An increasing number of employers recognize the compelling business case for hiring Veterans. Employers and their customers benefit from the distinctive capabilities and valuable skills gained as a result of military experience.
Entrepreneurial: Organizations of all sizes seek out individuals who possess the same characteristics as high-performing entrepreneurs. A drive toward achievement, an ability to deal with uncertainty, a capacity to work with autonomy and a capability to make effective decisions are just some of the attributes that Veterans will bring to your firm.
High Levels of Trust: Military service engenders a strong propensity toward an inherent trust and faith in co-workers and organizational leadership. This conviction may be particularly important in small businesses where a critical predictor of high-performing teams and enhanced organizational performance stems from trust.
Adept at Skills Transfer: Veterans are particularly skilled at understanding how to apply their skills in new situations. This is critical in dynamic environments and may be useful to small organizations that are growing or developing new markets and products.
High-Levels of Resiliency: Veterans exhibit high levels of resiliency, which enhances their ability to overcome adversity and adapt to ever changing environments.
Organizational Commitment: Veterans bring a strong sense of organizational commitment and loyalty to the civilian workplace. This impact on culture helps to reduce organizational attrition and enhances product and service quality.
Adept at Problem Solving and Decision Making: Military experience enhances the ability to accurately evaluate a changing situation, make decisions and take action. This skill is a clear advantage in dynamic and uncertain environments and in organizations where employees have decision making roles.
Advanced Team-Building Skills: Veterans can efficiently and effectively integrate and contribute to a new or existing team, enabling high performance and contributing to business growth. This is especially useful in small organizations where different combinations of team members may be required to quickly assemble and work together.
Training in Specific Roles: Because of the diversity of military operations, Veterans are trained and perform in a wide range of roles including logistics, project management, information technology, medical care, personal security and civil engineering. The skills gained are enhanced as a result of performing these roles under high pressure, real-world experiences.
Advanced Technical Training: Veterans are able to leverage their exposure to advanced high-technology. This knowledge is an immediate benefit as employers can effectively apply it across different work-related tasks; particularly useful in small organizations where employees have multiple roles.
Leverage Cross-Cultural Experiences: Veterans’ cross-cultural experiences represent a competitive advantage for all employers given the increasing global markets and diversity of fellow employees.
Skilled In Diverse Work Settings: Individuals with military experience are (on average) highly accepting of individual differences in a work setting because their prior units are comprised of servicemembers from a wide range of backgrounds. This is key in today’s increasingly diverse workforce and in small organizations which may be limited to local talent pools. Veterans can be leveraged to serve diverse markets and customers.
Federal Tax Credits: Federal tax credits from $2,400 up to $9,600 for the first year of a Veterans’ employment may be available. The number of hours the Veteran was employed, their disability status, their unemployment status and whether he/she is a recipient of vocational rehabilitation services from a state certified agency or the U. S. Department of Veteran Affairs are factors in determining the availability and amount of tax credits. Employers must submit IRS Form 8850 within 28 days of the Veteran’s hiring date to take advantage of these Federal tax credits.
Visit the following IRS website for more information and access to appropriate forms: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Expanded-Work-Opportunity-Tax-Credit-Available-for-Hiring-Qualified-Veterans
Each state may have variations in their additional tax credits for which Veterans and businesses are eligible. Visit the following website for contact information for State Work Opportunity Tax Credit coordinators: http://www.doleta.gov/business/incentives/opptax/State_Contacts.cfm
FEDERAL CONTRACTING REQUIREMENTS
U.S. Department of Labor’s Office of Federal Contract Compliance Programs (OFCCP): On August 27, 2013 the Department of Labor announced a Final Rule that makes changes to the regulations implementing the Vietnam Era Veterans’ Readjustment Assistance Act (VEVRAA). If your company contracts or has plans to work with the Federal government, there are rules around the employment of Veterans that may apply.
The final rule is available on the OFCCP Website: www.dol.gov/ofccp/VEVRAARule
Employing Veterans builds goodwill within an organization’s community, its customers and employees. Many Veterans return to small towns and regions with few large businesses. This provides small and medium sized organizations an opportunity to tap into a talent pool that generates great business results as well as goodwill and support to their communities.
** The forgoing does not constitute tax advice. JPMorgan Chase & Co., it affiliates, and the Syracuse University, Institute of Veteran and Military Affairs are not tax advisers. Please consult your own accountant or tax adviser to determine whether tax credits may be available to your organization.