Veteran Hires Help Achieve a Diverse Workforce
Gender, ethnic, and cultural diversity have a direct impact on financial performance according to a 2017 study conducted by McKinsey, a global management consulting firm. Companies with the most ethnically diverse executive teams were 33 percent more likely to outperform their peers on profitability.
What drives this correlation? McKinsey found that diverse companies are better able to attract top talent; to improve their customer orientation, employee satisfaction, and decision making.
Conversely, A lack of diversity costs companies. Those in the bottom 25% of the study on both gender and ethnic diversity were more likely to underperform their industry peers on profitability by 29%.
Although an increased awareness of the business case for inclusion and diversity is on the rise. companies report adding diverse talent within their ranks is a challenging goal. A main gripe of recruiters continues to be the lack of any type of quality candidate across the board.
The Solution? The Diverse Military Talent Pool
Veterans present a great option to non-traditional hiring methods. They bring both ethnic and gender diversity, tax credits, specialized training, and countless intangible skills into the civilian workplace.
But who are they? Below is a simple breakdown of the demographics of the armed forces.
The most recent demographics report for the U.S. Department of Defense (DoD) outlines data for military members in fiscal year 2016. It includes numeric data for the total military population, including Active Duty, Reserve and Guard forces, and DoD civilians.
Overview of Military Personnel
The total number of U.S. military personnel is over 3.5 million strong. They include:
• Active Duty military personnel (1,288,596)
• Active Duty Coast Guard members (39,597)
• Ready Reserve and DHS Coast Guard Reserve members (1,085,109)
• Retired Reserve (213,405) and Standby Reserve (7,870)
• DoD civilian personnel (875,257)
By military branch:
Air Force: 21.7%
Marine Corps: 12.0%
Coast Guard: 2.0%
At a total of 1,288,596 active duty members, the military force of 2016 is 6.0% smaller than it was in 2000, when there were 1,370,678 active duty members. Eighty-two percent of the DoD force is enlisted members, 17.1% is made up of officers.
Gender and Race/Ethnicity on the Rise
The total veteran population is predicted to decline from 20.0 million in 2017 to 13.6 million in 2037, but the numbers for gender and race/ethnicity are increasing. Compared to 2000, the number of active duty female enlisted, and officer numbers have grown from 14.7% and 14.4%, respectively, in 2000 to 15.6% and 17.3%, respectively, in 2016.
Minority veterans are predicted to increase from 23.2 percent of the total Veteran population in 2017 to 32.8 percent in 2037. Hispanic Veterans will increase from 7.4 percent in 2017 to 11.2 percent in 2037.
Fewer than one-third (31.4%) or 404,796 of active duty members identify themselves as a racial minority, but the percentage of those who have has grown since 2010 (from 31.4% of enlisted members and 22.7% of officers in 2012, to 33.2% of enlisted members and 23.0% of officers in 2016).
If you want your workforce to excel more rapidly than your competitors, consider hiring veterans. In addition to bringing both ethnic and gender diversity, veterans are accustomed to working with team members who come from a wide range of backgrounds.
In short, get ‘em while you can!