Wal-Mart recently announced that they will employ any veteran currently in need of a job and will find a place for them based on individual expertise.
The newly hired veterans could be placed in Wal-Mart stores, distribution center or any other Wal-Mart offices and spaces.
The news comes with thousands of veterans returning home from deployments and government plans to cut back on the amount of men and women in the U.S. Armed Forces.
The Obama administration has made a recent push for major American employers to reach out to veterans coming home from deployments and offer our troops training and employment. Whether Wal-Mart’s decision was based on the White House plea is unsure, but its announcement certainly sets the stage for other companies to follow suit.
Wal-Mart is currently the world’s largest retailer and employs well over 1 million workers. The new veteran hires could potentially reach as many as 100,000 over the next five years and could give the sluggish economy a nice boost.
Wal-Mart also plans to spend approximately $50 billion to buy more U.S. made products and merchandise over the next 10 years providing another initiative that could help improve the economy.
According to the Bureau of Labor Statistics, in 2011 and 2012, there were approximately 3.6 million new private sector jobs created. These numbers give additional insight into the 100,000 potential new jobs from ONE company over the next five years and could potentially account for nearly 1% of the total jobs created in the next five years.
Wal-Mart Chief Executive, Bill Simon, stated one of the main reasons for this decision in an interesting quote:
“The election clarified for me that it’s time for those of us outside politics to get to work,” Simon said. “I find it fascinating that during the campaign we all waited with bated breath each month for the government to tell us how many private-sector jobs were created. After all, it’s the private sector that creates jobs.”
Wal-Mart has often been criticized for its treatment of its employees and this announcement could potentially give the company a much-needed image boost. There can be no denying that part of this decision by Wal-Mart is based on public relations, however, the announcement will help thousands of deserving veterans receive employment with no guaranteed ROI.
Wal-Mart is a worldwide power and any announcement from the enormous company attracts attention. In a recent article by NPR, they stated an interesting stat saying:
“With $444 billion in annual revenue, if Wal-Mart were a country, it would rank among the largest economies in the world.”
Wal-Mart’s plan to hire veterans is based on the massive amounts of troops returning from military deployments and the continuing rise in veteran unemployment. In
December 2012, unemployment rate for military personnel serving deployments in Iraq or Afghanistan was a shocking 10.8% compared with the national overall unemployment rate of 7.8%.
The program is scheduled to begin on Memorial Day 2013 and plans to continue over the next five years.