Jared Seyl Denver: Why Do Veterans Earn More?
While there are still over 300,000 veterans who are still looking for jobs, the unemployment rate among veterans has reached an historic low. Not only are veterans getting the jobs they want; they are also earning more than non-veterans – close to $5 an hour more, to be precise. A study conducted by professors at the University of Akron compared the average wages of veterans from 2005 to 2015, and found that they earned more than non-veterans because of three main factors.
1. Higher work experience. Many veterans to enter the workforce at a higher position than most entry-level employees. Many of those who were surveyed, said the study’s authors, are also older, are more likely to be married, and are also more likely to have children. Therefore, they have to earn more to support their families.
2. Choice of occupation. Veterans tend to gravitate towards fields that utilize their skillsets, including engineering, health care, security, and government. These industries often have higher educational requirements than others, such as service industries, and thus pay their employees more. Veterans who use their GI Bill benefits often find work in higher-paying industries that require college degrees.
3. Skills acquired in the military. While serving, veterans pick up and develop skills that make them more attractive to employers. These include leadership and negotiation skills, project management, and critical thinking. They also need to make split-second decisions based on limited data and to draw up alternative plans in case their initial strategies fail. These skills are translatable into almost any industry. While the wage gap between veterans and other employees is an encouraging sign, many don’t live up to their full earning potential. The study says that if more veterans chose to enter certain industries, such as finance, insurance, or real estate, or worked in larger cities with better average salaries, the figure might have been a lot higher.
1. Higher work experience. Many veterans to enter the workforce at a higher position than most entry-level employees. Many of those who were surveyed, said the study’s authors, are also older, are more likely to be married, and are also more likely to have children. Therefore, they have to earn more to support their families.
2. Choice of occupation. Veterans tend to gravitate towards fields that utilize their skillsets, including engineering, health care, security, and government. These industries often have higher educational requirements than others, such as service industries, and thus pay their employees more. Veterans who use their GI Bill benefits often find work in higher-paying industries that require college degrees.
3. Skills acquired in the military. While serving, veterans pick up and develop skills that make them more attractive to employers. These include leadership and negotiation skills, project management, and critical thinking. They also need to make split-second decisions based on limited data and to draw up alternative plans in case their initial strategies fail. These skills are translatable into almost any industry. While the wage gap between veterans and other employees is an encouraging sign, many don’t live up to their full earning potential. The study says that if more veterans chose to enter certain industries, such as finance, insurance, or real estate, or worked in larger cities with better average salaries, the figure might have been a lot higher.
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