Why Financial Service Businesses Should Hire Veterans
Joshua Pack
Co-Chief Executive Officer and Managing Partner at Fortress Investment Group
As we reach the midpoint of Veteran and Military Families month, let’s all remember that nearly 5 million veterans have served in the U.S. military since the 9/11 attacks, and that?each year, 200,000 men and women leave the armed forces and enter civilian life. They’re motivated, skilled, hard-working, and they’ve answered the call to serve our country. Once they complete their service, veterans are in demand as employees—but despite their many skills and accomplishments, veterans are more likely than non-veterans to work “blue-collar” jobs and significantly less likely to work in the financial service sector.
That’s a missed opportunity for America’s financial services firms. It’s also a missed opportunity for veterans, who are missing out on tremendous earning potential as they transition into civilian life.
I know firsthand the skills veterans bring to the table. I come from a military family. My grandfather was in the Navy. My father served in the U.S. Marines for 22 years. I attended the U.S. Air Force Academy. It’s not the typical background for someone in my position in the financial industry, but it helped make me who I am. It taught me to value commitment and dedication. It taught me to work hard. And it showed me the many talents and tremendous accomplishments of those who serve in uniform.
Employers don’t always see how veterans’ military experience can provide real benefits for their businesses. That needs to change, and businesses should prioritize hiring veterans. Think about the skills and experiences we look for in employees, and then consider how well military experience prepares veterans for the workforce.
Veterans are committed and disciplined. There are no half-measures in the military. Veterans know what it takes to get a job done. They’re persistent, determined, and creative. They think on their feet, in dynamic and high-pressure situations.
Veterans are great leaders—and great collaborators. The U.S. military offers leadership opportunities that are unmatched. A veteran in her 20s may have led dozens or even hundreds of soldiers, sailors, marines, or airmen, a degree of experience tough to imagine at that age in the corporate world. Veterans know how to look at the big picture and think across functions. They step up when they need to. At the same time, veterans—even those with leadership experience—also know how to effectively follow instruction and play their part in a larger operation. They know that an effective team is greater than the sum of its parts.
Veterans are adaptable, trainable, and eager to learn. Servicemembers are constantly learning new skills and assimilating new technologies. There are regular after-action reviews in the military, teaching servicemembers how to learn from their experiences and improve for the future. They know how to take constructive criticism, and act on it. Additionally, military careers typically involve new assignments every few years, meaning veterans are used to taking on new challenges and mastering new experiences.
Veterans communicate effectively. In combat, clear communication is crucial. Veterans know how to give direction, motivate colleagues, and effectively convey what they need to get across. They also know how and when to ask for needed clarity. They’re experienced at working with people who bring a diverse set of experiences and perspectives—and finding common ground.
Veterans thrive under pressure. High stakes are nothing new for veterans. They know how to make decisions in life-or-death circumstances, and they know how to be agile and entrepreneurial where needed. They are conscientious, careful, and effective.
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Veterans have integrity. Veterans know that truth matters, that your word is your bond, that you must be reliable. They rely on their teammates, and they know their teammates rely on them. A veteran simply will not let you down.
Work ethic, discipline, leadership, adaptability, communication, integrity, and the ability to operate effectively in high-pressure situations, are all attributes that we look for when hiring into the financial services sector and much of this “coding” exists in our veterans when they depart the military.?
Despite all this, it is sometimes difficult for veterans to integrate into the civilian workforce. The reality is that many of the experiences and specific training servicemembers have received are different than what the civilian workforce is looking for. Many outside the military don’t recognize just how many skills veterans have developed and how much training they’ve received. My father was fortunate that when he retired from the Marine Corps, his most recent MOS or “Military Occupational Specialty” translated well into certain civilian occupations, and he was able to begin a “second career” that lasted another 20 years. Some MOS’s do not appear to transition seamlessly into civilian life, but employers need to look past that and realize that many of the fundamental skills and experiences that make terrific employees are already “pre-wired” into veterans and with a little training they can quickly come up to speed.
The U.S. government and the Department of Veterans Affairs should do more to help veterans transition into the workforce. Politicians often announce big plans for V.A. reform, but those plans don’t seem to deliver the needed results. Our veterans need more funding for PTSD and mental health services, higher education opportunities beyond the standard GI Bill and additional training to more easily transition into civilian life. They and their families need more structure and support, not only while they’re deployed, but also when they come back home and rotate out of the military.
That is why the private sector needs to step in and help to support veterans’ transition to civilian life. At Fortress Investment Group, we are proud to support and hire combat and noncombat veterans. In addition, there are many veteran programs and support services that can be accessed by veterans at their local community colleges and state universities that can help with the transition. There are also number of terrific non-profit organizations that help support this important mission, and together with the private sector can help the transition succeed. Whether it is support through Fortress or through my family, nonprofits like the Marine Corps Scholarship Foundation, the Wounded Warrior Foundation, the Navy Seal Foundation, and the Marine Recon Foundation, provide much-needed financial, health and support services for our veterans. Nonprofits like these, and smaller groups, play a key role in helping veterans transition into civilian life, and they need our support. Every one of us can help make a difference.
For those of us in the business community, that includes bringing the skills and experiences of veterans into our organizations. Perhaps a second look at a veteran that may not have all of the direct experience for a position, but realize that many of these positive attributes do exist within them, and with a little extra mentoring or training can be unleashed. It is good for our veterans, it is good for our companies, and it is good for our country.
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