When it comes to veterans, most companies are working hard to put in place strong hiring strategies. But what happens once those veterans are on board?
Every company has struggled at one time or another with an effective recruiting and retention processes to ensure they hire and keep the best talent available. It should come as no surprise that the impact from losing an employee not only slows down a business, but also comes with a heavy price tag. According to the Society for Human Resources Management, research shows that the total cost associated with turnover can range from 90%-200% of an employee’s annual salary. As it relates to veterans, 68% of employers do not have a retention program in place to serve their veterans. These two facts highlight that without a strong military retention program in place, companies are losing significant money and efficiency in their businesses. Our platform and engaging training videos will help you retain veterans and develop military friendly work environments, which will truly affect your bottom line in a positive way.
There are a myriad of reasons that contribute to workforce attrition. However, understanding the reasons why employees leave a company will provide valuable insight into the gaps that exist in your current retention program. For veterans, some of those reasons are unique to them, and employers need to put an effort into building a retention plan specifically for them. In order to help employers think more seriously about this, a comprehensive study was done to provide insight as to the reason why veterans leave their jobs.
To provide contrast to that data, and to provide further clarity of the issues that veterans face in the workforce, the survey also pulled together data on what reasons would have kept those veterans from leaving their respective jobs.
The top reasons veterans leave include: lack of career development and advancement, low quality of work (not meaningful, unchallenging, tedious, etc.) and because of new employment opportunities. However, the top reasons that would have made them stay include: increased opportunities for career advancement or promotions, increased opportunities for professional development, and increases in compensation and benefits.
SO WHAT DOES THIS ALL MEAN TO YOU AND YOUR COMPANY?
Companies, regardless of size, need to put in place a focused and proven practice to better retain their military talent. This requires a concerted effort throughout your company to ensure these programs are specifically focused on the veterans and the challenges they may face in your workforce. The return on your investment is pretty clear – by putting in place a military retention program you increase your bottom line by reducing extremely high turnover costs and increase workforce morale and performance.
So whether you have a program already in place, or now recognize the importance of doing so, the Military Talent Group platform provides all the education, tools, and processes you need to create and enhance a successful military retention program. It is never too late to start, and your efforts will directly increase the quality of life for the veterans at your company as well as their tenure with you.