‘The Great Regret’: Ex-employees want back – should you take them?

The newest “Great” for HR to handle: The Great Regret.

On the heels of The Great Resignation, many employees who were eager to leave when the job market was hot are feeling some regret. And they might be knocking on your door soon.

About 80% of employees who quit their previous jobs in the past year regret the decision, according to a Paychex survey. And 42% of those who got a new job say it hasn’t lived up to their expectations, the Joblist’s Q2 2022 US Job Market Report found.

What’s more, most people in the survey are worried about a recession this year, deepening their interest in stable, engaging roles.

Why do they feel a great regret?

The national quit rate peaked in late 2021 at about 3%. It declined throughout 2022, dropping to 2.6% by the fourth quarter, according to the Bureau of Labor Statistics.

So why do people now regret leaving their jobs? In the Joblist survey, issues included they:

So if former employees regret their decision, and want to come back to you, do you take them?

Why not, says Jessica Kriegel, chief scientist of workplace culture at Culture Partners.

“The reality is the highest performing companies in the world have robust ‘boomerang employee’ programs and nurture alumni who have left in the hopes they will come back,” Kriegel says “‘Why?’ They feel like leaving the company … to get exposure to other organizations and then come back makes the employee more well-rounded.”

Here are four things to consider when it comes to boomerang employees in the midst of The Great Regret.

Pick up where you left off

If you parted on good terms, it’s more likely you and ex-employees who feel the regret will benefit from a reunion. The key to bringing back good employees is a solid plan when they go.

“Ensure you make the off-boarding process and experience a positive one,” says Roberta Moore, founder of EQ-i Coach and author of Emotion at Work: Unleashing the Secret Power of Emotional Intelligence.

Critical elements to a positive breakup when an employee quits:

• Appreciation. Thank employees for their contributions.
• Communication. Work with the employee to decide when to tell colleagues and what information you’ll share about the departure.
• Knowledge transfer. Assuming the position will be filled, ask the departing employee to share as much institutional knowledge to ease the transition.
• Exit interviews. Ask for feedback on what employees liked and disliked in their time.

“It is much better to stay friendly with an employee who leaves than to burn a bridge – maybe, you will even work together again someday!” says Moore.

Consider the upside

Rehiring former employees for their same or similar roles can also save you time and money.

“Boomerang employees often require less training and bring institutional knowledge and a deep familiarity with your organization’s culture, which can lower the cost of hiring,” says Moore.

But what’s important here is to determine that potential boomerang employees were doing their jobs well and with a positive attitude before they left. You might want to check in with former managers and co-workers, plus review their performance evaluations, before deciding to rehire.

Be proactive

Rather than wait for regretful employees to come back, you might consider reaching out to them when trying to fulfill a specific role. You wouldn’t be the first.

Almost 25% of employees in the Joblist survey said previous employers had reached out to them about coming back after they quit – and more than 40% were at least open to the idea.

This again is why it’s important to try to part ways with employees on good terms. Encourage managers to stay connected with employees who they’d be open to coming back after they leave. Obviously, social media and professional tools such as LinkedIn make this easier.

Focus on retention

Ideally, you can help employees avoid The Great Regret with retention, keeping them happy exactly where they are.

“Employers will likely still face challenges around employee retention and recruitment,” says Nadia Vatalidis, VP of people at Remote. “Employers focused on supporting a strong life/work balance for their teams, as well as implementing effective recruitment strategies for the year ahead, will be in the best position to drive sustained success into 2024 and beyond.”