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A new survey by global communications firm Edelman spotlights key disconnects between veterans attempting to enter the civilian workforce and the companies hoping to hire them.
In November, Edelman released its 2024 Veterans’ Well-Being Survey, which explores issues like mental health, employment prospects, and public perception of the veteran community. (The company, which was founded by Edelman’s World War II veteran father Daniel Edelman, began publishing the survey in 2014.)
John D. Edelman, the company’s Managing Director of Global Engagement and Corporate Responsibility, joins a new episode of Warrior Money to dissect these findings and what they tell us about the relationships between military veterans and the business world.
Among the many topics covered in the report, a troubling finding is the disconnect between how veterans are perceived by employers and civilians, and how they view themselves.
63% of employers reported feeling that veterans should be portrayed as “heroes,” while only 32% felt that they should be viewed as “strategic assets.” A majority of non-veterans (79%) also favored the “hero” label, while the group that most consistently viewed them as “strategic assets” were veterans themselves. However, perception of veterans is only one obstacle that those transitioning out of the military face.
Companies often express a desire to hire veterans, but fail to follow through. “While 84% of corporations felt that they would benefit from having an internship, only one in three corporations actually have internships and apprenticeship programs.” Edelman notes.
While many businesses do open their door to veterans, it’s only the first step in ensuring veterans are set up for success. Edelman notes that veteran workers can benefit from employer resource groups, as well as having others in their network they can look up to. “Another best practice that we hear,” he says, “is that you have a mentor who’s a veteran, but you also have a mentor who’s a senior leader.”
However, a clearer path for veterans to join existing companies is not the only improvement that needs to be made. Edelman’s survey also highlights the obstacles veterans face in starting their own companies, despite them often having an active desire to do so.
“47% of veterans said they’d like to become an entrepreneur and pursue that, but only 16% actually did that.” Edelman explains. “Part of the explanation… is that 60% felt that they could be their own boss [and] they’d have a sense of purpose, but one of the big barriers is also 62% said they don’t have access to the capital to do that.”
“Entrepreneurship is a very key opportunity, and we need to provide resources and programs that support that,” he adds.
These trends are just some of the data points reflected in Edelman’s extensive survey. Edelman dives into even more of it with Murphy and Kunze on the full episode of Warrior Money.
Hosted by former Congressman Patrick Murphy and veteran investor Dan Kunze, Yahoo Finance’s Warrior Money is a weekly vodcast dedicated to uplifting military veterans transitioning into civilian life. Through insights from fellow veterans and high-ranking government officials, Murphy and Kunze are helping set vets up for success through financial education and inspiration.
This post was written by Nick Riccardo.
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