Veterans Face Challenges in Transitioning to the Private Sector
VTI shows progress, but there’s more to do to cut unemployment among vets.
The Veterans Talent Index is a bi-annual survey released by Monster to evaluate the hiring environment for veterans in the U.S. The sixth edition of the report released in late May shows significant progress is being made to address the unemployment crisis amongst veterans, but is it enough? What’s more are the jobs that vets are getting tailored at all to the unique employment challenges that veterans face?
Some central findings from employers on the latest VTI:
- 69 percent of companies say they have a stated commitment to hire veterans
- 67 percent report hiring veterans is an integral part of their initiative in hiring new talent
- 68 percent of employers have no specific veteran retention program in place
So companies are starting to have initiatives focused on recruiting and hiring veterans, but they are not taking that extra step of creating key programs that help veterans maintain successful employment.
This makes it particularly challenging for the 85 percent veterans who are looking for a veteran-friendly employer. If you’re a veteran and you’re holding out for an opportunity that comes with things like mentorship or career path assistance programs that are tailored to veterans, then you may be waiting for a while.
Veterans can face unique challenges when it comes to securing private sector employment. Although most employers (more than half) say they have no concerns about hiring veterans, 28 percent worry about vets fitting into their corporate culture. Another 27 percent worry that vets will have difficulty translating military talents into actual corporate skills.
“Although retention programs and veteran-friendly services are nice to have from an employer, they shouldn’t stop you from taking a job that doesn’t offer them,” says Gary Herman, President of Consolidated Credit. “Your primary focus should always be securing a position that provides the means to support your family.”
Consolidated Credit offers specialized advice for military service members and veterans who are working to achieve financial stability. In addition, if you’re struggling to get ahead following your final separation from the service, we can help. Call Consolidated Credit today to speak with a certified credit counselor to get started for free.