Developing A Successful Rehiring Model

Abstract

In the knowledge economy people are the biggest asset of an organization that delivers the product, service or solution through their unmatched and rich expertise and experience. One of the biggest challenges posing the industry is to attract and retain the talent. One of the strategies adopted to counter this challenge is to rehire former employees. While most of the companies do re hire former employees, surprisingly, the entire process is adhoc. This paper tries to highlight the importance of process based rehiring to enhance the efficiency and effectiveness of rehiring. The paper also presents some of the facts that were collected during the research work on trends and effectiveness rehiring of former employees in Indian industries with a special focus on knowledge industry like Banking and Finance, IT/ITES, Healthcare etc. In conclusion, Regardless of whether a company is big or small, the benefits of rehiring former employees can be numerous; there's less training time, they have pre-existing knowledge of the company's culture and if they work for you, they don't work for your competitor. But bringing back an employee can have its drawbacks too. There may be lingering feelings of anger or betrayal, or it could create resentment on the part of former employees. Also, it's important to keep in mind that there was a reason why the employee left the first time.