TYSONS, Va.–PenFed Credit Union said it is signing on as an initial signatory of Blue Star Families and the U.S. Chamber of Commerce Foundation’s Hiring Our Heroes Program 4+1 Commitment, which supports military spouse employment.
The commitment was described as a first-of-its-kind, nationwide effort to tackle the 21% unemployment rate among military spouses.
PenFed said it has a long history of honoring the 4+1 Commitment, including facilitating job transferability, offering remote work and flexible work hours for service members, veterans, military spouses and caregivers and is a member of the Military Spouse Employment Partnership.
Sixteen percent of PenFed’s workforce identifies as a veteran or part of a military family, the credit union added.
Urged to ‘Join Us’
“I encourage every leader to join us in the 4+1 Commitment,” said PenFed SVP of Global Fixed Assets & Corporate Security and retired U.S. Marine Brig. Gen. Terry Williams. “Service members and their families bring incredible skills, leadership and passion for service to the workplace and have a significantly positive impact on culture.”
“Military spouse unemployment and underemployment are long-standing concerns. The military spouse unemployment rate is five times higher than the national average,” PenFed said. “The factors include frequent relocations, increased family responsibilities when a partner is deployed, and limited employment options near military bases. High unemployment among military families creates financial instability, threatening our national security and the ability to recruit and retain an all- volunteer force.”
‘Scalable & Actionable’
According to PenFed, the 4+1 Commitment: The Formula for Military Spouse Success is a scalable, actionable, and effective way for companies to commit to addressing and improving military spouse employment outcomes by considering at least one of four policy changes.
The $35.4-billion PenFed has more than 2.9 million members.
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