Why Hiring Veterans Is Good for Your Business
Did you know your business could hire a military veteran at no charge to your payroll? Learn how and other benefits of hiring veterans here.
The next time your business has an open position, consider looking toward the ranks of military veterans to fill the role. Below, we’ll explain why hiring veterans is good for your business.
Tax Credits
The government is invested in connecting out-of-work military veterans with private-sector employers, so they offer incentives to businesses that hire veterans, like the Work Opportunity Tax Credit (WOTC). The WOTC is a federal tax credit for employers that hire and employ people of certain protected groups, which includes veterans.
The WOTC is a general business credit and gives employers tax breaks on wages from veterans—up to 40 percent of the salary up to $6,000. Employers can qualify for a substantial tax credit as long as the individual is a veteran, in their first year in employment, and performs at least 400 hours of service for the employer.
Salary Subsidies
The WOTC is far from the only business benefit that makes hiring veterans good for business. The Department of Veterans Affairs (VA) also offers a program to help subsidize the wages of veterans with the Veteran Readiness and Employment Program (VR&E).
For businesses hiring new employees, the VA will subsidize their wages at the beginning of their employment, so the employer only has to pay an apprentice-level salary while the veteran learns the job and hones their skills. For businesses, this helps offset the cost of onboarding—a significant barrier to hiring new employees.
Free Work Programs
Another VA program that makes it worthwhile for businesses to hire and retain military veterans is the Non-Paid Work Experience program. This VA program helps provide eligible servicemembers on-the-job training and experience in a career they’re interested in at no cost to the employer.
To join the program, the employer will fill out a form that outlines the job and a training outline along with any expenses for equipment or supplies. If approved, the VA will match a servicemember with the employer and provide the tools necessary for training while also paying the servicemember’s wages during training and employment. The servicemember gets on-the-job experience for their career, and the employer gets a new worker at no charge to their payroll, a win-win.
Team Building & Work Ethic
Of course, it’s not all about money when determining the value of adding veterans to your business. Veterans know better than anyone the importance of working as a team toward a common goal, and every business could benefit from their experience and leadership.
And let’s not forget the famous work ethic veterans demonstrate during their time in the military. With a veteran, you’re adding someone who understands the benefits of a chain of command, teamwork, and hard work. As far as job candidates go, a veteran is about the safest bet you can make.
