) authorized the extension of the WOTC until December 31, 2025. Depending on how many veterans you employ, the WOTC tax credit could add up to significant savings on your taxes.
2. Salary subsidies during training
The VA has on-the-job training funds through the Veteran Readiness and Employment program. It subsidizes a veteran’s wages so that you can pay them an apprentice-level wage during their training, allowing you to get a talented applicant while offsetting onboarding costs. As the veteran becomes more experienced at your business and completes training, the VA subsidy slowly decreases.
3. Salary reimbursement
The Special Employer Incentive (SEI) program is another VA benefit that reimburses employers for hiring veterans who meet certain requirements. This program can reimburse up to half of the employee’s salary for a maximum of six months, plus the cost of instruction, any loss of productivity that your business incurs during training and any supplies and equipment. The SEI is designed for veterans who struggle to get jobs after serving and eligibility is determined on a case-by-case basis.
4. Strong work ethic
Veterans often have an impressive work ethic. Learning to work hard and use determination to accomplish a goal is one of the primary skills everyone typically learns when they first enter the armed forces. They are highly focused on the tasks they need to accomplish and work well as a team, ensuring that everyone contributes their part to a successful project. Veterans may be used to working in uncomfortable, stressful situations, making them well-prepared for the challenges of a civilian job.
5. Organizational skills
Because of the regimented structure of the military, veterans can often bring impressive organizational skills to your business. They are used to setting a schedule and maintaining habits in the military, which they can apply to their work schedule. The high-pressure environment of the military means that many veterans have learned how to keep track of all their priorities so that everything they need to accomplish gets done.
6. Accountability
Veterans typically have a high level of personal accountability and can also encourage others on their team to be more efficient and dedicated to their work. In the military, making a mistake may have serious consequences, so veterans are committed to taking responsibility for their behavior. They take their assignments seriously and strive for excellence, just like they did when they were working as part of a team.
7. Leadership skills
The hierarchical structure of the military means that veterans are often used to taking on extra responsibility and assuming leadership roles. They observed different leadership styles from their commanding officers and likely had leadership responsibilities themselves throughout their military career. As a result, veteran employees may have a high aptitude to grow in your company, mentor others and make strategic decisions.
Finding veterans to hire
If you’re interested in hiring a veteran for your team, you can find qualified applicants by contacting a Regional Veterans’ Employment Coordinator. Go to the U.S. Department of Labor’s website and select your state from the drop-down menu to find a representative in your area. They will refer you to available applicants and guide you through the process of signing up for VA support.
You can also attract veteran applicants by advertising on your website that your company is veteran-friendly or by using Indeed to find veterans.
