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US firms plan to re-hire former workers

With the economy showing signs of recovery, American firms are looking to re-hire employees they laid off in the past, mainly in the finance and manufacturing sectors, says a latest report.

world Updated: Sep 27, 2009 13:04 IST

With the economy showing signs of recovery, American firms are looking to re-hire employees they laid off in the past, mainly in the finance and manufacturing sectors, says a latest report.

According to a report by global career transition and coaching firm OI Partners, about 40 per cent of employers are planning to re-hire some former workers they laid off as either full-time employees or as consultants and freelancers.

The reason behind hiring former employees is that their skills are known to the employers and they consider former employees fit into the company's culture and environment. The employers think that re-hiring a former employee is less risky than recruiting a new one, the report said.

It noted that nearly half of financial services firms surveyed are planning to recruit some laid-off employees, 47 per cent of manufacturing companies and 42 per cent of services companies plan to re-hire some laid-off workers.

"Financial services and manufacturing were among the industries affected most by the recession, and made the deepest workforce cutbacks. That is why they may be more ready than other sectors to re-hire some employees they had to let go," OI Partners Chairman Tim Schoonover said.