Broker Check
The Rise of the Boomerang-Employee Trend

The Rise of the Boomerang-Employee Trend

July 24, 2023

As we navigate the aftermath of the "Great Resignation," a unique phenomenon is making headlines – the resurgence of "boomerang employees," those who leave a company only to return later.

In the early days of the post-pandemic job market, businesses were paying premium rates to bring talent back into the workplace. However, as we edge closer to an employer's market (though the competition for skilled talent remains intense), a different trend is taking hold. Many employees, initially swayed by the allure of incentives and new opportunities, are starting to realize that the grass might not be greener on the other side.

For many, the appeal of their former roles has resurfaced, leading to a spike in boomerang employees.

A Surprising U-Turn

Recent research from UKG, a workforce solutions company, reveals a startling fact: 4 out of 10 employees who left their jobs during the pandemic now believe they were better off in their previous roles. These statistics underscore the appeal of familiar environments, particularly in a time of uncertainty and change.

The Drivers of the Boomerang Trend

Several factors are contributing to the boomerang trend. The initially attractive new roles may not live up to expectations once the glamour of premium incentives fades and the realities of day-to-day job responsibilities set in.

Additionally, the challenges of adapting to a new corporate culture and workflow can lead employees to miss the familiarity and comfort of their previous roles.

Moreover, former employers often have a certain appeal. They already know the employee’s skills, work style, and cultural fit, reducing the 'onboarding' time and risk associated with new hires. In a time of economic uncertainty, this familiarity can provide a sense of stability and security for both the employer and the employee.

Implications for Retention

The rise of boomerang employees carries significant implications for retention strategies. Firstly, it highlights the importance of conducting comprehensive and empathetic exit interviews. Understanding the reasons for an employee's departure can provide critical insights, helping to improve retention strategies and potentially opening the door for a future return.

Secondly, maintaining positive relationships with former employees can be beneficial. Networking platforms like LinkedIn, or even company-specific alumni networks, can foster these relationships, keeping open potential avenues for rehiring.

Finally, employers should take note of the reasons why boomerang employees return. By addressing these factors proactively – such as enhancing job satisfaction, providing opportunities for growth, and fostering a positive corporate culture – employers can potentially reduce the desire for employees to leave in the first place.

The Future of Work

As the job market continues to evolve in the post-pandemic era, the trend of boomerang employees serves as a reminder of the importance of retaining talent and maintaining strong relationships with former employees.

A thoughtful approach to this trend can aid businesses in effectively navigating the shifting employment landscape.


Important Disclosures

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by FMeX.

LPL Tracking #1-05373454