New research suggests that despite veterans outperforming the general population on a number of key skills needed in business, the unemployment rate of ex-defence personnel remains disproportionately high.
While Prince Harry and his pregnant wife Meghan Markle are in Australia for the opening of the Invictus Games – a multi-sport event for wounded returned services men and women – new research revealed a striking disparity between the skills of former servicemen and women and their rates of employment.
The LinkedIn Veteran’s Skills Data, produced in conjunction with Westpac, identified 12 key skills common among ex-defence personnel that are highly desirable in the business world.
- Project management
- Change management
- Strategic planning
- Program management
- Business strategy
- Business process improvement
- Business analysis
- Business process management
Indeed, current and former defence force personnel outperformed the national average by six times on program management, three times on change management and twice in terms of leadership.
Nevertheless, the research suggested that underemployment is vastly higher among veterans than the general population, and some 5,500 personnel face unemployment each year after leaving the defence forces.
For Westpac’s consumer bank chief executive, George Frazis, the situation is a highly personal one, given that he previously served as an engineer in the RAAF.
According to Mr Frazis, providing support for returned veterans isn’t “just the right thing to do, it makes good business sense”.
“Every defence member receives exceptional leadership training; they know how to work in cross-functional teams in an agile manner and are extremely strategic and resilient. Veterans work hard and understand how to deliver on a mission and be motivated by a higher purpose,” he said.
“The research findings reinforce the significant capabilities former defence members can bring to the business sector. The transferable skills veterans possess, such as leadership, strategy and change management, are of great value for any organisation.”
In 2016, a start-up aimed at helping veterans secure employment – WithYouWithMe – revealed that returned servicepeople faced an unemployment rate at a staggering five times the national average, at the time sitting at 30.2 per cent.
At the time, several My Business readers said they would “feel proud” and “be happy” to employ veterans, given they “know the meaning of work and loyalty”.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.