The U.S. unemployment rate continues to increase even years after the pandemic hit. More veterans, in particular, are bearing the load of an economy that is not only still adjusting after the massive global pause but also from the shifts in business priorities. Today, the business and labor markets remain challenged to overcome previous struggles while trying to adjust and adapt to new opportunities and trends.
2023 Veteran Unemployment Statistics
The latest Bureau of Labor Statistics report on veteran employment reveals that the veteran unemployment rate rose by 2.8% from July 2023 to 3.6% in August 2023. This is also up by 2.4% from the same period in 2022. While the overall numbers have been down from the high unemployment rates during the peak of the pandemic, any increase is still concerning.
The increase in jobless numbers does not discriminate by gender or age. The same BLS report shows an unemployment rate of 2.7% for male veterans from September 2022 to August 2023, while the jobless rate for female veterans is at a close 2.8%.
In terms of ethnicity and race, White Veterans posted an unemployment rate of 2.6%, Black Veterans 2.9%, Asian Veterans 3.4%, and Hispanic or Latino Veterans 2.8%.
2023 Job Trends
Now, what does this all mean? This indicates that the economy is still not able to fully recover from the impact of the pandemic and that veterans are among those who are struggling to find employment after their military careers. While businesses have been slowly opening and rehiring, there is still a significant gap in available skilled jobs compared to pre-pandemic levels.
Moreover, the job market has also shifted towards more remote work opportunities. While this may be beneficial for some job seekers, it can also present challenges for older veterans who may have difficulty adjusting to a new work environment or lack access to necessary technology.
Furthermore, the pandemic highlighted the need for re-skilling and up-skilling in order to stay competitive in the job market. This is especially important for veterans as they transition from military service to civilian life. Many veterans possess valuable skills and experience from military training but may need support in translating them to applicable job opportunities.
The Silver Lining For Veteran Job Seekers
However, there are many trends in today’s job market that lend strength to veterans as applicants. Trends such as “lazy girl (or guy) jobs” and “bare minimum Monday” indicate an emerging workforce that is seeking employment with as little expected effort as possible. The values inherent to most veterans — such as their hard work ethic, determination, and grit — set them apart from the cadre of employment seekers who seemingly want to work less instead of working hard.
While the current employment environment may not appear to be especially strong for veterans, this does not mean that opportunities are scarce. In fact, there are plenty of resources and programs available to support veterans in their job search.
Companies are also more open to hiring veterans as they recognize the unique skills and strong work ethic that the military experience brings. In addition, many industries are currently experiencing a shortage of skilled workers, making it a prime time for veterans to capitalize on their transferable skills and fill in these gaps.
Best Companies Hiring Veterans
Who are these companies that hire veterans? In this article, BestCompaniesAZ recognizes companies that honor our heroes and demonstrate a commitment to hiring veterans.
- Desert Credit Financial Union
- Habitat for Humanity Central Arizona
- Northern Trust
- Rocket Companies
- Voya Financial
- Willscot Mobile Mini
Axon’s mission is to protect life by building the world’s largest and most trusted network of public safety solutions, a cause that resonates deeply with veterans. The company provides exceptional benefits, including access to mental health professionals via Modern Health and a flexible work environment where employees are encouraged to take time for themselves and the ones they love. With a strong emphasis on personal and professional development and a culture that values owning it, Axon stands as a leading choice for veterans seeking a rewarding and successful career. Transitioning military members will truly thrive in this mission-driven organization!
Habitat for Humanity is a renowned nonprofit organization known for its philanthropic service projects aimed at serving underserved populations. With a strong commitment to community engagement, it has become one of the leading companies that actively works with and serves veterans.
Habitat for Humanity goes beyond just hiring veterans as employees; they also recruit them as board members, volunteers, and AmeriCorps members. This comprehensive approach fosters a perfect match between the military’s core values, such as integrity, respect, and selfless service, and the organization’s own strong values.
