2023 The Future of Talent Acquisition | Korn Ferry

Talent Acquisition

The talent acquisition function continues to undergo change in many organizations. This 21-page Korn Ferry paper explores seven trends that are impacting the world of recruiting, hiring, and talent acquisition. One part of the paper (p.15) notes how there will be an uptick in the number of former employees being rehired in organizations—often referred to as Boomerang employees. It points to a study that found 15% of professionals who quit their jobs have returned to their former companies. Another study in the Academy of Management Journal found that upon being (re)hired into the organization, former employees outperform new hires. This performance advantage is larger in jobs requiring greater relational demands and internal coordination and in contexts characterized by greater internal resistance to external hires. As recruiting teams devise strategies to re-recruit a segment of former employees (not all former employees should be re-recruited), they should keep in mind a Visier analysis showing: the average time away for employees resigning from and returning to their previous employer is 13 months. And while it can take up to 36 months or longer before a former employee is rehired, the chances of returning drop sharply after being away for 16 months. These data points suggest that 13 to 16 months could be a critical time frame for rehiring former employees. For a bonus resource on this topic, check out the HBR article, Leave the Door Open for Employees to Return to Your Organization.