Section 4 – Veterans and Finance: Sectoral Employment

Policy, Research and Operational Context

Veterans and their families make a significant contribution to Scotland’s economy and, as employees, bring a wealth of skills, experience, and knowledge to the workplace. The financial services sector is often seen by Service leavers and veterans as an attractive career path, and many organisations within the sector actively recruit from the armed forces community.

Several financial sector employers have established dedicated recruitment pathways, programmes, and opportunities - such as internships - specifically tailored for veterans and Service leavers. These initiatives are often supported by advice and guidance to help individuals navigate the transition into civilian employment.

In addition, many organisations host veteran and armed forces employee networks that support career development, talent management, and peer mentoring. These networks play a key role in helping individuals settle into civilian roles and frequently include the wider armed forces community, such as spouses and family members, reinforcing a culture of inclusion and support.

The Career Transition Partnership (CTP) - the formal resettlement programme for those leaving the armed forces - is one of the main ways for employers to access and recruit Service leavers with around 1,500 employers involved in Scotland.

Forces Employment Charity (FEC), who are a key CTP partner, note that candidates recruited from the armed forces demonstrate abilities including:

• Communication practises with internal and external stakeholders
• Organisational skills
• Leadership and management skills
• Risk awareness and management
• Change management
• A high degree of professionalism
• Health and Safety training
• Security awareness and best practice
• The ability to work in a team

As in other sectors, there are a range of roles, opportunities and specialisms that employers seek to fill at all levels within their organisations. Investments, banking, procurement, digital and IT, customer service, recruitment and human resources, change management, analytics, audit and risk, and global security are just a few of the areas where veterans can offer the skills and experience to succeed.

Held last year, and sponsored by BNY Mellon, Barclays, Bank of America, Revolut and UBS, the FEC held a ‘Pathway into Financial Services’ event which offered practical advice and support as well as job opportunities to Service leavers interested in the financial sector. With the participation of 16 employers, over 100 in-person delegates as well as livestreaming to a virtual audience, this kind of event reflects the importance of the sector in employing ex-Service personnel.

The Officers’ Association Scotland supports officers and their families in many ways, including in the area of employment. A range of support is available, including training and learning events, bursaries, access to vacancies, networking and mentoring opportunities, and sectoral guides. Finance is included as one of their key industry sectors and they collaborate with a number of employers in Scotland. It should be noted that all training, networking sector insight and employer events are open to all members of the military community, regardless of rank.

Last year the Officers’ Association Scotland ran an event with 15 finance companies and over 70 clients, as well as 3 individual insight events with Capco, Tesco Bank and NatWest. In total 146 clients attended.

The Defence Employer Recognition Scheme (ERS) acknowledges employers that pledge, demonstrate or advocate support to the defence and armed forces community and align their values with the Armed Forces Covenant. The scheme recognises the different levels of commitment provided by employers, through a 3-tier approach of bronze, silver, and gold awards. Many financial sector organisations are participants in the scheme, with veteran employees across Scotland, the UK and globally. This also supports the recruitment of armed forces reservists, and ensures they receive the time and support to fulfil Service requirements.

Testimony to the Commissioner

Collaboration across the financial service sector is active, including partnering with charities and other Service organisations, and I heard many great examples of this. I also learned that organisations across the sector are collaborative and mutually supportive, for the benefit of the veteran community. It was, however, noted that these efforts are not entirely altruistic as there was a very strong message about the value that veterans bring to their workplace.

Many of the employers I engaged with advised that there was always scope to improve and enhance the data they gather about their veteran applicants and employees, including those in Scotland. For some, information is limited to survey data via networks and other internal communications channels, while some use HR and other systems to routinely gather this as part of general employment and equalities information. I was told that gathering richer data around career progression and performance was more challenging, though many use case studies as a great way of demonstrating the financial career journeys of veteran colleagues.

It was suggested that more efforts could be made to showcase veterans and demystify careers in financial services, benefiting both veterans and hiring managers.

The Officers’ Association Scotland noted that they had delivered 25 workshops to employers over the last year, providing them with insight into understanding the skills that military personnel bring and in turn those employers provided insight into what they would like to see in a CV.

As well as applying via specific programmes and pathways (often targeted at recent Service leavers), there are also general routes to recruitment open to veterans regardless of when they have left Service. Many financial organisations facilitate career access days and undertake local engagement to raise awareness of vacancies.

I heard from several employers and it is clear that there is no ‘one size fits all’ for the way veteran recruitment, retention and talent development should operate within an organisation. Many factors, including capacity, structures and size, will influence this, as will decisions around specific programmes versus mainstreaming.

