They say if you care about something, set it free and if it comes back, it’s meant to be. In many ways, the same can be said for employees and their workplaces — as “boomerang employees” have become the latest hiring trend. This term is used to describe employees that leave their positions to pursue […]
They say if you care about something, set it free and if it comes back, it’s meant to be. In many ways, the same can be said for employees and their workplaces — as “boomerang employees” have become the latest hiring trend. This term is used to describe employees that leave their positions to pursue a new opportunity, only to regret their resignation and return to their former employer.
Over the past few years since the start of the “Great Resignation,” industries have seen a significant increase in regretful, returning employees. According to a 2023 report by Harvard Business Review, 28 percent of new hires in a multi-year study were boomerang hires who had resigned within the previous 36 months.
While welcoming back experienced talent is great, leaders should be asking themselves, what makes them resign in the first place? And how can I retain or regain top talent in a competitive market? To start, businesses must understand the top drivers that lead employees to start seeking new roles or missing old ones.
From professional development to a change of scenery, below are the top reasons employees leave and how businesses can improve their retention and boomerang rates.
1. Exploring New Opportunities
One of the top reasons for employees to leave a company is to explore new opportunities. This could mean seeking a different role that will introduce new skillsets like leadership and management, or simply falling for an attractive offer from a competitor. The nature of these resignations became especially popular during and immediately following the pandemic, when a highly competitive job market presented more job openings across industries than ever before with inflated perks like higher pay and greater flexibility.
To combat this allure, business leaders should prioritize offering internal learning and development programs and opportunities for employees to make lateral moves to departments that interest them. They should also consider mentorship programs that allow for the exploration of new skills and interests for specialized professional development. Most importantly, remaining competitive in areas like compensation, benefits, and work-life balance is critical in retaining and re-attracting talent.
2. Seeking Supportive Teams
It’s not all about the money for some. Lack of team support and comradery is another top reason why employees leave a role. On the other hand, a strong culture and repertoire is one of the main reasons employees come back. In an international study conducted by UKG, 38 percent of job leavers stated that their peers and coworkers were the top thing they missed about a former job.
Therefore, prioritizing the building of strong bonds between employees is a great way to make the choice to leave a difficult one, and the choice to come back an easy one. This can be done through regular team outings and team-building activities, and management training to ensure that employees feel professionally supported by their peers and leaders.
3. Changing of Location
Relocating is a major driver of seeking new job opportunities, especially when a current employer requires that employees be in the office. Many professionals, especially those in Gen-Z, value the flexibility of working from anywhere, whether that means working remotely while they travel, or keeping their current job while they set off to live in a new city of their choice. Conversely, relocation can be a reason for resignation if the employer is requesting that employees relocate for a role when they do not wish to leave their current location.
That is why maintaining flexibility is critical in re-attracting and retaining talent. If possible, businesses should seriously consider abandoning rigid in-office policies or remaining open to establishing new outposts in cities based on employees’ locations. Not only does this demonstrate trust, it demonstrates a value for the personal lives of employees — an attractive benefit for boomerang talent and new prospects.
Winning back top talent is a great achievement, but business leaders should focus efforts on how to prevent resignations in the first place to avoid business disruptions. Understanding the main reasons that employees leave is the first step in building a positive working environment that proactively addresses these issues before they lead to wandering eyes. Simply put, listen to your people, heed their goals and values, and foster a culture where the grass will always be greener.
Bruce Zicari is the managing partner and CEO of The Bonadio Group and is also a member of the firm’s management committee and board of directors. Contact him at bzicari@bonadio.com.