ServiceNow embraces ‘boomerang hires’ for talent retention
CALIFORNIA, UNITED STATES — In an era of fleeting job loyalty among younger workers, tech giant ServiceNow recognizes the trend of boomerang hires — or staff members who leave the company then join at a later date — to stay competitive.
Simon Cox, ServiceNow’s Chief Transformation Officer, highlights the significance of adapting to a workforce predominantly comprising Gen Z and millennial employees eager for varied experiences.
ResumeLab data finds that 83% of Gen Z workers view themselves as job hoppers. At the same time, Fiverr revealed that almost 70% of Gen Z are freelancing already or planning to, for flexibility, autonomy, and stability in the midst of rampant layoffs.
“Gen Z and millennials are curious, they want different experiences, they’re not going to have a job for life at the bank,” Cox told finance conference MoneyLive Summit.
“So let them go. Keep in touch with them, see how they do, and eventually, you can welcome them back.”
This approach is already being implemented by firms like Deloitte, which boasts an alumni network exceeding 20,000, offering various benefits to encourage re-engagement.
While reintegrating boomerang employees comes with costs, they bring back valuable experience and familiarity with the company culture.
Harvard Business Review suggests such employees often return to higher positions with an average of 25% pay increases, reinforcing the strategy’s potential benefits.
“It’s very simple: if you don’t lean in, you’re going to lose. It’s not something new in the last six months, we’re talking millennials who have been around for a while now,” said Cox.
“We can see the trends and the data—it’s going to change again with future generations, so why wouldn’t you adapt to these because it’s going to happen again.”
