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Highlights
- Harvard Business Review released a study that showcased that 30% of the job-quitters didn’t have a positive outcome.
- Several strategists, career consultants and recruiters opine that the Great Resignation shows the growing trait of “running away” rather than “running towards”.
- LinkedIn data showed that 4.5% of new hires in 2021 returned to old employers compared to 3.9% in 2019.
The entire west has been under the spell of Great Resignation. The term came into the limelight as Americans grew unsatisfied with their current jobs amid the pandemic and moved towards more profitable and reliable professions. The wave of Great Resignation has captured most countries under its tunnel. Now, as the world economy steadily comes out of the shackles of the Covid-19 pandemic, let’s see how the repercussions of the Great Resignation are playing out.
Emergence of resignation regret
Why do people resign? In most cases, people quit their jobs to get higher-paying, safer jobs and the ones that provide them with new roles and responsibilities. However, during the pandemic, it was observed that many people left their jobs because of herd mentality and to grab new jobs available on the job seekers platforms. One can say, several employees quit their jobs in hastiness and impulsiveness.
Now, people regret their resignation and the phrase “resignation regret” is showering the internet. Recently, Harvard Business Review released a study that showcased that 30% of the job-quitters didn’t have a positive outcome.
GOOD SECTION: The Great Resignation: Will it continue in 2022?
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Several other studies showcased that most people quit their old jobs because of the “organisational culture and mismanagement in the workplace”. Most are not satisfied in their new roles. Strategists, career consultants and recruiters have said that the Great Resignation shows the growing trait of “running away” rather than “running towards”.
So, are more boomerang employees returning to old jobs now?
Crippled with resignation regret, many employees are returning to their old jobs. Such employees are called boomerang employees. Boomerang employees have been part of the work culture for several decades; however, now the number of boomerang employees is suddenly rising.
MUST-READ: The great resignation: Five things Aussie firms need to incorporate now!
Recently, LinkedIn data showed that 4.5% of new hires in 2021 returned to old employers compared to 3.9% in 2019. There could be two reasons for the same: employees may have realised that the grass is not greener on the other side, or they may have analysed the significance of financial stability post-Covid and amid the high-inflation period.
On the other hand, as the economy has entered the optimum revival period, more jobs are available now, as stated by the job platform Seek, which recently revealed that around 41% more jobs were available in February 2022, compared to February 2021. However, the number of new job seekers is low. Thus, it is evident that the employers would be reaching out to the older employees.
Is Australia Facing ‘Great Resignation’ In Workforce Like The US?
Is Boomerang business suitable for both parties?
Boomerang employees are beneficial for the organisation as such employees are already familiar with the organisation's work environment, goals, and policies. Additionally, since now they have worked outside, they have gained more dynamic experience.
Vice versa, the boomerang system is profitable for the employees. Now they have the experience of working at different organisations and can thus ask for better increment at their older organisation where they are willing to join back.
INTERESTING READ: The Great Resignation: How employers can entice quality employees
All in all, the pandemic has primarily transformed the socio-ecological structures of society. People are becoming more aware of their roles and needs, and the organisations also, on the other hand, welcome the older gems, i.e., boomerang employees.
