Your rockstar employee left for greener pastures, only to find out the grass was not as green as they thought and now wants to return. Do you set your ego aside and re-employ them?
David Collings, Professor of HR Management at Dublin City University, says ‘yes,’ in an article for HR Magazine. Nurturing former employees via an alumni network and inviting them back in as boomerang hires when the time is right can propel your business forward faster than any greenhorn with even the best intentions.
Did you know famous boomerang hires include Steve Jobs of Apple, Michael Jordan of the Chicago Bulls, and Howard Schultz of Starbucks? They are all former employees who returned to literally turn the companies around.
They’re not alone, and a changing working landscape has ignited a boomerang employment culture, one that benefits both the employer and the employee.
According to research, the failure rate of new hires is 50%. Compare this to the fact that company alumni who become boomerang employees stay on board, on average, two years longer than other hires.
The good news is a Workplace Trends study found 76% of HR professionals are currently more inclined to hire boomerang employees than they were in the past. At the same time, 40% of employees said they would consider boomeranging back to their previous employer.
Whether you call them boomerang hires, alumni, or comeback colleagues, former employees can become colleagues for life with a successful alumni program. It’s a win-win situation.
An alumni network creates a valuable talent pool of professional workers that companies facing skills and talent gaps simply cannot ignore.
Sign up for early access to the upcoming release of The Alumni Advantage. The book provides an end-to-end understanding of how organizations are recognizing and leveraging their former employees, authored by James Sinclair, Co-Founder and Chief Executive of EnterpriseAlumni.