Why Companies Like EY, Citi, and Kronos Welcome Boomerang Employees

Boomerang employees can be immensely valuable to any organization. In fact, big companies have known this for a while. At EY, the boomerang employment rate stands at 17%, for Citi it’s 10%, and at Kronos more than 200 of their highly specialized employees are returnees.

In an article for Forbes, author Kerry Hannon took a look at the rising trend of boomerang hires. As a leading authority and strategist on career transitions, entrepreneurship, personal finance, and retirement, she believes circling back can be a win for everyone.

According to Kerry, David Almeda, the Chief People Officer at Kronos, has identified four distinct types of boomerangs who have the potential to add value to any corporation. This includes:

4 Types Of Boomerang Employees

1. Those Who Wanted To Upskill and Grow

These savvy employees often see a gap in the market to gain experience and expertise at another company.  Then, when the time is right, they return to yours at a higher level and a higher salary rate.

2. The Young and Restless

Some people have an itch to scratch – they feel restless after a few years at the company or feel the need to pivot in their career to see how it goes. When it doesn’t work out quite the way they’d hoped after leaving, they often reach out to former employers to be considered if new opportunities within the company arise.

3. Those Who Had To Leave Due To Life Events

Spouses get new jobs, family members get ill, and sometimes people have to move to accommodate those life events. They often circle back once everything has been sorted out, or could request a remote position with some flexibility.

Benefits Of Boomerang Hires

4. Purposeful Boomerangs

These are normally people who work in seasonal positions at businesses like ski resorts or national parks – they work a season, move on, and circle back to reconnect with the team the next year.

4 Important Benefits Boomerang Hires In 2020 and Beyond

Boomerang employees may seem like a strange idea at first, but in reality, these returnees offer several important benefits upon re-entry at their old companies. This includes:

1.     Time to fill is reduced since there is no need to build a relationship or screen an employee from scratch.

2.     New hires take a time to assimilate and become a productive part of the team, whereas boomerang hires take less time to train and can slot into the systems almost immediately.

3.     ROI skyrockets. A company of 10,000 could ensure an ROI of $1M when rehiring 238 employees for open positions.

4.     Boomerang employees are great for your overall employer brand – when ex employees return to work for you, it says good things about your company culture to new recruits.

Conclusion

Boomerang employees can be an extremely valuable resource for any business. This is why it’s so important to keep those bridges intact when your star players disperse to explore the field. A tailored alumni program with clear benefits for all parties involved can make all the difference in supercharging your recruitment potential and encouraging lucrative boomerang hires in the long run.

Join the mailing list for early access to The Alumni Advantage, 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.