Although our country honors our veterans one day annually every November, something all credit unions can do on a daily basis to really help that community is focus on veteran job recruitment.
There are nearly 300,000 people employed by credit unions, according to IBIS World. That number is higher than it was five years ago, and it is expected to continue to grow.
In May, the Military Times reported that Veteran unemployment was nearly 12% amid the coronavirus crisis. Providing jobs for veterans benefits the entire community and offers the credit unions a talented pool of potential employees.
Here are three reasons why hiring veterans makes good business sense.
- Trusting and trustworthy
Research shows that military experience kindles a trusting spirit as well as an ability to trust coworkers and superiors, which is a significant predictor of high-performing teams. Veterans’ ability to trust, and be trusted, inspires organizational cohesion and high morale.
Studies have also found that organizations which foster trust among co-workers and leadership have better performance.
- Insightful workers
Veterans have the training to recognize and act on opportunities. They have been prepared to think outside of the box, and therefore are adept at recognizing when certain skills can be applied to similar tasks. That is a valuable organizational resource. Military training generally focuses on contingency and scenario-based planning, and studies have shown that service members develop mental shortcuts that help them solve problems efficiently as well as recognize similarities between seemingly different tasks and situations.
For example, members inquiring about mortgages may also be interested in opening a retirement or another savings account, based on specific demographics.
- Technically trained
Military experience generally includes highly advanced technology and technology training. Compared with non-military, age group peers, they have more exposure to high tech. Therefore, veterans are more apt to use and embrace technological solutions to problem solve, and to transfer those technological skills to different work tasks.
A vet may see connections in implementing technological solutions such as Text Messaging among disparate member groups, for instance, that others may miss.
Hiring veterans is much more than a feel-good opportunity for any organization, but for Credit Unions, their service makes them especially valuable. They comprise a unique segment of the community that has made significant contributions—and shown commitment–to their community and country. And that commitment fits perfectly with the credit union’s mission of helping people.
On those inevitable days in the financial world in which there may be no clear path or precedent to follow, who better than a veteran to help move a credit union’s business, and its members, forward?