Veterans are worth £1.5bn to UK economy
15 September 2017
Barclays have conducted a study that has revealed a potential loss of £1.5bn to the UK economy through the difficulty ex-military personnel experience to find employment. This difficulty affects more than one in five leavers of the armed forces…..that is 22%.....imagine all the positions that these Ex-Mils could fill.
Barclays is now hoping other companies will follow their lead in employing veterans, recognising the value that they bring with the skills they learnt in the military. They even stated that ex-military employees can help reduce the skills shortage by “filling one in six predicted vacancies.”
The £1.5bn figure expressed by Barclays was calculated from the direct and indirect contribution of up to 85,000 personnel that are estimated to leave the military in 2021….and the study explains how not all of these veterans will successfully make the transition into civvy street without the help from employers.
The truth is, ex-military personnel have a wealth of experience and valuable skill sets and employers are overlooking the valuable skills and experience this cohort of highly talented individuals possesses. Least of all, we haven’t even mentioned the billions of british pounds that have been invested in the training of the military by the MOD. Around two thirds of employers are expected to experience deficits in soft skills within the next five years, with more than 600,000 jobs left unfilled, and the training that has been invested in military personnel could be used to enhance this skilled workforce that is needed to fill these gaps. By deploying more ex-military personnel into civilian job roles, one in six of these vacancies could be filled, resulting in a contribution of £12.6bn to the UK economy. This is approximate to the annual production of the UK Pharmaceuticals industry.
It has even been argued that a career in the military has some relative similarities to a career in the commercial sector, and therefore this group of skilled personnel should not be so quickly overlooked, as they could be the answer to securing a strong economic future for the UK.
One issue that has been faced by many UK employers is that although Ex-military personnel have and can apply all these transferable skills that are learnt in the military, their CVs don't relay the correct information. Business leaders are therefore unaware of the skill-sets that many veterans can offer a commercial organisation. This is why MRHQ, Barclays and many other organisation trying to stimulate the hiring of ex-forces, have put in effort to help veterans adapt their CVs to civvy street, among other resources and support systems.
How hard is it to bridge this divide, change misconceptions, and drive home the message that the skills that many Veterans possess are readily deployable to the civilian workforce?