Financial Incentives for Hiring Veterans

During their service, veterans gain many strong characteristics, like discipline, leadership, and problem-solving, that add great value to the workplace. More than that, the training received during their military time easily transfers to civilian work. Research has shown that the skills and training gained enhance work performance, making it advantageous for businesses to seek vets to fill positions.     

Improving company culture and gaining effective employees are obvious benefits, but did you know there can also be cost-saving benefits?   

One report found that hiring a vet in a company of 1,000 employees with an average revenue of $150,000 per employee, decreased turnover by 3%. This saved $1.3 million annually, increased performance by 4%, and improved revenue by $6 million.

Some companies might even be eligible to receive benefits from federal programs that encourage hiring vets. One such program is the Special Employer Incentives (SEI), which can provide compensation to companies that hire and train veterans. You should also look at what programs are available in your state. In Florida, there is Veterans Florida Employer Services that is based on a Workforce Training Grant. Under this program, companies that are considered veteran-friendly can receive up to $8,000 for every veteran they hire and train.

Tax benefits are also available for companies that hire veterans, such as the Work Opportunity Tax Credit (WOTC). This program is designed to offer federal tax credits to companies that hire people from certain groups who face employment barriers.

Hiring veterans provides your company with numerous benefits, including boosting company culture and gaining financial incentives. Most importantly, it’s a great way to support those who have served and give them an opportunity to leverage their skills in the civilian world.