The tech industry has seen a surge in employees returning to established companies as the allure of working at startups fades. This trend has been on the rise for the past few years and has accelerated during the pandemic.
Big tech companies like Google, Microsoft, and Apple have been luring back employees who left to join startups with lucrative offers and better work-life balance. Many employees who left to join startups found that the long hours, lack of job security, and pressure to perform were not sustainable in the long term.
The pandemic has also played a role in this shift. Many startups struggled to survive during the pandemic, and employees who lost their jobs or were furloughed found themselves in a precarious position. On the other hand, established companies weathered the storm better and were able to offer job security.
The Great Return is not just limited to tech, but is also being seen in other industries such as finance, consulting, and healthcare. Employees are realizing that established companies offer better benefits, job security, and opportunities for growth.
The shift is also being driven by a change in mindset. Many employees who left to join startups were looking for a sense of purpose and autonomy, but found that the reality was different. Established companies are now offering more opportunities for employees to work on projects that have a social impact and are aligned with their values.
Despite the shift, startups still have a place in the job market. They offer employees the opportunity to work on innovative projects and have a direct impact on the company’s success. However, startups need to rethink their approach to attracting and retaining employees if they want to remain competitive in the job market.