More than 200,000 service members transition out of the military each year. From relocation to financial shifts, the change can be wide-ranging for many veterans.
To help ease the military-to-civilian transition, Navy Federal Credit Union, in partnership with Hire Heroes USA, recently surveyed over 1,000 veterans to identify the top careers and most important characteristics of their ideal job after military service.
“Over the last few years, the career drivers for veterans have shifted as they place an increased emphasis on personal satisfaction and happiness at work,” said Clay Stackhouse, a retired Marine Corps colonel and regional outreach manager at Navy Federal Credit Union. “A purpose-driven role and work-life balance are valued nearly the same as good compensation when veterans are asked about what makes an ideal, meaningful job for them.”
To develop the new ranking, Sperling’s Best Places matched hundreds of job requirements for over a thousand occupations from the Bureau of Labor Statistics with veteran preferences captured in the survey. That led to a list of professions that most closely aligned with the needs and goals of today's veterans: Business and financial operations; community and social service; management; health care practitioners; arts, design, entertainment, sports, and media; architecture and engineering; computer and mathematical; office and administrative support; educational instruction and library occupations and legal.
“It's more than just finding a job. It's about veterans building meaningful careers filled with purpose,” said Ross Dickman, chief operating officer at Hire Heroes USA. “We understand that veterans seek roles where they can make a real impact, using their unique skills and aligning with their personal mission. Guiding them towards such fulfilling roles is at the heart of our mission.”
In addition to work-related topics, veterans were also asked about their preparedness for civilian life, including financial education and advice. The survey found that veterans feel their military experience has served them well and have positive sentiments about their careers. Nearly half say they had a job within a month of transitioning to the civilian world; more than 80% within 6 months. The vast majority were private-sector jobs.
For career advice, family, friends and fellow veterans were the most relied upon sources.
“You can't overstate the significance of tailored employment support,” noted Dickman. “The data speaks for itself: Veterans who have access to thorough, direct coaching support programs are more likely to secure careers that not only match their skills and passions but also offer fair compensation. That’s why we place such a strong emphasis on one-on-one coaching, backed by mentoring and support from seasoned industry experts.”
Most veterans also felt they received sufficient information about personal finance when they transitioned, leaning on their family and financial institutions for advice. They acknowledge though that more information on investing, saving for retirement, credit score management, budgeting and home buying would have been useful prior to leaving the military.
“A strong relationship with a bank or credit union you can trust is so important for your financial success when you switch gears to civilian life,” added Stackhouse.
Other key survey findings include:
15% of veterans are either self-employed or work in the gig economy because of flexible hours, work-life balance and autonomy.
Among veterans who say their ideal job has changed within the past 3 to 4 years, the most common shifts were in their work environment (26%) and career fields (17%). Of those shifts, 10% prefer to work remotely and 9% want to change career fields.
Average savings upon transition is more than $9,000, but nearly 1 in 5 veterans say they had less than $250 saved upon exiting the military.
Veterans are most likely to point to financial topics, such as investing, retirement saving and budgeting, when asked about the one piece of advice that’s most valuable when transitioning to civilian life.
Awareness and usage of various veteran job search assistance programs is limited.
Navy Federal Credit Union has presented its “Best Of” lists since 2018. The credit union serves 2 million veteran members and 25% of all new hires in the past year were veterans and military spouses. For more resources on the transition to civilian life, visit here.
Reach Julia LeDoux at Julia@connectingvets.com.
