World Economy

Trump’s Hiring Freeze Hurts Young Veterans

Trump’s Hiring Freeze Hurts Young VeteransTrump’s Hiring Freeze Hurts Young Veterans

While the nation’s unemployment rate declines, the jobless trend for America’s youngest veterans is climbing, jumping to 6.3% in January from 4.4% in September.

“We still see around half a million veterans that are unemployed right now, and over a million veterans that are underemployed,” said Brian Stann, CEO of Hire Heroes USA. Economists note that the jobless rate for post-9/11 vets is volatile, and the small sample size leaves it open to inaccuracy, CNBC reported.

But even looking at the trend over a three-month period, the scenario looks tough for young vets. One reason, according to Stann: “They get out of the military and they’re competing against their peer group that just graduated college. And a lot of companies do not equate four years of military service to four years at a university or state institution.”

And it can be a huge challenge to transition from a regimented, follow-orders environment to the civilian world where self-starters succeed.

To complicate matters, Trump’s federal hiring freeze may hit veterans hardest. It’s a primary source of civilian employment post-service because of its preferential hiring practices toward veterans. A third of federal workers are veterans. 

Companies that value the leadership and experience earned in the armed forces are working to make sure veterans have that same kind of training going into the civilian world.

JPMorgan Chase committed $22 million to fund Syracuse’s Institute for Veterans, and within its company has dedicated a team to recruit, acclimate and retain veterans. The bank has hired 11,000 veterans in the past five years.

Starbucks CEO Howard Schultz also pledged $20 million to the endeavor through his family foundation. The coffee chain has hired 8,800 veterans and military spouses, and that number is slated to increase to 10,000 by next year.

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