Kohlberg Kravis Roberts & Co (KKR) today has launched Vets @ Work, a program designed to promote the hiring of US military veterans across KKR’s private equity portfolio of more than 70 companies.
The Vets @ Work initiative will highlight the extensive range of talents and leadership abilities that veteran hires can bring to private sector employers, and will strengthen KKR’s efforts to promote veteran-focused career development, support and retention practices at its private equity portfolio companies, which together employ nearly 900,000 people across a range of industries.
“Veterans have many of the most sought-after qualities employers look for, including a strong work ethic, a commitment to teamwork, and strong leadership skills,” says Paul Raether (pictured), head of KKR’s Portfolio Management Committee. “They have the talent and knowledge to be strong contributors to the workforce, and our goal will be to bring more veterans on board in positions throughout our portfolio companies.”
Data released last week by the Bureau of Labor Statistics (BLS) show that even as the national unemployment rate dropped slightly in October, from 9.1 per cent to 9 per cent, unemployment among men and women veterans who served in the post-9/11 era actually increased, from 11.7 per cent to 12.1 per cent. Moreover, a BLS study released in March showed that in 2010 the unemployment rate for veterans aged 18-24 remained persistently higher than the national average, at 20.9 per cent.
“These are staggering statistics, and when we were looking for a program that combined our commitment to creating value at our private equity portfolio companies with our desire to improve job opportunities for veterans, we decided that Vets @ Work could truly make a contribution on both fronts,” Raether says.
Several of KKR’s portfolio companies currently have successful veteran hiring programs, including Dollar General, which employs approximately 3,500 veterans and 100 National Guard and Reserve members. The Vets @ Work program will draw from the experiences of well-established programs like Dollar General’s to share that knowledge and hopefully replicate that success across other companies in its private equity portfolio.
“The startling disparity in the unemployment rate of military veterans compared to the national average underscores not only the pressing need for action, but also the size of the opportunity available to those leaders in the private sector who are able to recognise the value of bringing these highly qualified individuals into the work force,” says Bob Ravener, EVP & Chief People Officer at Dollar General and a US Navy veteran. “At Dollar General we are deeply committed to supporting veterans, active military and their families. We are proud to be part of KKR’s efforts to promote awareness of the challenges in veterans employment and the competitive edge that hiring from this talent pool can bring.”
Prior to launching Vets @ Work, KKR had taken a number of steps to promote the hiring of veterans across its private equity portfolio companies. In July, KKR offered an HR leader training webinar to provide training to the HR teams in its portfolio companies on how to find, hire and retain veterans and on developing military hiring programs. As part of this, the firm partnered with Lisa Rosser, author of The Value of a VeteranTM: The Guide for Human Resource Professionals to Regarding, Recruiting, and Retaining Military Veterans.
KKR was also the lead private equity sponsor for the Veterans on Wall Street (VOWS) job fair held in New York in June. KKR and several portfolio companies attended the event, including Capsugel, Dollar General, Go Daddy, First Data, Legg Mason, Ipreo, SunGard, Toys R Us and US Foods. The purpose of this event was to connect KKR portfolio companies, among others, to veterans looking for work.
KKR also has a number of veterans working in a variety of roles at the firm today, including individuals who served in the US Navy, US Marine Corps, and the US Army.
