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Where do veterans stand in today’s labor market? #stats

(BUSINESS NEWS) As 2016 comes to a close, with the recent observance of Veteran’s Day, how veterans have fared in the labor market provides an interesting picture of how their often untapped skills can be of benefit.

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retaining military veterans

Indeed dug into the data

When thinking about critical skills and attributes that you’re looking for in potential new hires, many employers forget to think about the host of opportunities that come by hiring a veteran of the U.S. armed forces. As 2016 comes to a close, with the recent observance of Veteran’s Day, how veterans have fared in the labor market provides an interesting picture of how their often untapped skills can be of benefit.

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Labor market stats

Composing 7.6 percent of the U.S. population according to the U.S. Census Bureau, veterans have a lower unemployment rate overall than their non-veteran peers. October unemployment rates have been lower for veterans since 2009. The recession, which caused spikes in unemployment rates for all segments of the population, caused an unemployment hike to 9.9 percent in January 2011 for veterans, which has since decreased to 4.9 percent. However, segments of the veteran population have seen variations in levels of employment rates for those seeking to join the workforce.

With overall veteran unemployment at 9.9 percent in January 2011, unemployment rates for Gulf War II veterans (those serving since September 2001) stood at 15.2 percent.

While younger workers can typically face higher levels of unemployment than their older, more skilled competitors, this outstripped the non-veteran rate, which was at 9.3 percent for this segment of the population. This has since improved. The unemployment rate for this segment of the veteran workforce is markedly lower than their non-veteran peers.

Although veterans are less likely than their non-veteran peers to have a bachelor’s degree, they outstrip them in average earnings. Veterans earn a higher median income by over $11,000 annually ($38,334 for veterans, as opposed to $27,248 for non-veterans).

Where vets have landed

Veterans typically seek employment in fields that match their military operational specialty (MOS), or which utilize the skills they were taught and used in their time in the service. Many veterans continue their service for the federal government in other capacities. Over 27 percent of the federal workforce in 2011 was composed of former service members.

As the employment needs of the civilian job market and the military do differ, several of these types of fields are predicted by the Bureau of Labor Statistics in their employment forecast to shrink over the next several years.

High-growth labor markets, such as healthcare, have a unique opportunity to transition their supports to hire veterans. For example, in 2011, President Obama called upon Community Health Centers to make an investment of hiring 8,000 veterans over the next three years. He additionally tasked the Health Resources and Services Administration to identify career paths for veterans and expand opportunities for veterans to become physician assistants.

As was the case with overall unemployment rates, job selection varies by the era of service and the sex of the veteran. Older veterans with dates of service from 1976-2000 were more likely to be employed in roles that were primarily computer-based or mathematical in orientation than their non-veteran peers. More recent veterans tend to find roles that more closely matched their military experiences. For veteran women, many selected healthcare roles, and exceed the rates of employment of their non-veteran peers in computer-based and mathematical roles.

Hard transition

Despite having lower unemployment rates, veterans still find many obstacles in their employment paths. The Center for Talent Innovation’s survey in Indeed asked whether employees felt supported by their supervisor. Nearly 20 percent of civilian men and 15 percent of civilian women in white-collar jobs felt their supervisor was an advocate and champion for their cause. Only 2 percent of veterans in similar roles felt the same.

Beyond feeling supported by their supervisors, an astounding majority of veterans identified that their skill sets weren’t being fully utilized. 67 percent said they had three or more skills that their current employer was not asking them to use in their roles.

Resources for employers

Speaking to Business Insider, Jon Davis, a retired Marine sergeant and current hiring manager identified reasons employers should hire military veterans. “When given a proper framework and adequate training veterans can amaze you at how hard they can work and what they can get done,” said Davis. “Few cultures have been engineered like the one military veterans have been a part of and even fewer … focuses entirely on mission achievement, cooperation, and personal development. The fact is that there is no culture in the world that shapes people in the way the military does,” Davis notes.

When seeking to hire veterans, the U.S. government provides resources to the veteran for their transition. They provide financial assistance for higher education, along with enhanced re-employment services for post-9/11 veterans through the Veteran Gold Card, allowing them six months of personalized case management and additional supports at their community work center. The Department of Defense’s Military Credentialing and Licensing Task Force was created to identify opportunities for veterans to earn civilian occupational credentials and licenses without the need for additional training.

Additionally, through Joining Forces, an initiative that serves the U.S. veteran through education, wellness, and employment services, multiple employers have stated their goal of hiring more than 100,000 veterans and their spouses over the next several years.

For the employer, the Returning Heroes Tax Credit, enacted in 2011, provides businesses that hire unemployed veterans with a credit of up to $5,600 per veteran. The Wounded Warriors Tax Credit offers businesses that hire veterans with service-connected disabilities a credit of up to $9,600 per veteran.

The most important thing employers can remember when identifying opportunities for veterans to serve in civilian capacities is that these individuals have been placed into high levels of responsibility, many from a young age, and are typically mission-oriented. While their transition may require support, as is necessary for onboarding any new employee, the outcomes may pay more immediate benefits.

#HireVeterans

Roger is a Staff Writer at The American Genius and holds two Master's degrees, one in Education Leadership and another in Leadership Studies. In his spare time away from researching leadership retention and communication styles, he loves to watch baseball, especially the Red Sox!

Business News

This web platform for cannabis is blowing up online distribution

(BUSINESS NEWS) Dutchie, a website platform for cannabis companies, just octupled in value. Here’s what that means for the online growth of cannabis distribution.

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A small jar of cannabis on a desk with notebooks, sold online in a nicely made jar.

