Hiring Disabled Veterans: 5 Reasons Why It’s a Smart Business Move
How do you feel about hiring disabled veterans in your organization?
For the first time in decades, unemployment has dropped to a record 3.9%, the lowest figure since 2000. Companies are struggling to fill vacancies with a dwindling candidate pool. Hiring disabled veterans may be a strong solution – in many ways.
Take a look at these five major benefits of hiring disabled veterans to fill your company’s open positions:
#1 – Your Company May Receive a Tax Credit
One of the most attractive benefits for companies is the tax credit incentive. The Returning Heroes Tax Credit offers up to $5,600 for hiring an unemployed veteran. The Wounded Warrior Tax Credit doubles this offer, providing companies up to $9,600 for hiring veterans with service-connected disabilities. The tax credit amount is per veteran, therefore filling a few empty slots with disabled vets can easily offset some of the training and hiring costs associated with your new recruits.
There are a few stipulations regarding the tax credit that companies will need to be aware of. Length of time a veteran has been receiving unemployment benefits and how long they remain in your employ are just a couple. For a full listing of work opportunity tax credits, visit Military.com.
#2 – You Benefit From Their Military Training
Even if a veteran becomes disabled from their service, they still received intense military training that you can put to work in your organization. Things like strong work ethic, organization, dedication, time management, and leadership are some of the top skills almost every veteran can offer. They have the discipline, desire, and drive to succeed. They know how to play as a team but can also work independently on their own.
Military personnel are geared to remain flexible, learn quickly, and make adjustments on the spot.
These are skills that companies spend countless hours and dollars trying to teach their employees. Having employees that already possess these valuable attributes can help to make your organization successful and profitable.
#3 – Many Disabled Veterans Have Additional Vocational Training
Veterans can participate in vocational training programs through the VA to receive civilian job experience.
The VA offers on the job training and apprenticeships with employers or unions to increase their skills and receive certain certifications. These training programs cover a variety of professions and skills, from plumbing to hotel management to firefighting. Veterans aren’t simply going from military responsibilities to a civilian workforce.
#4 – You May Qualify for Additional Special Incentives
In addition to Work Opportunity Tax Credits, you may qualify for additional financial incentives.
The Special Employer Incentives (SEI) program allows companies to receive up to 50% of the veteran’s salary during the program to cover costs associated with training, loss of production during training, tools, uniforms, special accommodations, and other work-related expenses.
During the program, the VA is heavily involved in helping to place suitable veterans with companies and facilitating much of the process for you. The SEI program isn’t a direct hire on your part but is meant to encourage hiring once the program ends. The program is designed to help vets get on the job training while providing employers with needed talent. Ideally, the end result would be for companies to hire on the veteran since they will already be familiar with your company and job requirements.
For more details on the SEI program, visit the VA website.
#5 – You Can Reduce Costly Turnover
Research shows that the nearly-four million veterans with a service-related disability are among the most resilient a hiring manager will find. Once a veteran finds a place of employment where they feel they belong, they’re more likely to remain there. They put their leadership skills and determination to work, offering employers an unmatched level of loyalty that, in turn, can help lessen the cost of turnover.
And the reasons don’t stop there.
Veterans with a service-connected disability are proven to be some of the most resilient and beneficial employees. Employers quickly realize that once a disabled veteran is hired and is in a place where they feel connected, their discipline, positivity, and dependability qualities shine through.
Given the many benefits, hiring disabled veterans is just smart business.
Employers can post jobs for hiring disabled veterans on our job board. Click here to get started.