According to LinkedIn, boomerang employees accounted for 5% – 1.4 million people – of all new hires in 2021 in the U.K., a record high. The professional social media platform also contributed to this trend, with nearly 150 returning employees between September 2021 and February 2022.
It is a good idea for businesses to take a supportive and pragmatic approach, believes James Lloyd-Townshend, CEO and chairman of Frank Recruitment Group. Mainly because the workforce “is far more fluid now” compared to a decade ago, and the average length of service has reduced.
“There’s also far less of an ‘us’ and ‘them’ relationship between employer and employee today,” he said. “The dream scenario as an organization is for everyone leaving you to be welcome back at any stage in their career, and boomerang hires are just evidence of that attitude translating into practice.”
Glassdoor research published in 2020 calculated that the average U.K. employer spends around £3,000 ($3,688) per new hire, and the process takes approximately 28 days.
The price to pay for a wrong candidate is significantly higher, though. The U.S Department of Labor warns that a misfit will cost the business up to 30% of the employee’s wages for the first year. Others argue that the figure is significantly higher when training and supervision are factored in.
A Harris Poll research, published by USA Today in March, indicates the Great Resignation triggered during the pandemic has proved to be not so great for a high majority of movers. Indeed, just 26% of job switchers quizzed say they like their new position enough to stay.
This article was first published on DigiDay’s future-of-work platform, WorkLife, in June 2022 – to read the complete piece please click HERE.