Even as the national unemployment rate has dropped to 5.5%, it’s significantly higher for veterans, at 6.7%, as of this past February. Even though it seems counterintuitive – former soldiers would appear to have the discipline and capacity for teamwork that so many firms value – many employers are skittish about on-boarding vets.
Some worry about post-traumatic stress disorder (PTSD) or making accommodation for physical disabilities; others consider former military personnel “risky hires” for a variety of reasons. Even though some states provide the private sector with monetary incentives to hire veterans, companies have been known to bring them in to get the stipend, and then hand them their walking papers after a short stint.
For these and other reasons, many veterans are drawn to starting their own businesses. Increasingly, they’re getting a helping hand from private industry to encourage entrepreneurship, and even the Small Business Administration will cover up to half of borrower fees for them.
Initiatives like the Entrepreneurial Bootcamp for Veterans with Disabilities and AT&T’s Operation Hand Salute program provide veterans with small business training. So far, the efforts are paying off, and may present a viable long-term solution for helping our armed services forces rebuild their civilian lives.