Benefits tailored to disabled veterans can help transition to workplace, study finds
Only 55% of disabled veterans are satisfied with their mental and emotional health, compared to 75% of nondisabled veterans.
“The transition from military service to civilian life can present complexities and difficulties, particularly for those who have service-connected disabilities,” said Kendra Davenport, president and CEO of Easterseals. “Veterans develop valuable skills during their military service, skills that are valued by employers, but it is not always clear to employers how those skills translate into the civilian workforce. Caregivers provide critical support to our veterans, and they also experience some of the same career challenges and financial insecurity that veterans face.”
Easterseals and Voya Cares, which provides resources for disability inclusion, recently studied how employers can provide benefits to help meet their needs and education to encourage veterans and their caregivers to take full advantage of these resources. Among other findings, the research shows:
- Although 60% of all veterans described their transition from the service as “easy,” only 37% of veterans with disabilities said the same.
- About half of disabled veterans are confident in their ability to cover day-to-day expenses, and few are confident they could handle the cost of retirement.
- Only 55% of disabled veterans are satisfied with their mental and emotional health, compared to 75% of nondisabled veterans.
“Employers are increasingly recruiting veterans, in part because of a common set of characteristics that make them great employees, such as leadership, adaptability and teamwork,” said Jessica Tuman, head of the Voya Cares Center of Excellence at Voya Financial. “Yet there is little awareness that more than one-third of veterans nationwide have a disability, and their needs in the workplace may be quite different than those of their nondisabled colleagues.”
Related: Top veteran-friendly benefits (to better serve those who serve)
More than half of veterans with disabilities believe the following benefits would be particularly helpful:
- Help to maximize dollars spent across VA benefits and employer benefits, such as retirement plans, health savings accounts, health insurance and other voluntary benefits (66%);
- A workplace emergency savings fund to put money aside through payroll deduction (61%);
- Support and resources to help make the transition from military service to civilian jobs (58%);
- Help estimating income needs in retirement, including future health care costs, as well as personalized advice services and financial planning for retirement (57%); and
- Expanded health insurance coverage for mental illness (56%).
“By addressing these challenges, employers have an opportunity to make a tangible difference in the financial health and overall career path of their employees who are disabled veterans, while better recruiting, hiring and retaining this valuable workforce,” Tuman said.