Finding competent and reliable workers is more crucial than ever for many businesses, but one untapped labor resource that many employers overlook is veterans. In this guide, we’ll review some of the primary benefits for businesses that hire veterans, from tax savings to the diversity veterans bring to the workplace.
Tax Credits
There are numerous financial incentives to employers for hiring military veterans, thanks to many veteran-related unemployment tax credits, the Work Opportunity Tax Credit, and the Wounded Warrior Tax Credits. These credits can save up to thousands in wages—plus, you still get a prime candidate for your business!
Some tax credits for businesses that hire veterans include:
- Qualified long-term unemployment
- Short-term unemployment
- Long-term unemployment
- Veterans with service-connected disabilities
- Long-term unemployed veterans with service-connected disabilities
Salary Subsidies
Along with giving you tax relief, the IRS and the US Department of Veteran Affairs (VA) offer salary subsidies for employers who hire and train veterans. The Special Employer Incentive Program subsidizes veteran salaries while they’re being trained to ease the burden on employers.
Employers can save up to 50 percent on wages during this training period for up to six months and reimburse any loss of productivity or equipment. It’s an excellent way for employers to hire and retain military veterans while saving a few bucks!
Work Ethic
Hiring veterans for your business offers many benefits beyond financial and tax interests. For one, veterans are known for their excellent work ethics—a principle instilled into them during their military training and work.
They’ve spent years in an environment where work ethic was crucial and can bring that same determination and enthusiasm to your workplace. Veterans are familiar with working with others as a team and leading by example, and you know they can handle high-stress and uncomfortable situations calmly.
Organization
One of the staples of military life and training is disciplined organization. Veterans are familiar with working on strict, regimented schedules to maximize efficiency and productivity.
Obviously, your work environment won’t be as intense or dramatic as military life, but every workplace could use a little more focus on efficiency and productivity!
Diversity
Diversity in the workplace is essential to create an atmosphere where people can provide input based on their unique, distinct life experiences. It’s how you get various ideas and solutions to complex problems.
Veterans bring a different and unique lived experience that is valuable in practically any workplace. The military is a diverse place, so they know how to work with people different from themselves and come together to work as a team.