McKinsey: How can companies capture veteran opportunities 

Check out a real Mckinsey presentation on how can companies capture veteran opportunities.

McKinsey Presentation: How can companies capture veteran opportunities

Key Learnings from the Presentation

McKinsey’s September 2012 presentation, “How can companies capture veteran opportunities,” stresses the valuable skills and capabilities of veterans for civilian roles, emphasizing the business benefits such as tax incentives and social responsibility, and offers guidance on best practices and available resources for employers seeking to effectively recruit and integrate veterans into their workforce.

The Veteran Opportunity Overview

• Veterans as Valuable Talent: Veterans possess distinctive capabilities and valuable skills developed through real-world, high-pressure experiences.
• Tax Incentives: Employers have an opportunity to earn up to $9,600 in tax incentives per veteran employee while building goodwill with critical stakeholders (customers, employees, and the community).
• Magnitude of the Opportunity: After the longest two wars in our nation’s history, over 2.9 million service members have returned to civilian life, and an estimated 1 million more will do so over the next five years.

Business Case for Hiring Veterans

• Distinctive Capabilities: Veterans are performance-oriented, have a strong work ethic, and thrive under pressure.
• Transferable Skills: Their teamwork, leadership, and problem-solving skills learned in the military are suitable for many civilian roles.
• Advanced Training: Veterans receive advanced training in a variety of technical skills, making them cost-effective employees.
• Tax Credits: Employers can take advantage of federal tax credits of up to $9,600 per veteran, with state tax credits also available.
• Social Responsibility: Hiring veterans reflects an employer’s social responsibility and builds goodwill with customers, employees, and the community.

Best Practices for Hiring Veterans

• Understanding the Veteran Experience: Employers should gain a better understanding of the veteran experience and the business case for hiring vets.
• Leveraging Resources: Utilize available resources to help employers find, hire, onboard, and retain veterans.
• Helping Veterans “Sell Themselves”: Assist veterans in effectively presenting their skills, which may be unnatural for them.
• Building Organizational Understanding: Foster awareness of veteran capabilities within the organization.

Available Resources for Employers

• The presentation provides insights into resources that can aid employers in their veteran recruiting efforts.

Actionable Insights

• Develop targeted recruitment strategies to attract veteran talent, leveraging military job fairs, online platforms, and partnerships with veteran organizations.
• Implement training programs to help veterans transition smoothly into civilian roles, providing support for skills development and cultural acclimation.
• Foster an inclusive workplace culture that values diversity and recognizes the unique strengths of veteran employees.
• Continuously evaluate and refine veteran hiring and retention initiatives based on feedback and performance metrics.

About McKinsey

McKinsey & Company stands as a premier entity in the global management consulting sphere, initiated by James O. McKinsey in 1926. Anchored in New York City, this firm has carved a distinguished position in the consulting arena, offering strategic guidance across the globe to a diverse clientele that includes businesses, governments, and various institutions.

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