New Initiative Promotes the Hiring of Veterans across Portfolio of
More Than 70 Companies
NEW YORK--(BUSINESS WIRE)--
Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, "KKR")
today announced the kickoff of Vets @ Work, a program designed to
promote the hiring of U.S. military veterans across KKR's private equity
portfolio of more than 70 companies. The Vets @ Work initiative will
highlight the extensive range of talents and leadership abilities that
veteran hires can bring to private sector employers, and will strengthen
KKR's efforts to promote veteran-focused career development, support and
retention practices at its private equity portfolio companies, which
together employ nearly 900,000 people across a range of industries.
"Veterans have many of the most sought-after qualities employers look
for, including a strong work ethic, a commitment to teamwork, and strong
leadership skills," said Paul Raether, head of KKR's Portfolio
Management Committee. "They have the talent and knowledge to be strong
contributors to the workforce, and our goal will be to bring more
veterans on board in positions throughout our portfolio companies."
Data released last week by the Bureau of Labor Statistics (BLS) show
that even as the national unemployment rate dropped slightly in October,
from 9.1 percent to 9 percent, unemployment among men and women veterans
who served in the post-9/11 era actually increased, from 11.7 percent to
12.1 percent. Moreover, a BLS study released in March showed that in
2010 the unemployment rate for veterans aged 18-24 remained persistently
higher than the national average, at 20.9 percent.
"These are staggering statistics, and when we were looking for a program
that combined our commitment to creating value at our private equity
portfolio companies with our desire to improve job opportunities for
veterans, we decided that Vets @ Work could truly make a contribution on
both fronts," Mr. Raether added.
Several of KKR's portfolio companies currently have successful veteran
hiring programs, including Dollar General, which employs approximately
3,500 veterans and 100 National Guard and Reserve members. The Vets @
Work program will draw from the experiences of well-established programs
like Dollar General's to share that knowledge and hopefully replicate
that success across other companies in its private equity portfolio.
"The startling disparity in the unemployment rate of military veterans
compared to the national average underscores not only the pressing need
for action, but also the size of the opportunity available to those
leaders in the private sector who are able to recognize the value of
bringing these highly qualified individuals into the work force," said
Bob Ravener, EVP & Chief People Officer at Dollar General and a US Navy
veteran. "At Dollar General we are deeply committed to supporting
veterans, active military and their families. We are proud to be part of
KKR's efforts to promote awareness of the challenges in veterans
employment and the competitive edge that hiring from this talent pool
Prior to launching Vets @ Work, KKR had taken a number of steps to
promote the hiring of veterans across its private equity portfolio
companies. In July, KKR offered an HR leader training webinar to provide
training to the HR teams in its portfolio companies on how to find, hire
and retain veterans and on developing military hiring programs. As part
of this, the firm partnered with Lisa Rosser, author of The Value of
a VeteranTM: The Guide for Human Resource
Professionals to Regarding, Recruiting, and Retaining Military Veterans.
KKR was also the lead private equity sponsor for the Veterans on Wall
Street (VOWS) job fair held in New York in June. KKR and several
portfolio companies attended the event, including Capsugel, Dollar
R Us and US
Foods. The purpose of this event was to connect KKR portfolio
companies, among others, to veterans looking for work.
KKR also has a number of veterans working in a variety of roles at the
firm today, including individuals who served in the U.S. Navy, U.S.
Marine Corps, and the U.S. Army. For more information on KKR's veterans,
please visit our web
Recent Portfolio Company initiatives:
— Launched a "Military Friendly" Hiring initiative, including a new
training initiative to better identify talent when reviewing a
General — Recently announced as a finalist for the US Chamber
of Commerce's "Hiring our Heroes" award (winner to be announced
November 10). "Hiring our Heroes" is a year-long nationwide effort,
sponsored by the US Chamber of Commerce to help veterans and their
spouses find meaningful employment.
Kodak — Participated in September 12th Virtual
Military Recruitment Fair — "Milicruit" and currently runs an internal
group called VETNET, an association of Kodak employees, veterans and
members of the community, offering resources for veterans, their
families and supporters, that encourages employee support of veterans'
issues and involvement in community projects.
Data — Launched an internal training program to
help recruiters better decipher military resumes and continue to
attend veteran and military career fairs in the locations with large
employee populations, such as Omaha, New York and Denver.
— Launched an internal veteran-focused hiring program to help
managers and recruiters understand military experience to match
veteran applicants to job opportunities at HCA. Serves on the Veterans
Employment Advisory Council (VEAC) for the US Chamber of Commerce's
"Hiring our Heroes" program. Participating in numerous job fairs for
veterans this year.
"R" Us — Attended multiple recruiting events, including
four "Hiring our Heroes" events since June — scheduled to attend five
more events through the end of the year.
Foods — Helped build rewarding careers for veterans by
partnering with Recruit Military and establishing relationships with
local Veteran Employment and Disabled Veterans Outreach
Representatives at local State Workforce Centers. Other partnerships
include Catholic Charities Veterans Employment Service, American GI
Forum, and Goodwill Industries of Houston Veteran's Outreach &
Employment Services, National Guard Job Connection Education Program
(JCEP), and Nellis Air Force Base. US Foods is also proud to serve
more than 200 military related customers and base installations across
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a
leading global investment firm with $58.7 billion in assets under
management as of September 30, 2011. With offices around the world, KKR
manages assets through a variety of investment funds and accounts
covering multiple asset classes. KKR seeks to create value by bringing
operational expertise to its portfolio companies and through active
oversight and monitoring of its investments. KKR complements its
investment expertise and strengthens interactions with investors through
its client relationships and capital markets platform. KKR is publicly
traded on the New York Stock Exchange (NYSE: KKR). For additional
information, please visit KKR's website at www.kkr.com.
Kristi Huller, 212-750-8300
Source: Kohlberg Kravis Roberts & Co. L.P.
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