There’s no question that employment prospects today look much different than they did even a year ago, as the labor market continues to recover from the coronavirus pandemic and the threat of recession looms over the economy. What hasn’t changed is the value of veterans in the workforce, a fact the statistics from the Department of Labor’s most recent report continue to bear out. Representing nearly 6% of the labor force, veterans consistently find employment faster than non-veterans, integrate quicker into new organizations, and earn higher salary rates. Demand for veteran talent has never been higher than it is today.
Although the workforce remains an increasingly fluid environment in the wake of COVID-19, veterans continue to find meaningful employment with relative ease. Despite near-constant labor market fluctuations, veteran unemployment rates are typically as much as 20% lower than for non-veterans, a consistent data point for most of the past seven years. As recently as 2021, veteran salary rates were also 21% higher than those of non-veterans, and those rates continue to climb.
What makes veterans so valuable to employers? While technical skills and experience are certainly relevant factors, there are certain shared attributes that attract employer interest. Veterans tend to be entrepreneurial, exhibiting a results-driven independence coveted by most business owners. Perhaps not surprisingly, veterans are comfortable with ambiguity and typically deal much better with uncertainty than non-veterans. Veterans also exhibit high levels of resiliency and aren’t as fazed by workplace issues that might challenge others. Finally, veterans are natural team builders who tend to demonstrate a bias to action, something employers everywhere hope to find. All in all, it’s never been a better time for veterans in the workforce.
The Profile of a Cleared Veteran Report is a compensation study on the transition from active duty to veteran status.