The cannabis industry has, for the most part, blossomed in the past few years, managing to hit only a few major snags along the way. One of those snags is the issue of payment processing, an issue compounded by predominantly cash-only transactions. Dutchie, a Bend, Oregon company, has helped mitigate that issue—and it just raised a ton of money.

Technically, Dutchie is a jack-of-all-trades service that creates and hosts websites for dispensaries, tracks product, processes orders, keeps stock of revenue, and so much more. While it was valued at around $200 million as recently as summer of 2020, a round of series C funding currently puts the company at around $1.7 billion—approximately 8 times its worth a mere 8 months ago.

There are a few reasons behind Dutchie’s newfound momentum. For starters, the pandemic made cannabis products a lot more accessible—and desirable—in states in which the sale of cannabis is legal. The ensuing surge of customers and demand certainly didn’t hurt the platform, especially given that Dutchie is largely responsible for keeping things on track during some of the more chaotic months for dispensaries.

Several states in which the sale of cannabis was illegal also voted to legalize recreational use, giving Dutchie even more stomping ground than they had prior to the lockdown.

Dutchie also recently took on 2 separate companies and their associated employees, effectively doubling their current staff. The companies are Greenbits—a resource planning group—and Leaflogix, which is a point-of-sale platform. With these two additions to their compendium, Dutchie can operate as even more of an all-in-one suite, which absolutely contributes to its value as a company.

Ross Lipson, who is Dutchie’s co-founder and current CEO, is fairly dismissive of investment opportunities for the public at the moment, saying he instead prefers to stay “focused with what’s on our plate” for the time being. However, he also appears open to the possibility of going public via an acquisition company.

“We look at how this decision brings value to the dispensary and the customer,” says Lipson. “If it brings value, we’d embark on that decision.”

For now, Dutchie remains the ipso facto king of cannabis distribution and sales—and they don’t show any plans to slow down any time soon.

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Business News

Ford adopts flexible working from home schedule for over 30k employees

(BUSINESS NEWS) Ford Motor Co. is allowing employees to continue working from home even after the pandemic winds down. Is this the beginning of a trend for auto companies?

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Woman in car working on engineering now allowed a flexible schedule for working from home.

The pandemic has greatly transformed our lives. For the most part, learning is being conducted online. At one point, interacting with others was pretty much non-existent. Working in the office shifted significantly to working remotely, and it seems like working from home might not go away anytime soon.

As things slowly get back to a new “normal”, will things change again? Well, one thing is sure. Working from home will be a permanent thing for some people as more companies opt to continue letting people work remotely.

And, the most recent company on the list to do this is Ford Motor Co. Even after the pandemic winds down, Ford will allow more than 30,000 employees already working from home to continue doing so.

Last week, the automaker giant announced its “flexible hybrid model” schedule to its staff. The new schedule is set to start in the summer, and employees can choose to work remotely and come into the office for tasks that require face-to-face collaborations, such as meetings and group projects.

How much time an employee spends in the office will depend on their responsibilities, and flexible remote hours will need to be approved by an employee’s manager.

“The nature of work drives whether or not you can adopt this model. There are certain jobs that are place-dependent — you need to be in the physical space to do the job,” David Dubensky, chairman and chief executive of Ford Land, told the Washington Post. “Having the flexibility to choose how you work is pretty powerful. … It’s up to the employee to have dialogue and discussion with their people leader to determine what works best.”

Ford’s decision to implement a remote-office work model has to do in part with an employee survey conducted in June 2020. Results from the survey showed that 95% of employees wanted a hybrid schedule. Some employees even reported feeling more productive when working from home.

Ford is the first auto company to allow employees to work from home indefinitely, but it might not be the only one. According to the Post, Toyota and General Motors are looking at flexible options of their own.

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Business News

Unify your remote team with these important conversations

(BUSINESS NEWS) More than a happy hour, consider having these poignant conversations to bring your remote team together like never before.

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Woman working in office with remote team

Cultivating a team dynamic is difficult enough without everyone’s Zoom feed freezing halfway through “happy” hour. You may not be able to bond over margaritas these days, but there are a few conversations you can have to make your team feel more supported—and more comfortable with communicating.

According to Forbes, the first conversation to have pertains to individual productivity. Ask your employees, quite simply, what their productivity indicators are. Since you can’t rely on popping into the office to see who is working on a project and who is beating their Snake score, knowing how your employees quantify productivity is the next-best thing. This may lead to a conversation about what you want to see in return, which is always helpful for your employees to know.

Another thing to discuss with your employees regards communication. Determining which avenues of communication are appropriate, which ones should be reserved for emergencies, and which ones are completely off the table is key. For example, you might find that most employees are comfortable texting each other while you prefer Slack or email updates. Setting that boundary ahead of time and making it “office” policy will help prevent strain down the road.

Finally, checking in with your employees about their expectations is also important. If you can discuss the sticky issue of who deals with what, whose job responsibilities overlap, and what each person is predominantly responsible for, you’ll negate a lot of stress later. Knowing exactly which of your employees specialize in specific areas is good for you, and it’s good for the team as a whole.

With these 3 discussions out of the way, you can turn your focus to more nebulous concepts, the first of which pertains to hiring. Loop your employees in and ask them how they would hire new talent during this time; what aspects would they look for, and how would they discern between candidates without being able to meet in-person? It may seem like a trivial conversation, but having it will serve to unify further your team—so it’s worth your time.

The last crucial conversation, per Forbes, is simple: Ask your employees what they would prioritize if they became CEOs tomorrow. There’s a lot of latitude for goofy responses here, but you’ll hear some really valuable—and potentially gut-wrenching—feedback you wouldn’t usually receive. It never hurts to know what your staff prioritize as idealists.

Unifying your staff can be difficult, but if you start with these conversations, you’ll be well on your way to a strong team during these trying times.

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