So it turns out the grass isn't always greener on the other side...
That's what many who quit during "The Great Resignation" are apparently finding out, judging by a new Bloomberg piece that is highlighting how many people are returning to the old jobs that they quit over the last couple of years.
4.2% of all new hires for companies that advertised jobs on LinkedIn were boomerangs in Q1 this year - meaning employees that returned to their old jobs - the report says, This compares to 3.3% in 2019, showing clearly that people are returning to their old jobs. Firms are even "boasting" on places like social media, the report says.
Companies are writing blog posts and sharing photos of employees returning to their respective firms. Dan Black, EY’s global leader for talent attraction, commented: “On social media, you can very easily click back in and say, ‘Hey, I’d love to talk to someone again about maybe reengaging in employment with the firm.”
The move goes to show that the recent jobs data isn't necessarily indicative of a strong economy, but rather could mean the opposite: that people are returning back to work because rising rates, inflation and recession are starting to mire their quality of living.
Rachel Bentley, a 31-year-old from Austin, Texas who went back to her job at Duo, told Bloomberg: “I just realized that startups don’t really offer a lot of family benefits that larger companies do.” By going back she was able to reconnect with old friends...oh, and double her pay.
Adam Kail, founder and chief executive officer of Harrison Gray Search and Consulting commented on the trend: “The hard reality is that at 30, 40, or even 50, it’s really hard to change careers and maintain the lifestyle you’re used to. I’ve seen people switch careers drastically but in a short period of time realize, ‘I’m not as happy doing something I like more, but with my pay a third of what it was before.’”
Matthew Wragg, CEO of engineering and tech recruitment firm Gattaca, told Bloomberg he has hired 6 former employees back over the past three months. He commented: “You’ve got that cultural cognizance. They know the culture. They know the operating processes.”
A study of about 30,000 employees who returned to their old jobs found that employees generally performed with the same efficiency as before they left the first time. This has been prompting companies to examine why these employees left in the first place. Poor cultural fits or underperformance generally don't solve themselves upon coming back to a firm, so companies want to be cognizant of such reasons for leaving.
Mark Royal, a senior director at consultant Korn Ferry, offered up tips for those wanting to go back to their old jobs: "You want to be framing it in terms of what you’ve learned in the role you’re now leaving and what you can bring back to your former employer and why that will be valuable for you both.”
First question you should address: at what point, exactly, did you learn that free Covid money wasn't going to last forever and how did this effect your search for a job...