TYSONS, Va., Aug. 14, 2019 /PRNewswire/ -- PenFed Credit Union, the nation's second-largest federal credit union, today announced it was selected by VIQTORY Media as a Top Ten Military Friendly Employer for 2020. The Military Friendly® Employers list is developed from public data sources on veteran employment from more than 8,800 employers and data-driven surveys from participating organizations.
The survey questions, methodology, criteria, and measurements identify organizations that provide veterans and their spouses with meaningful employment opportunities and superior veteran retention rates. The results are audited by Ernst & Young, an independent research firm.
"We are proud to be recognized for our commitment to being a military-friendly organization by VIQTORY, an organization that veterans trust," said PenFed President and CEO, James Schenck. "We are determined to continue strengthening our PenFed team with the wealth of experience, skills and leadership that veterans bring to the workplace every day."
As part of an ongoing commitment to selecting and supporting veterans, PenFed launched a Military Employment Program focused on supporting every phase of the employment lifecycle for all members of the military community including veterans, military and surviving spouses, wounded warriors and their caregivers, reservists and National Guardsmen.
In addition to spending 25% of its recruiting budget on military recruiting, PenFed collaborates with dozens of military employment organizations, as well as dozens of installation Transition Assistance Program offices, to enhance military employment efforts. Currently, 12% of PenFed employees have a military affiliation. Schenck says PenFed's goal is to double the national average of veterans in the workforce, which is currently approaching 9%.
PenFed has a strong legacy of being a military-friendly company. The PenFed Foundation – PenFed's charitable arm – was created in 2001 and, since then, has provided more than $30 million in financial support to veterans, active-duty service members, families and caregivers. Charitable donations from the credit union and Foundation equal 2% of the credit union's annual income, with the majority going to military charities.
The PenFed Foundation Veteran Entrepreneur Investment Program (VEIP) launched last year with a Foundation contribution and matching funding of up to $1 million from PenFed Credit Union. The program provides veteran-owned start-ups with seed capital to build and grow their businesses, creates a robust network for veteran-owned businesses to succeed and enables the PenFed Foundation to perpetually reinvest returns in future veteran-owned businesses.
Veterans interested in careers with a military-friendly company are welcome to join PenFed's Military Talent Pool.
About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 1.7 million members worldwide with $25 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. Our mission is to empower members of our community to achieve their financial well-being. 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.
SOURCE PenFed Credit Union