As companies grapple with challenging and dynamic market conditions, the importance of retaining employees has never been more paramount. While attracting new talent is crucial to remain competitive, businesses can look inward and capitalise on their existing workforce.
Preliminary findings from our 2023 Tech Industries Census shows that 92% of respondents say that Training & Development is a key consideration when looking at opportunities for their next role. In addition, a recent LinkedIn survey showed that investing in employees’ learning and growth can result in a longer tenure and increased job satisfaction. These results underscore the significance of providing professional development opportunities to tech employees.
By implementing strategic Learning & Development programmes, companies can boost employee engagement and job satisfaction while reducing the risk of turnover and workforce instability. Emphasising upskilling and internal mobility is not just a driver of organisational success; it also serves as a testament to a company’s commitment to its staff and its reputation as a desirable workplace for top tech talent. Business leaders who prioritise these practices demonstrate their commitment to the long-term success of their organisation.
As tech professionals increasingly value personal development, companies are advised to scrutinise their progression offerings to better attract both new and former employees, colloquially known as ‘boomerang employees.’ This trend of rehiring ex-employees is gaining momentum, with LinkedIn reporting that 4.5% of all new hires in 2021 were boomerang employees, up from 3.9% in 2019. This hiring approach can expedite the onboarding process, allowing returning staff members to contribute to business success more quickly. Additionally, they bring a renewed knowledge base, key market intelligence, and a fresh perspective to the organization.
For managers and leaders, boomerang employees provide valuable insight into a company’s strengths and weaknesses, revealing why employees leave and what entices them back. Therefore, leaders and hiring teams should assess the potential benefits and consequences of rehiring employees who quit earlier in the pandemic, particularly since hiring and retention are top business priorities.
There are several compelling reasons to consider boomerang rehiring, including reduced time to productivity and cost savings. However, it is critical to determine whether this aligns with a company’s long-term hiring strategy before making any decisions. This is where the expertise of talent professionals comes in.
At Arrows, we are dedicated to providing innovative and transformational talent solutions for the hypergrowth era. As Europe’s leading tech and data talent partner, we are proud to offer agile solutions that help organizations shape the future of work. Reach out to our team here to learn more about how we can help you.