Service Members from each branch of the U.S. military salute the American flag during a retreat ceremony on October 2, 2014, at Little Rock Air Force Base (Photo: U.S. Air Force Airman 1st Class Harry Brexel)
Companies looking to retain employees for extended periods may benefit from hiring Veterans, who tend to stay with the same employer longer than their non-Veteran counterparts. This finding comes from the 2024 Workplace Wellness Survey, WWS, by the Employee Benefit Research Institute, which explored workers’ attitudes toward workplace benefits, wellbeing, and employer relationships.
According to the survey, 28% of Veterans expressed a preference for staying with one employer for more than 21 years, compared to 27% of non-Veterans. Additionally, 17% of Veterans reported they would remain with an employer for 16 to 20 years, compared to only 11% of non-Veterans. In contrast, 13% of Veterans preferred a shorter tenure of 2 to 5 years, significantly lower than the 21% of non-Veterans who felt the same.
The two groups shared similar preferences for staying with an employer for 6 to 10 years, with 25% of Veterans and 27% of non-Veterans aligning. Both groups were tied at 1% for those preferring to stay less than two years.
Higher Job Satisfaction and Wellbeing Among Veterans
The survey revealed that Veterans report higher levels of financial, social, emotional, and workplace wellbeing compared to non-Veterans. They also expressed greater satisfaction with their employers’ benefits and showed more trust in their employers’ efforts to improve workplace wellbeing.
Veterans often feel confident in their employers’ commitment to their mental, physical, and financial wellness, which may contribute to their stronger preference for long-term employment, according to Jake Spiegel, research associate at the Employee Benefit Research Institute.
Veterans’ financial preparedness also stands out. They are less likely to experience major debt issues and are better equipped to handle unexpected expenses. However, they face challenges, such as stress from supporting loved ones or managing caregiving responsibilities.
Benefits Usage and Challenges
Veterans show higher participation in employer-sponsored benefits like retirement plans, health insurance, and financial wellness programs, aided by a stronger understanding of these offerings. This engagement contributes to their higher satisfaction levels and optimism about their financial wellbeing. Despite these strengths, Veterans often encounter challenges when transitioning to civilian workplaces, including navigating workplace culture and accessing benefits. Many Veterans emphasized the need for improved mental health resources and financial education.
Opportunities for Employers
Employers seeking to build a committed workforce can benefit from focusing on Veteran hiring and support. Veterans’ preference for stability and satisfaction with workplace benefits make them valuable assets for long-term retention. Addressing Veterans’ specific needs—such as caregiving support and tailored financial education—can further improve retention and workplace satisfaction.
The survey included responses from 1,505 workers, 559 of whom were Veterans, and was conducted through online interviews between July 22 and August 18, 2024. For the complete findings, visit the Employee Benefit Research Institute’s website.
Author: Rikki Almanza
Rikki is a Web Content Coordinator for the American Legion, Department of California. With a deep-rooted connection to the military, a spouse who is a Navy veteran, a father who served in the Air Force for 25 years, and a grandfather who proudly served, Rikki is committed to using her skills and knowledge to provide valuable assistance and resources to servicemembers and veterans.