World Economic Forum: Exploring the Concept of "Returnships" and the Benefits they Offer to the Market

World Economic Forum: Exploring the Concept of "Returnships" and the Benefits they Offer to the Market

What is a Returnship Program?

Returnship programs assist seasoned professionals who have taken a career break, usually lasting two years or more, to re-enter full-time employment. Sponsored by employers, these programs offer comprehensive training in hard and soft skills, social support, mentorship, and a pathway to permanent employment.

As the Covid pandemic has forced many people out of work and shifted caregiving responsibilities between genders, companies are expected to witness increased diversity and improved gender equality rates within these programs

Employers Recognize the Value of Returnships

Despite advancements in childcare, women are still more likely than men to take career breaks for caregiving duties. Employers find the return-to-work talent pool an effective resource for promoting gender diversity, especially in mid- and senior-level positions. For example, in 2022, Schneider Electric successfully welcomed its first group of seven returnees, hiring five of them who continue to thrive in the company.

Returnees bring years, and sometimes decades, of experience. According to Fishman Cohen, employers are eager to tap into their knowledge, as these individuals have a better understanding of their skills, practical experience, and potential to add value to an organization. Furthermore, they are at a relatively stable stage in life and possess the energy and enthusiasm needed to re-enter the workforce.

Returnees bring years, and sometimes decades, of experience.

How Returnship Programs Work

Participants start with an intensive, boot-camp-style corporate skills training and orientation before working on projects related to their future roles. Programs typically last between twelve to sixteen weeks, with some extending up to six months. These programs are usually paid, although the training-phase compensation might not meet long-term financial goals. However, the training is free, and salaries are often adjusted upon full-time employment.

The main objective of returnship programs is to facilitate professionals' full-time reintegration into the workforce. The probability of securing permanent employment is high, with the majority of returnees boasting an 80% hiring rate, according to The Mom Project.

Why Returnships Matter

Returnships enable professionals to rejoin the workforce without starting from scratch. These programs help individuals, especially women, avoid the "mommy penalty," which can result in stagnant careers and lower wages. Yana Rodgers, director of the Center for Women and Work at Rutgers University, suggests that returnships help destigmatize re-entry into the workforce while also addressing gender pay gaps.

According to Pam Cohen, head of data and analytics at The Mom Project, there is a direct correlation between returnship programs and long-term employee retention. Most returnees intend to remain in the workforce long-term, an outcome that may not be achievable without such programs.

How Returnships Benefit Workers Who Took a Career Break

In addition to job-specific training, returnees gain access to various benefits that can enhance their confidence, community connection, and career trajectory. Returnship programs help bridge the gender pay gap, provide a sense of community, and enable professionals to regain their technical skills and confidence.

The success of returnship programs has the potential to influence not only the returnees and new employees but also shift societal perceptions about career breaks. By normalizing re-entry into the workforce after a hiatus and retaining more women in senior roles, returnships can significantly contribute to narrowing the gender pay gap.

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