Corporate Support for Veterans Is Widespread, but Public Data Reveal Little About Career Progress
For Release
Wednesday
September 9, 2026
As the nation prepares to mark 25 years since the Sept. 11 attacks—and a generation of post-9/11 veterans continue building civilian careers—a new RAND study finds that while many of America's largest companies publicly commit to supporting veterans, available data often cannot show whether those efforts translate into lasting career outcomes.
The study of S&P 500 companies found weak alignment between what companies say about supporting veterans, their philanthropic giving to veteran causes, and protected veteran hiring. Companies also rarely disclose whether veterans stay, advance, or move into management.
Researchers found a sharp decline in high-quality corporate disclosures about veteran programs in 2025 and the first half of 2026, coinciding with a broader corporate pullback from diversity, equity, and inclusion (DEI) initiatives. The study does not establish that the DEI retreat caused the decline, but case studies suggest some companies had housed veteran programs alongside other DEI efforts, sharing staff and resources.
“Many companies have made meaningful commitments to recruiting and supporting veterans, but the public data make it difficult to assess what happens after veterans are hired,” said George Zuo, a RAND researcher and lead author of the report. “Better information about retention and advancement would help companies and veterans understand which approaches are creating durable civilian careers.”
Among S&P 500 federal contractor establishments, veterans accounted for 2.4% of new hires in the 2025 filing cycle, compared with a national planning benchmark of 5.1% that took effect in July 2025. The federal benchmark is a tool for assessing veteran recruitment efforts, not a hiring quota.
The study also found a sizable disconnect between what companies say voluntarily about veteran programs and what they report to investors. Nearly 80% of S&P 500 companies described concrete veteran programs or policies on their websites, in corporate social responsibility reports or other voluntary materials. Fewer than one in five provided comparable information in SEC filings, and about 60% did not mention veterans at all in those filings.
Veteran-related grants accounted for less than 1% of observed S&P 500 corporate foundation giving, and most active foundations in the study directed no grant dollars to veteran causes, according to the study. Those figures do not include other forms of corporate support, such as direct giving, employee matching, sponsorships, or in-kind contributions.
Greater exposure to military-related federal contracts also did not consistently correspond with stronger veteran disclosures, foundation giving, or protected veteran hiring.
“There are a number of companies that demonstrate strong support for military veterans and their families,” said Sid Goodfriend, founder and chairman of America's Corporate Partners, a nonprofit veteran employment organization that sponsored the research. “But in our view, all large corporations, especially those with assets and employees overseas should evaluate and consider their efforts to support our veterans. This is particularly relevant for those large corporations with significant federal contracts.”
The researchers say better reporting on retention, promotion, and management representation could help employers, veterans, policymakers, and investors determine which programs are most effective at helping veterans build successful civilian careers.
The report, What Can Public Data Tell Us About Corporate Support for Veterans, was co-authored by Jeffrey B. Wenger and conducted within the RAND Epstein Family Veterans Policy Research Institute. Funding for the research was provided by American Corporate Partners, a national nonprofit organization focused on helping post-9/11 veterans and active-duty military spouses build meaningful civilian careers.
About the RAND Epstein Family Veterans Policy Research Institute
The RAND Epstein Family Veterans Policy Research Institute conducts innovative, evidence-based research and analysis to improve the lives of those who have served in the U.S. military. Building on RAND's interdisciplinary expertise, the institute examines issues affecting veterans, service members, their families, and caregivers, including employment, health, housing, financial security, and the transition to civilian life. Learn more at veterans.rand.org.
