As a business owner, you know it’s essential to identify ways to remain competitive and
maximize your profits. Yet many companies miss a unique opportunity to engage with a
valuable sector of the workforce that brings unparalleled experience, talent, and incentive –
veterans.
The US government supports businesses that hire veterans in many ways, from offering tax
credits to making it easier to access capital and contracts. The goal is to help veterans transition
back into civilian life and have meaningful employment opportunities.
And as a business owner, you can help veterans while also getting a competitive edge over other
companies in your field.
Let’s break down some of the most common programs to give you an idea of the various
incentives available.
HIRE Vets Medallion Award
The HIRE Vets Medallion Award is a prestigious national recognition for employers prioritizing
veteran employment. This program highlights businesses that demonstrate a strong
commitment to hiring, retaining, and supporting veterans in the workforce.
The HIRE Vets Medallion Award is given to companies across three primary sizes:
- Small employer: 1-50 employees
- Medium employer: 51-499 employees
- Large employer: 500+ employees
To participate, companies must submit an online application and meet specific criteria, such as:
- the number of veterans in their workforce
- how they support their veteran employees
- any veteran-oriented programs they offer
When your company applies and is awarded the HIRE Vets Medallion Award, you’ll receive
special recognition, including a digital badge that can be used on your website and social media
profiles. This showcases your company’s commitment to veterans and is a great way to market
your company in a positive light!
Tax Credits
The government also offers tax credits for businesses that hire veterans and offer job training.
This includes the Work Opportunity Tax Credit (WOTC) and the Returning Heroes Tax Credit
(RHTC).
The Work Opportunity Tax Credit & Returning Heroes Tax Credit
Two of the primary tax credits offered are the WOTC and RHTC. These incentives give businesses
a credit of a veteran’s wages for their first year of employment.
The Returning Heroes Tax Credit offers incentives of up to $5,600 to employers that hire
unemployed veterans. The Work Opportunity Tax Credit offers incentives of up to $9,600 for
employers that hire veterans who have recently served in the military.
Both tax credits are administered through the Department of Labor and can be used as a
significant financial resource for businesses that wish to hire veterans.
Wounded Warrior Tax Credits
The Wounded Warrior Tax Credits program provides financial incentives for businesses to hire
military veterans with service-connected disabilities.
Under this program, eligible employers can receive a tax credit of 40% of the first $12,000 of
wages (up to $4,800) for veterans discharged from the military within one year.
For veterans receiving unemployment compensation for more than 6 months, employers can
receive a tax credit of 40% of the first $24,000 of wages (up to $9,600). This is meant to
encourage businesses to hire and retain these veterans.
State & Local Veteran Hiring Tax Credits
In addition to the WOTC and RHTC tax incentives, many states offer additional tax credits or
other benefits for employers who hire veterans. For example, Texas offers a Veteran Employment Assistance Program (VEAP) that provides employers with grants to cover the costs
associated with training and employing veterans.
Boost Your Team’s Potential & Hire Veterans with CoreHire
When you hire veterans, you gain invaluable talent and experience for your team. Veterans have
the skills, discipline, and leadership that employers seek in today’s workforce.
The incentives outlined above can be the extra boost you need to hire veterans and make a
difference in their lives. When you hire veterans, not only will you receive recognition for
supporting them, but it’s also an investment in your company’s success. So take advantage of
the incentives available and give veterans a chance to shine!
Want to learn more about how to hire veterans for your open roles? CoreHire is dedicated to
helping employers recruit and hire veterans who have served in the military or as first
responders. Our experienced recruiting staff is well-equipped to match veteran candidates with
businesses that can benefit from the unique skills, knowledge, and expertise they bring to the
civilian workforce.
Contact us today to learn more!
