Ep 6 (The Smart and Savvy Exit) The Big Turnaround - A Way Out Part 2 - Ellen McIlhenny
Ellen McIlhenny - “The Smart and Savvy Exit – The Big Turnaround – A Way Out (Part 2)
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I read an interesting article today in “Small Business Trends” by Gabrielle Pickard-Whitehead about rehiring employees who had left your company. I’ve been in the business world for more years than I’d like to admit, and I can remember a time when leaving a company for whatever reason was a bridge burned. However, in today’s “new normal” job market where labor is one of the biggest concerns of almost all small business owners, the idea of hiring back a known quantity is not always a bad thing. Many times, when an employee leaves it is because of that part of human nature that makes us think that “the grass is always greener on the other side”. But that might not always be the case. A good former employee may jump at the chance to come back if asked nicely.
What I thought was interesting about Ms. Pickard-Whitehead’s article is that studies have found that more than 50% of employees who were rehired by their employer were either slightly more or much more satisfied with jobs than they were before. This compared to less than 40% felt about the same about their job after being rehired. Less than 10% said they were less satisfied with their employer after being rehired. In addition, human resources professionals say that they are almost 80% more likely to rehire a former employee than they were just a few years ago.
Obviously the number one reason to rehire a former employee is you know this individual and their work habits. If you like them enough to rehire then there is no reason to believe they will be any different the second time around.
A few other reasons to rehire are:
With that said there are things you might want to watch out for when rehiring an employee:
Obviously one thing that will determine how well a rehire will work out is how long have they been gone from the company? The shorter the time frame the more likely a rehire will work out.
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Show Objectives - The Why
Today we will continue our discussion of my book The Big Turnaround: How bad management nearly destroyed an exceptional company. Today we will be talking about “A Way Out (Part 2) – Burgess Industries may be for sale once again.
Then I’ll talk about another main take-away from the book – Instead of Searching for the “Magic Bullet”, look within.
Out “Tuesday Tip” – Cultivate Creativity!
Written by Ellen McIlhenny
Owner of CFO Plus Services, a Fractional CFO services firm which also offers Back Office Bookkeeping Services. Author of the business novel The Big Turnaround; How Bad Management Nearly Destroyed an Exceptional Company. Check it out at https://thebigturnaround.com
You can connect with Ellen on any of her #cfoplusservices platforms or firstname.lastname@example.org
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