Veteran-friendly employers tap into top talent
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In addition to getting some of the best trained and most qualified candidates, employers can earn tax credits for hiring veterans.
When you’re looking to hire, do any of these traits catch your attention:
- team player
If so, one the greatest talent pools you may have overlooked is military veterans.
According to the Michigan Veterans Affairs Agency (MVAA), Michigan has the 11th largest veteran population in the U.S. Currently, over 73,000 post 9/11 veterans call the Great Lakes state home. Yet despite similar or higher education levels than their civilian counterparts, they experience higher levels of unemployment. To address this discrepancy, MVAA has developed a certification program that recognizes employers that commit to military veteran recruitment, training and retention practices.
Veteran-friendly certification for employers
MVAA recognizes three levels of Veteran-Friendly Employers with gold, silver and bronze certificates. When veterans see this certification, they know the hiring organization will give them the consideration they deserve.
At the bronze level, employers commit to hiring a specific number of veterans, posting job openings to the MiTalent.org website, and other practices that support veterans.
Silver-level employers meet all the bronze level requirements, plus they implement programs designed specifically for veterans. These can be benefit packages that provide differential pay or continued healthcare during deployment; onboarding, retention and training programs; and tracking applications from veteran, Guard or Reserve members and spouses of veterans, Guard or Reserve members. Earlier this year, Consumers became a silver level Veteran-Friendly Employer.
To be named a gold-level employer, an organization must meet all the silver level requirements, plus meet veteran retention goals and implement additional veteran-specific programs.
Tax credits for hiring veterans
In addition to getting top talent, there are bottom-line benefits to hiring veterans. Military.com reports:
“Businesses that hire eligible unemployed veterans can take advantage of a Work Opportunity Tax Credit (WOTC). (This credit is also available to certain tax-exempt organizations.) After recent changes, The Returning Heroes Tax Credit now provides incentives of up to $5,600 for hiring unemployed veterans, and the Wounded Warriors Tax Credit doubles the existing Work Opportunity Tax Credit for long-term unemployed veterans with service-connected disabilities, to up to $9,600.”
Hiring veterans is a smart move
Former military members have a proven ability to adapt and learn new skills. Those who come from leadership positions are prepared to lead a business team by example, and they know how to delegate and motivate others. Plus, every service member understands the necessity and value of teamwork. For businesses, employing conscientious, resilient veterans who can perform under pressure is one of the smartest moves a hiring manager can make.
To learn how you can tap in to the talents of veterans, check out these resources:
- Discover the Value in Hiring Veterans
- Veteran Employment in Michigan: Where to Begin
- Become a Veteran-Friendly Employer
- Find Veterans to Hire
Do you have business banking questions? Contact our knowledgeable business development managers or call 800-991-2221. We’re here to help you grow your business!
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