The White House expressed gratitude to the American companies that hired or trained veterans and military spouses including The Blackstone Group L.P. (NYSE:BX), Wal-Mart Stores, Inc. (NYSE:WMT), United Parcel Service, Inc. (NYSE:UPS), Deloitte LLP, and The International Franchise Association (IFA).
Since President Barack Obama’s challenge in 2011, American companies hired or trained 290,000 veterans, nearly three times the 100,000 target by 2013. In August last year, First Lady Michelle Obama said that companies committed to hire more than 250,000 veterans and military spouses by the end of 2014.
Relying On Old-Fashioned Stock Picking, Lee Ainslie Reports His “Strongest Quarter” Ever
Lee Ainslie's Maverick Fund USA enjoyed its "strongest quarter in the fund's history" during the three months to the end of June. According to a copy of the firm's second-quarter letter to investors, which ValueWalk has been able to review, Maverick Fund USA gained 18% in the second quarter. Following this performance, the fund was Read More
The White House Announcement:
The White House announced today that 435,000 veterans and military spouses will be hired and trained by American companies by 2018.
During the Business Rountable Quarterly Meeting in March 2013, the First Lady encouraged CEOs of businesses to make bold commitments to hire veterans and military spouses. She said, “Think outside the box. Take real risks and work together to make big, bold commitments to hire our veterans and military spouses, and help them reach their full potential within your companies.”
According to the White House, businesses are becoming more creative and cited that Wal-Mart Stores Inc (NYSE:WMT) is informing veterans who served honorably that they can work at the retail giant after they separate from the service if they need a job. Wal-Mart is the largest private employer of veterans and the company estimated to employ more than 100,000 veterans within the next five years.
On the other hand, Steve Schwarzman, co-founder and CEO of The Blackstone Group L.P. (NYSE:BX) said the firm partnered with White House and committed to hire 50,000 veterans for its portfolio companies within the next five years.
The White House said there are still more work to do, citing that one million service members are transitioning out of the military in the coming years. “We need every business that has not yet joined this effort to make a commitment to hire or train our veterans and military spouses in the years to come. That’s how we’ll continue to serve our military families as well as they have served us,” according to the statement of the White House.
The White House added that hiring the veterans and military spouses helps them manage the transition and it is also a way of honoring their service in a real, concrete action that would profoundly impact their lives after leaving the military.
Aside from The Blackstone Group L.P. (NYSE:BX) and Wal-Mart Stores, Inc. (NYSE:WMT), Deloitte LLP also committed to double its veterans hiring over three years and pledged to continue to sponsor events and programs such as the Warrior Games and the 100,000 Jobs Mission.
The International Franchise Association committed to employ 80,000 veterans and military spouses by 2014. Its commitment includes the hiring of 5,000 wounded officers.
United Parcel Service, Inc. (NYSE:UPS) said it will employ more than 25,000 veterans over the next five years and committed to serve more than 25,000 employee volunteer hours to help the Veterans Service Organizations (VSO).
Meanwhile, USAA, the organization created by the military exclusively for the military committed to provide career opportunities for all officers in all levels of the military community as they transition to civilian life.