What makes the Employer rehire Former Employees?
The employers certainly are not willing to see a pool of talented employees crossing the line and turning into the “former employees” region, and leave the company.
This is due to the fact that the employers spend quite a considerable amount of time to source and recruit the best fit for them. They put in their money to provide the employees with the required training and development, work quite closely with them for a long time, and one day the employees tell them that they are leaving. It makes the employers fuming, upset and panic with this news.
There are quite a few companies that show interest and carry on to connect effectively with their former employees after they quit or leave the company. But now, the things are changing, particularly in the companies that have a well-built corporate culture. There are organizations like Amazon, Tesla, and A.T. Kearney that have been able to form great Alumni Networks over the time, and are completely happy to rehire the “Boomerang” employees.
We can define a boomerang hire as a person whom a company rehires and is the one who has left for some time. These hires were not seen in the past but with time, these are on the rise amongst the companies today.
The Workforce Institute carried out a study in the year 2015 according to which around 15% of the respondents told that they are the ones who went back to rejoin their former organization and approximately 40% were of the opinion that they would love to accept the offer of the boomeranging back. Around 40% of the employees said that they would be interested in rejoining their former employer if given a chance.
This obviously, is a tremendously dear opportunity for any Talent Acquisition team. Besides possessing a pool of talented and able candidates, the former employees hold the tendency to open the value for the company on numerous levels.
Some of these benefits include:
Pulling and Holding Back the New Hires
Demonstrating the actions and works of your former employees turns out to be an influential story for your probable candidates. You can take the example of Google – A fraction of its Employer Brand comprises the alums that move out with an aim to set up flourishing tech companies after some point of time.
You can view this to be beneficial in two ways: one is being employed at Google makes you able for your entrepreneurial success and secondly, Google considers it to be equally important to stay in touch with the former employees and illustrate their experience.
Reduced Hiring Risk
The ex-employees are the known candidates, and this makes their hiring less risky. They are the ones who very well understand your company along with its culture and processes, and they ensure lower on-boarding cost.
Furthermore, they are equipped with more skills and bring a great perspective to the team. They also in a way to leave a great impact on their colleagues and this really is a great thing from the retention point of view when we see a person showing the willingness to get back to the organization after experiencing the external market.
Strengthened Employer brand
The social media platforms, content websites, and significantly the review sites and the groups and communities like Glassdoor have made things quick and simple for the former employees to talk about their professional experience associated with their companies.
Their responses and feedback are generally taken to be the more frank and objective by the prospective candidates. This gives your former employees the power to greatly boost, or completely devastate your brand’s reputation. Even a few frustrated former employees can ruin all your hard work in promoting jobs and setting up eye-catching Careers pages.
Employing Previous Temporary Workers
Your ex-employees might also be the seasonal workforce or provisional contractors engaged by your organization formerly. So, keeping contact with them lets you employ from a team of pre-screened and skilled candidates.
Taking Benefit of former employees’ Referral Network
If even the former employees are not willing to rejoin their previous organization, they are a great source of generating referrals. So, having a referral program in place for your past employees greatly helps and this way you are able to leverage the network of your ex-employees.
You can also include your corporate alumni and make your network bigger. This further increases your chances of discovering the top talent. The former employees who left the company with a positive energy and whom you are in touch with are a great source of encouragement for others to become a part of your company.
For various benefits mentioned above, forming and keeping a corporate alumni network and staying in constant touch with the former employees asks for a little investment. Since you are already equipped with the required data and network, so don’t feel the need for the promotion and license costs needed to source the new candidates.
Keeping a great customer experience
Virgin Media put forward a few years ago that the abandoned or laid off candidates were costing them around $5 million a year. So, with this, you can easily make out the damage that the unhappy or disgruntled former employees can cause to your company!
All this depends upon the exit interview of the employee. His bad exit is enough to make the employee give up the use of your company’s product and service and spread a bad word about the same to their friends and family as well. On the worst end, they might even work for a client and might decide upon availing your services or products. If you did not have good terms at the time he left, he might give the contract to your competitor.
Capturing Market Knowledge and Insight
Make appropriate use of the data and vision that you acquired from your ex-employees and try to identify the reasons behind the employees’ leaving organizations, where they prefer to go and the organizations they aim to become a part of. The data and insight act as an important source of information for you. It enables you to deal with the issues that you never thought of previously and helps you to make your employees pleased.
Thus, making use of an appropriate technology, you, being an organization or employer can remain completely engaged with your alumni, and keep up the bespoke communication to make your place in their minds. Make sure that your previous employees do not abandon your database while leaving your company as these form a greater component of your employer footprint, and generally are interested to have good terms with their former organization if their employer at some point of time is keen to reach out to them.