Although losing talent is never desirable, organizations must develop and retain relationships with former employees as they can provide a range of potential benefits.
Millennials surpassed Generation Z as the largest generation in the workforce but are criticized as job hoppers. According to the Bureau of Labor Statistics, 36% of jobs by 35-44-year-olds lasted less than a year, and 75% lasted less than five years. While job-hopping isn't always a problem, it can impact a company's reputation if the employee turnover rate goes high.
A study by Muse shows 58% of its millennial user base plan on changing jobs within a year. With millennials on the job hunt, They use review sites to learn about its reputation, culture, and overall employee experience. 85% of millennials feel a company's reputation is crucial to consider working at a company. Thus businesses need to be aware of their reviews and maintain a positive relationship with their former employees.
Listed below are a few ways you can maintain a positive relationship with your ex-employees.
Boomerang employees are cost savers
Employees who leave an organization and then return to work for the same are called Boomerang Employees. Organizations are finding great value in re-hiring their former employees as they benefit from familiarity with the work, the responsibilities, and expectations. They are likely to be knowledgeable on the organization's business practices, industry, and culture. All these benefits can save businesses money in the long run.
Training new workers can be one of the most challenging tasks for an organization in a constantly evolving market world, but it is critical. While new hires can take up to 4.8 months to ramp-up to maximum productivity, boomerang hires can shorten the ramp-up period, saving time and money when it comes to hiring and onboarding.
Mentorship opportunities for former employees
As new hires join the workforce, former employees can serve as mentors as they hold a bundle of industry experience with them. This can speed up the onboarding process as well as get them ramp-up faster. A survey shows, 79% of millennials feel mentors are a crucial success factor. Former employees play a vital role in providing external experience or views and can give the company additional resources and insights. They not only serve as excellent mentors for new hires, but they can also act as excellent ambassadors for the company.
Build sustainable relationships in your industry
Staying in touch with former employees is one way to create a positive brand across several markets. It's not surprising when a former employee starts working for a rival company; this means running into them at industry events and networking opportunities. Building a positive relationship in your industry and positive regards will help you attract new hires, potential clients, and business partners. Developing Alumni associations pages is one good way to stay in touch with former employees. As millennials move in, maintaining relationships with former employees can bring numerous advantages to the business.
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