Have You Heard About The Rise Of Job Boomeranging?

Have you heard of job boomeranging? The term relates to the concept of a former employee bouncing back to a company they once worked for, but left for pastures new.

In some cases, those new pastures didn’t prove to be as green, exciting or enriching as promised, and instead of looking for another job, workers return to their previous employer instead.

First coined by Anthony C. Klotz, associate professor of management at UCL School of Management in London, job boomeranging is a direct consequence of the trend for mass job quits, aka the Great Resignation (another term that has entered workplace lexicon, courtesy of Klotz) which saw job hopping reach an all-time high between October and December 2021.

Big mistake, huge

Job boomeranging can also be attributed to a new movement known as the “Big Regret”. While making a career move can be personally and professionally rewarding, not to mention financially lucrative—according to data compiled by Indeed and Glassdoor, more pay is the primary reason employees look for a new job. This is magnified by the fact that those who change jobs tend to experience higher pay than those who stay put—but there’s no guarantee that a new job automatically equates to a positive change.

This is especially true for those who move to a company that doesn’t align with their values, the work culture isn’t as positive as they’re used to, or their new position doesn’t live up to their expectations.

In a study of 1,950 people across the UK, US, France, Germany, Netherlands and Mexico by workforce management provider UKG, 43% of those who quit their jobs during the pandemic admitted they were better off in their old job and nearly 20% of those who quit during the pandemic have already returned to their former employer.

Back and forth

For those who instantly regret their decision, going back to a former employer can solve the problem of values, culture and expectations not being met. It can also afford the employee the opportunity to negotiate better terms and a higher salary than they were on before.

For the employer, there are also several benefits: these workers already know the company, know how processes and systems work, don’t need to be trained and can bring a fresh perspective, gleaned from their time spent at a competitor.

There’s also the feel good factor. When a former employee is welcomed back into the fold, it can boost the morale of existing employees and encourage them to stay put, helping employers retain talent, avoid further resignations and save money on the hiring process too.

However, if you feel like your current role has come to the end of its lifespan, it could be time to consider a new opportunity. The City PM Job Board has hundreds of roles in companies that are currently hiring, like the three below.

Content Strategy Manager, ByteDance, London

Founded in 2012, ByteDance has a suite of more than a dozen products, including TikTok, Helo, and Resso, as well as platforms specific to the China market, including Toutiao, Douyin, and Xigua. As Content Strategy Manager for new social media app Lemon8 you’ll develop a go-to market strategy for the UK and work alongside the creator partnerships management team, serving as an in-house expert in all verticals across what’s happening in-app and out-of-app. Applicants should have a Bachelor’s degree and two to five years’ experience in consultancy or corporate development, a deep understanding of social media, and the ability to collaborate with a diverse range of people across multiple time zones. See more details on this role here.

Senior FP&A Analyst, Octopus Energy, London

Octopus Energy Group is a global energy transition company made up of 10 businesses in nine countries across four continents. Octopus’ cloud software technology platform Kraken Tech launched to market four years ago and is now recruiting a Senior FP&A Analyst to develop and maintain financial models to support decision-making, including budgeting, forecasting, and scenario analysis. In this role you’ll conduct in-depth analysis of financial and operational performance, highlighting key trends and opportunities for improvement and continuously assess and improve financial processes and systems to ensure efficiency and accuracy. View the full job description here.

IT Service Management Analyst, Zilch UK, London

Zilch is a UK-headquartered payments technology company on a mission to create the best and most empowering way to pay, for anything, anywhere. The IT Service Management Analyst will be tasked with maintaining customer relationships and improving response and delivery times for Tier 2 and Tier 3 suppliers. You’ll also resolve any service problems and customer complaints, support internal teams by tracking down and resolving issues and assist in creating and maintaining IT operational workflows, knowledge documents and reports. Apply for this opportunity here.

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