US military veterans can often prove to be a company’s secret weapon in the competitive struggle for talent. However, recruiting, engaging, and transitioning them to private sector employment requires a well-formulated strategy by corporate leaders. Veterans, along with active members of the Reserves and National Guard, bring a duty-first attitude, honed from years of training and service, that naturally makes them both strong leaders and team players. Veterans are skilled in initiative-taking and are adept at operating efficiently within challenging environments under resource limitations.
In order to effectively tap into the potential talent pool of veterans, who feature an adaptive, winning mindset, executives and human resources departments need to familiarize themselves with the Uniformed Services Employment and Reemployment Rights Act of 1994. This will provide them with necessary information regarding the veterans’ employment and deployability requirements.
The act generally mandates an employer to rehire a Reserves or National Guard member who is summoned for deployment, provided the employee notifies them in advance and has served under 5 years of cumulative active duty while being employed with that employer. Understandably, the legislation possesses a number of conditions and legal nuances, but remains a valuable resource for employers.
The federal and various state governments offer financial incentives, such as the federal Work Opportunity Tax Credit, for hiring veterans. Another example is New York’s Hire a Veteran Credit, which grants a credit up to $15,000 and $20,000 of a non-disabled and disabled veteran’s first-year salary respectively.
However, being a “veteran-friendly” employer involves much more than just conforming to the USERRA or avoiding federal law violations. It might encompass providing enhancements like paid time-off for a veteran with PTSD for their therapy sessions, or supplying a top-end standing desk for a veteran with a back injury.
Veterans are also adept at being entrepreneurs and their military experience is often translatable into business productivity and profits. The US Census Bureau survey in 2022 revealed that of the total businesses surveyed, 5.2% (304,823 businesses) were veteran-owned, generating an approximate total of $922.2 billion in revenue.
It’s worth noting that as legal professionals, we can find immense satisfaction working with veteran-owned and veteran-friendly businesses. The opportunity also presents a strong potential for financial gains, consequently making veterans an indispensable part of both our teams and our portfolio.