For many business owners and managers, there may come a time in their career when they’re forced to consider making someone redundant. It’s never a decision to make lightly, however, in times of changing markets, some businesses may find themselves speeding through the redundancy process. This is usually because they want to turn their finances
With a low employment rate but an ever-increasing number of vacancies, finding the right talent in today’s market is becoming harder than ever. This, coupled with the millennial tendency to jump around between companies and roles, has led to the rise of a phenomenon called the boomerang hire. Indeed, within our sector of permanent EA recruitment, we have certainly found this practice to be a valuable source of talent.
A boomerang employee is one that has left a company voluntarily but then returns down the track. With 83% of UK companies more open to hiring boomerang employees than they were three years ago, and 36% of HR executives having successfully re-hired a permanent employee (1), it continues to rise in popularity as a successful staffing solution.
So, should you be considering hiring a former employee? Here are just a few benefits to hiring a boomerang:
1. No need to invest in on-boarding
If an employee is voluntarily returning to working to you, it means they already understand and are familiar with the workplace culture and environment, as well as the technology and procedures you use. The cost of hiring an employee can be up to £50,000 a year (2), so opting for someone who doesn’t require an onboarding process could prove incredibly valuable, both in time and financial investment.
2. Increased skillset
In between leaving your company and returning to it, there’s a high chance the employee has experienced a variety of different workplaces, working styles and industries, bringing with them a host of new knowledge they can impart on a business. If in a client-facing company, a boomerang can also bring connections and customers that could be of huge benefit.
3. Reduced risk
There’s always a risk with a new hire. Will they perform? Will they fit in? By hiring a former employee, you have access to their track record, meaning you can more accurately predict their performance in the future. It also means they are less likely to leave, as they already have – and have voluntarily come back, recognising your company’s benefits.
4. Inspire confidence in the team
A former hire returning to their previous company reminds existing employees that the grass is not always greener on the other side. It inspires confidence in your company’s efforts and demonstrates that the business has something to offer in the marketplace. The returning employee can also reiterate what has improved since they’ve been away.
However, there are also risks to the boomerang hire. If an employee previously had conflicts with existing employees, this may re-ignite once more if the team hasn’t changed. The boomerang may be unwilling to change, or feel entitled to a position of seniority, special perks or a larger salary.
At the end of the day, only you will be able to tell if a boomerang hire will be beneficial to your business.
Likewise, if you are considering returning to your previous place of employment, take it as an opportunity for personal and professional growth, with a chance to share your knowledge with a supportive team.
In need of support staff? Tiger Recruitment is happy to help with all your hiring needs. Get in touch today.