Northern Trust deeply understands and values the immense contributions that military veterans bring to the table. Recognizing the unique diversity of experience and skills that veterans possess, the company has taken a proactive step by establishing the Military Appreciation and Assistance Resource Council (MAARC). This dedicated initiative aims to create even greater opportunities for veterans and military families and facilitate their seamless integration into the overall workforce. Through MAARC, Northern Trust is committed to providing comprehensive support, resources, and job training to ensure that veterans can thrive and excel in their professional careers.
Rocket Companies is made up of businesses that provide simple, fast, and trusted digital solutions for complex transactions. The organization’s commitment to veterans is clear through its veteran programs and veteran-friendly hiring practices. Rocket Companies is dedicated to hiring veterans, military spouses, transitioning service members, student veterans, National Guard and Reservists through the following programs:
Rocket Companies’ Tour of Duty opportunity is a paid 6-month career program specifically designed for transitioning service members. It offers hands-on career experience in a corporate setting to help veterans and their families acclimate to the civilian work environment.
Rocket Companies also participates in the Department of Defense (DOD) SkillBridge Program. The DOD SkillBridge Program offers service members the chance to leverage their final 180 days of active-duty service to acquire valuable civilian work experience by participating in targeted industry training, apprenticeships, or internships.
USAA’s mission is to empower its members by offering a wide range of highly competitive products, exceptional service, and trusted advice for achieving financial security. As the #1 choice for the military community and their families, USAA provides competitive insurance, banking, and financial products along with valuable guidance.
Service, Loyalty, Honesty, and Integrity serve as the foundation of USAA’s business practices, fostering a shared bond with loyal members. With a strong legacy since 1922, USAA is committed to serving its members through programs that mentor and develop veterans and military spouses, such as VetsLeaD and the VETNET ERG.
Voya Financial is committed to promoting inclusion at every level of its organization. The company firmly believes that this focus leads to improved performance, increased innovation, and an enhanced ability to meet customer needs. Additionally, it fosters higher employee engagement, lower turnover rates, and contributes to the strength of communities.
As part of their dedication to supporting veterans and their spouses in pursuing careers in financial services, Voya proudly offers a series of scholarships. These scholarships, administered through The American College of Financial Services, are available to all qualified applicants with a particular emphasis on advancing diversity in the field.
Furthermore, Voya’s Employee-Led Veterans Council is one of the many initiatives the company implements to cultivate diversity, equity, and inclusion in the workplace.
WillScot Mobile Mini values veterans and invites them to join their team. Former service members can enjoy a positive work environment with valuable training, professional growth and inclusive team opportunities. Development options include language training, leadership programs and partnerships with reputable institutions. Veterans United, an Inclusiveness Resource Team, supports veterans and their families as well as provides opportunities to give back to local veterans groups. These programs offer personal and professional growth while working at WillScot Mobile Mini.
Workiva is dedicated to empowering veterans to lead and innovate. As the foremost cloud platform for transparent reporting, the company is committed to not only hiring veterans and their spouses but also providing extensive resources to aid in their transition to the civilian workforce.
These resources encompass comprehensive training and development programs, invaluable job shadowing opportunities, meaningful mentorship experiences, and active community involvement. With a steadfast focus on supporting veterans – including an active Veteran Business Employee Resource Group – Workiva ensures that they have the tools and support necessary to excel in their careers and make a lasting impact.
Find the Best Companies That Hire Veterans Through BestCompaniesAZ
These are just a few of the best companies for veterans, but it doesn’t stop there! Each of the employers on our list is committed to hiring military service members, veterans, and their spouses. These organizations offer a variety of resources to support veteran employees and their families, including training and development programs, mentorship opportunities, job shadowing opportunities, community involvement, and more.
Military service members and veterans alike have a unique skill set that many companies value. Learn to leverage your skills, transition out of the military, and find veteran job help on BestCompaniesAZ to land your next career.