I heard that veterans could face barriers when entering civilian employment, in part because they may not possess directly equivalent experience to that sought in the civilian sector. This can be compounded by a lack of clear parity between military and civilian qualifications, and by automated recruitment systems that filter applications before a hiring professional has the chance to assess them. As a result, important attributes developed through military service - such as leadership, adaptability, and problem-solving - can be easily overlooked, despite their strong relevance to many civilian roles.

I was told that it is not uncommon for veterans to leave the armed forces having served for over half a decade and still be under the age of 25. This means many veterans are eligible for graduate, apprenticeship, or other early career programmes. However, veterans may be seen as having too much experience or lack formal qualifications such as degrees or diplomas.

It was noted that having ex-Service personnel on recruiting panels can often support an increased understanding of what the applicant can bring to the role, including translating experience, skills and knowledge.

For Service leavers joining the financial sector, I was told that there can often be a steep learning curve in getting to grips with the industry. The size and scale of the sector is daunting initially, and the ‘flat’ structure, valuing people for their skills rather than their seniority, is challenging for veterans who are used to operating within hierarchical structures.

Some organisations have introduced a mentor or ‘buddy’ system which matches veterans in the company with newly recruited veterans. This can help a veteran to adapt to the culture of their new civilian employer and was seen as a practice that improved retention rates of those in their first role after leaving the armed forces.

Many of the financial sector organisations I engaged with make an active effort to celebrate and commemorate the armed forces and veteran community, for example around Remembrance Day and during Armed Forces Week. This can be both internally, and as part of local communities. They also support fundraising for the armed forces and veteran community and offer their corporate assets (such as facilities) for use.

What can be improved

There are high levels of awareness and recognition within the financial sector of the skills, experience and attributes that veterans bring to their organisations. This is welcome. Continuing to amplify this message will be important, and these employers can continue to play a key role in doing so.

Celebrating the successes and achievements of veterans within the sector, and showcasing them where possible, is an effective way to recognise the contribution they make to their organisations. It is also important to acknowledge and commend those employers who demonstrate exceptional commitment in supporting Service leavers and veterans as they transition into civilian careers

Financial sector organisations offering graduate schemes, apprenticeships, or other early career programmes should consider adopting flexible entry criteria to ensure that veterans and Service leavers are not disadvantaged by their military background, and that their skills, experience, and potential are fully recognised.

The Career Transitions Partnership provides a critical pathway into employment for Service leavers and it is essential that they ensure that recruiting for roles in the financial sector is as straightforward as possible for employers - both large and small. Ensuring the sector is promoted to Service leavers and veterans will help to build awareness and encourage uptake of opportunities.

There may be opportunities to increase the number of Service leavers in Scotland who chose employment in our vibrant financial sector, and to encourage those employers to participate in events and networking to raise awareness of the sector and provide practical support to those interested in applying for roles.

Spotlight on Barclays

Military & Veterans Outreach (MVO) is Barclays’ interface with all facets of the armed forces community. Since 2013 MVO has supported military-connected personnel, helping them learn more about – and take steps towards building – careers beyond the military. In the UK, their innovative approach has been recognised by the MoDs Employer Recognition Scheme, being awarded the highest-level Gold Award on three separate occasions.

Their Military Talent Scheme (MTS) is designed for UK Service Leavers and aims to support the transition into the civilian workplace. This is a 7-week, unpaid placement, open to those in their resettlement period, aligned to an open vacancy at Barclays, and seeks candidates who are highly motivated, have an enthusiasm for self-directed learning and development and a genuine interest in a career in Financial Services. On average, Barclays welcome between 40 to 60 Military Talent Scheme candidates into the firm each year. Successful participants are provided with:

• Corporate acumen - Participants will broaden their knowledge of the Financial Services industry and develop an understanding of the corporate environment
• In-depth experience - Participants will have the opportunity to leverage their skills and gain sector experience by undertaking a role as part of a permanent team
• Networking - Participants will attend speaker sessions hosted by colleagues across the bank and attend regular networking events
• Mentors - Participants will each be assigned a buddy/mentor to support them throughout their placement
• Setting up for success - Participants will attend CV and interview skills workshops ahead of being aligned to a placement
• Open Vacancy - Every placement has been aligned to a business area that is actively recruiting so at the end of the placement there will be the opportunity to move into the permanent role, performance dependant

There are also opportunities for those that are not eligible for the Military Talent Scheme. MVO supports the whole military-connected community in the UK and US, including Service leavers, veterans, military spouses/partners and members of the Reserves. Applicants can apply for roles via the Barclays careers site and can self-identify as ‘Military’ during the application process. Self-declaring allows the MVO team to provide assistance. This includes an introduction to local Employee Resource Groups where they can network with current employees and gain real insight into life at Barclays, and invitations to workshops that can support them in the process. On average, Barclays welcome between 150 to 200 recruits from the veteran community each year. MVO also partners with Eagle Labs Academy to run specially designed programmes for veterans and military spouses/partners who want to start and grow their own business.