As businesses continue to respond to challenging market conditions, employee retention has never been more crucial. In addition to continuing to remain competitive in attracting new talent, businesses also need to turn inward and capitalise on their current workforce.
Preliminary findings from our 2023 Creative Industries Census show that 95% of 3031 respondents state that Learning & Development is a key factor when considering their next career move. In addition, a recent LinkedIn survey found that 93% of employees are willing to stay with a business for a longer period if it invests in their learning and growth, emphasising the significance of professional development opportunities to employees.
By employing strategic L&D initiatives, businesses can increase job satisfaction and employee engagement, whilst reducing the risk of turnover, and de-stabilisation of the workforce.
A commitment to upskilling and internal mobility is not only a key driver of organisational success but also serves as a testament to a company's dedication to its employees and its reputation as an attractive workplace for top talent. Business leaders who prioritise these practices are demonstrating their understanding of the value of human capital and their commitment to the future success of their organisation.
As talent needs continue to lean towards personal development, businesses are advised to look at their progression offering more closely, to better attract both new and potential, ‘boomerang employees’. These are ex-employees, who return to previous employment – and this trend is on the rise. According to LinkedIn, this source accounted for 4.5 per cent of all new hires among companies in 2021, up from 3.9 per cent in 2019. The benefit of such moves means that those returning already know the business and often have a gentler learning curve. They’re also well positioned to contribute to business success sooner as a result all with a renewed knowledge base, key market intelligence, and a fresh perspective.
But for managers and leaders, boomerang employees also provide a window into the strengths and weaknesses of your business, shedding light on why people are leaving and what’s bringing them back. So, how can leaders and hiring teams alike assess the potential benefits and consequences of rehiring employees who quit earlier in the pandemic, especially as hiring and retention continue to be significant business priorities?
There is no shortage of reasons to consider boomerang rehiring, with reduced time to productivity and cost savings on top of the list. However, identifying whether this supports your long-term hiring strategy is crucial to whether you should be pulling the trigger. This is where talent experts come in.
As part of a wider strategy, specialists can assist in these areas with laser focus, providing bespoke solutions to support current and future talent growth plans with the market in mind. Managing the largest creative industry database in the UK, experts such as Major Players are also best-positioned to support leading businesses with unparalleled data and insight-led expertise. If you’d like to find out more about our tailored hiring solutions or how we can help you scale your organisation, then please reach out to our team via the contact form on our Hiring page here.