Commitment focuses on data-backed solutions as the formula for military spouse success.
TYSONS, Va., Dec. 7, 2023 /PRNewswire/ — PenFed Credit Union, the nation’s second-largest federal credit union, today announced it joined as an initial signatory of Blue Star Families and the US Chamber of Commerce Foundation’s Hiring Our Heroes Program 4+1 Commitment supporting military spouse employment. The commitment is a first-of-its-kind, nationwide effort to tackle the 21% unemployment rate among military spouses.
PenFed has a long history of honoring the 4+1 Commitment that includes 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. 16% of PenFed’s workforce identifies as a veteran or part of a military family.
“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.”
PenFed collaborates with organizations, including Blue Star Families and Hiring Our Heroes, to enhance military employment efforts. Members of the military community interested in a career with a military-friendly company are encouraged to visit PenFed’s Military Recruiting Webpage. The webpage allows members of the military community to join PenFed’s military talent community and search for jobs based on their skillsets and experience using a Military Occupational Specialty code.
PenFed has a strong legacy of being a military-friendly company and donates up to 2% of its annual net income to charitable organizations, with the majority going to military charities. The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, was created in 2001 and, since then, has provided more than $55 million in financial support to veterans, active-duty service members, and military families.
Military spouse unemployment and underemployment are long-standing concerns. The military spouse unemployment rate is five times higher than the national average. 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.
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.
About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America’s second-largest federal credit union, serving 2.9 million members worldwide with $35.4 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members’ interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
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SOURCE Pentagon Federal Credit Union