You need to be thinking about these two workplace phenomena

Today, I’d like to focus on two phenomena that occur in fast-growing businesses. Perhaps you’re experiencing one or even both of these. The first is a great thing and the second is a not-so-great thing. One accounts for saving you stress and money. The second will cost you tens of thousands of dollars or much more.

The first phenomenon is Boomerang Employment.

Boomerangs are employees who return to an employer after leaving a company. According to LinkedIn, this phenomenon is on the rise with 4.5 percent of all new hires among companies in 2021, up from 3.9 percent in 2019.

It is paramount to never burn bridges with your departing employees. Especially if those leaving are among your top talent. Instead, conduct an exit interview to learn more about what they decided to leave.

MIT Sloan writes, “While no organization plans for a valuable employee to exit, it can be incredibly beneficial — for the company as well as the employee — when they return after some time away. These returning employees already know the organization’s ins, outs, and nuances, and understand the employer’s expectations and company culture. In a job market where talent competition is at an all-time high, looking to those already familiar with your organization could be a competitive advantage for a few key reasons.”

The second phenomenon is Turnover Contagion.

Turnover Contagion is known as the domino effect of one resignation. Simply put, when one employee quits others notice and decide to quit too. This can quickly escalate to a mass walkout and can shutter a business.

The BBC Workplace explains, “The strength of turnover contagion depends on which employees leave, and the kind of circumstances they leave under. So, especially in today’s uncertain labour market, good managers should be strengthening employee retention and recruitment, to avoid being left captaining a ship without a crew.”

The article continues, “The departure of key employees is a critical time to invest in the remaining employees, and in recruiting new staff. Yet too many employers do the exact opposite: try to save money by burdening the existing employees with more work, which creates a vicious cycle of stress and resignations.”

One of the best ways to avoid losing talent is to conduct stay interviews before your best talent considers resigning in the first place.

The Nice Method is all about culture, communication, and improving employee retention.