Sponsored: Orion Talent
I am a staunch advocate of veteran hiring. It is a smart business decision with a positive impact on everything from profitability to innovation to competitiveness. Not only are you hiring men and women with state-of-the-art technical skills and proven leadership skills far beyond that of their civilian peers, but you are also accessing resilient soft skills. Combined, these skills will help shape the future of your company.
While many of you are already on board with hiring veterans, I know retaining veterans is an entirely different animal. In a recent conversation with Meghan Biro, we talked about how many companies don’t transition service members to civilian roles very well. According to SHRM, the average annual employee turnover rate is around 19% making it a formidable hurdle for talent acquisition leaders. When we consider veteran employees, the percentage jumps to nearly 50% leaving their first post-military position within a year.
Much of this turnover can be attributed to a lack of support. Or, an undefined career path, feeling uninspired, or skills misalignment. But this doesn’t have to be the case. Luckily, these issues can all be addressed through a well-planned veteran onboarding and retention plan.
Help Military Veterans Thrive with These Five Strategies
Mentorship is an excellent way to provide your new veteran employees with a connection to another veteran. They can serve as a resource, guide, and advocate in their new role. The U.S. Department of Veteran Affairs offers a wealth of information on retaining veterans, including information on setting up a successful mentorship program.
Listed among the benefits of veteran mentoring are an increase in morale, and productivity. In addition, retention, better adaptation to workplace culture, better career development, and promotion of diversity. These voluntary relationships are also a great way to transfer institutional and cultural knowledge.
Technology powerhouse Siemens has been successfully executing its veteran mentorship program for years. Orion Talent has worked with Siemens to hire nearly 2,500 veterans since 2010, and among their veteran retention best practices is a military peer mentorship program. Mike Brown, Global Head of Talent Acquisition of Siemens, explained their program. “When other military come in now, they get paired up. And I think that really helps with their transition.”
2. Employee Resource Groups
Similar to the retention benefits of mentoring veterans, creating Employee Resource Groups or Veteran Affinity Groups also offers increased employee engagement and job satisfaction. The VA calls these voluntary groups a “critical element to retention advocated by study respondents” in their Veterans Employment Toolkit. ERG programs can also include career development, advocacy, community service, and social activities. Make sure to give your veteran employees the time and space to participate in these groups, especially as they onboard.
An additional benefit of veteran ERGs is that they help build your company’s reputation in a job market where candidates, veteran or civilian, are seeking purpose-driven work. They also increase workplace agility as your org chart is flattened in an ERG. Collaboration and innovation often follow!
3. Career Pathing
When I speak with men and women transitioning into the civilian world, their desire for a clear career path stands out. Their military career progression was clearly laid out, with defined goals and requirements. In civilian terms, you can think of this as career pathing. When you hire a veteran for a Junior Electrical Engineer position, you could lay out a plan with steps and milestones to reach Senior Electrical Engineer and then Project Manager, for example.
Laying out these career paths pays dividends in terms of engagement and retention. Employers also experience higher performance and productivity rates. This Mercer study shows that 78% of employees would stay with their current employer if they were given a clear career path.
Offering continuous development and ongoing education to your veteran employees is a powerful retention tool.
Not only are you illustrating your investment in their success by providing these programs but you are reaping the rewards. Aside from increased retention, benefits of upskilling include increased employee satisfaction, less need to hire train new employees, and becoming more competitive in your industry.
“Our experience shows that when veterans receive tailored preparation for future roles, it leads to a better fit, a better transition, and ultimately better retention,” explains Laura Schmiegel, SVP, Strategic Partnerships at Orion Talent. “This helps companies save time and money in employee turnover, and it means they get to keep some of their best talent.”
As Meghan discussed in her recent article on veteran hiring, workforce partnerships can play an important part in upskilling. Strategic workforce partnerships like the Department of Defense Skillbridge program allow you to recruit veterans and gain access to their existing expertise while upskilling and reskilling them at the same time.
5. DEI Initiatives
The veteran population represents a 43% diverse workforce and should be an integral part of a company’s DEI initiative. As with any other group in your initiative, you will want to consider how to prevent bias towards your veteran employees. Unfortunately, some old biases may linger, and your DEI strategy is the place to nip that in the bud.
This HR Exchange article by LaKisha Brooks explains, “These judgments are often harmful to diversity initiatives because they limit our ability to see people as individuals with unique talents to contribute. For example, bias against veterans includes assuming they have post-traumatic stress disorder (PTSD). Bias can also include mental health problems just because of their military background, assuming they have a particular personality type, such as being rigid or stern…It’s essential to put assumptions aside and ask meaningful questions to learn the truth instead.”
These five veteran retention strategies will help highlight to the veterans at your company that yours is a workplace that sees them for the unique individuals they are with valuable skills worthy of investment. But, you don’t have to take on all five at once. Choose one, and make it amazing! Then move on to the next retention strategy. Your veteran employees will be proud to call your company home.