How Leveraging Alumni Networks Can Drive The Bottom Line
An alumni network is one way to counter the challenge of locating the right freelancers with the right skills, at the right time, and the right cost.
Read moreA Boomerang Employee is someone who returns to work for their former employer. The ROI on a boomerang hire has been detailed in our recent research report.
A Boomerang Employee is an employee who leaves and then returns to work for their former employer.
Many organizations only class full-time employees who leave and then return to the organization as a “boomerang hire” from a tracking perspective.
There's a great story from British Airways that when an employee leaves, they're say “Good luck with your offsite training, we look forward to seeing you back here shortly!”
The ROI on a boomerang hire has been detailed in our recent research report The (ROI) Value Of An Alumni Program, which recognizes a number of core benefits and savings of bringing back a former employee:
One customer recognized that a 1% increase in their rehire rate yielded $1.25m in savings and the implementation of an Alumni program was able to increase their rehire rate from 2.4% up to 8%.
The Corporate Culture and Boomerang Employee Study by Workplace Trends give the following boomerang employee statistics:
Of course, in addition to the financial benefits of a boomerang hire, employees willing to return to their former organization is a great reflection of a strong internal culture.
Significant reduction in recruiting costs.
Accelerated time to value
Better job suitability
A longer period of employment
External/Outside Thought Leadership
The days of getting a job and staying at it for forty years before retiring are long gone. Adults typically make several major changes during their career.
With that much moving around going on, HR professionals will always have personnel needs, and if an applicant already knows the job and the company culture, they are the most likely candidate to fit in.
Perhaps the most famous boomerang of all is Steve Jobs, rehired 12 years after being let go from Apple. Whilst
Things may well have changed during the time of separation but there’s still some removal of the fear of the unknown for both sides. The speed at which the employee is likely to be up and running at full productivity is likely to be faster. According to an HBR article on Cultivating Ex-Employees, between the lower effort needed to recruit and train ex-employees and their shorter ramp-up time to full productivity, companies can cut costs by up to 50% per hire by employing a boomerang over a typical applicant.
There’s also no doubt that the impact on your employer brand is a positive one- it can only reflect well on a company when an employee who has experienced work with other companies makes the choice to apply back to a former organization.
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Build new revenue streams, save on recruitment and enhance your employer brand, all through the power of alumni.