6 Tips for Hiring Veterans as a New Business Owner
Taking the initiative to hire veterans as employees for your new business is a meaningful pursuit. Veterans hone tons of useful traits during their service that easily translate to business. However, if you don’t already have extensive ties to the military community, you might not know where to look. Reaching out to organizations like the American Legion Kentucky Post 46 or posting listings on veteran sites are great places to start. Here are six tips for hiring veterans as a new business owner.
1. Understand the Benefits
You may have a vague idea of why it’s a good idea to hire former service members, but taking a minute to list the benefits will give you extra motivation. It can also show you what to look for in potential candidates. Veterans are disciplined and responsible and understand the importance of both independence and teamwork.
2. Create the Right Positions
When hiring any new prospects, make sure you place them in the right job. Once you get an idea of the general strengths of military personnel, you can assess each possible new employee’s individual characteristics and career to see where he or she would thrive. For instance, Marines are often placed in leadership positions when they serve, which can translate well in the workplace.
3. Assess Their Skills
One way to understand what skills veterans may hold is to look at the military occupational skills that are associated with the jobs they previously had. Look online by using a crosswalk search to see these proficiencies. This will list the abilities fostered with each specific position in any branch of the military.
4. Prepare Your Business
To set everyone up for success, make sure you get any necessary housekeeping out of the way before recruiting new hires. Establish your company with the state to ensure you are ready for taxes and get your Employer Identification Number (EIN). Your EIN will identify your business on payroll tax forms and makes it easier to file taxes at the state and federal level. You can file either annually or quarterly.
5. Encourage Their Growth
It is essential to help military members assimilate to civilian life, and offering them a place to grow professionally is incredibly helpful. Make sure to keep the work environment positive and encourage social connections in the office. Strong social support is hugely beneficial to mental health and helps everyone flourish.
6. Take Advantage of Tax Credits
The government offers various tax incentives for hiring former military, and taking advantage of these means more money to put back into your business. One notable option is the Work Opportunity Tax Credit, which applies to 40% of wages up to $6,000. Another option is the Wounded Warriors Tax Credit, which offers up to $9,600 for those who were disabled in service. Finally, the Returning Heroes Tax Credit is available for hiring unemployed veterans and can be used up to $5,600 per hire.
You will not be disappointed by your choice to actively hire former military service members. Doing so can benefit your business, your new hires, and their families by drawing from everyone’s strengths. Your military employees can help your business as much as you benefit them by providing them with work. By following these tips, you will be on your way to creating a desirable and productive work environment for everyone involved.
Lexie Dy firstname.lastname@example.org