Why Invest in a Corporate Alumni Network?
In today’s increasingly remote, digital, and hybrid world, it is the human touch that will be the enduring factor in creating a difference and long-lasting relationships are often seen with greater credibility in growing businesses. Companies are now rethinking and reshaping the employee management lifecycle where they no longer treat talent as disposable goods. They are forging a competitive edge by harnessing the power of Alumni Networks so they can leverage the expertise of their ex-employees long after they depart.
Corporate Alumni Networks are how organizations started engaging and continuing a relationship with their prior employees as they move on with their careers. While an Alumni network is a highly valuable tool in the corporate toolbox providing lasting benefits to employers and employees alike, why investing in one is the need of the hour?
Intellectual Benefits — Alumni are a great source of outside intelligence. They can provide competitive information, effective business practices, and emerging industry trends. Companies can tap into their alumni networks for additional industry intelligence, they provide you a group for subsidiary brand and product development. Former employees already know the company’s strengths, and the competitive advantages in the marketplace and are likely to speak candidly, thus giving you the opportunity to learn information about your organization in an honest and unbiased way.
Business Development — Alumni are a company’s most efficacious means of external communication, and actively nurturing these relationships contributes immensely to a business's success. An alum who tests the beta version of a new product is more likely to offer honest feedback than a current employee thus providing grounds for improvement. If you have a groundswell of former employees at one client, there’s a big opportunity to keep the business relationship strong, continuing to further sales, but also keeping your business service top of mind for new opportunities.
Re-hires and Referrals — Alumni can help you seamlessly fill your talent pipeline. Many employers are adjusting their recruitment strategies by expanding their alumni outreach either through Rehiring or referrals. A boomerang/ Returnee employee is someone who comes into a new role already knowing the company, the customers, and the culture and they bring with them a wealth of new knowledge, insight, and motivation, performance at a higher level than their “brand new” counterparts which means they are cost-effective and require less admin during onboarding. Aside from an employee returning, Alumni networks are a great tool for encouraging trusted ex-employees to refer outside talent from their network for new position vacancies.
Brand Value — Your company’s brand is never fully under your control. Your alumni are your reliable source and they can create the buzz that so many organizations are attempting to create on social media and at grassroots events. Similar to the client feedback, the alumni have the credibility that current employees simply can’t duplicate as they are considered to be third parties and thus are perceived as more objective. In simpler terms, the more a corporate alumni network strengthens the company’s brand, the easier it becomes to leverage that network for hiring, network intelligence, and customer referrals.
When it comes to Alumni, ROI is measured more by ROR, the Return on Relationship. This ROR creates mutual benefits for both parties, accelerating your business as well as promoting networking opportunities for your ex-employees. A well-run managed and engaged alumni network that is aligned to your corporate strategy and organization’s purpose will deliver many positive results and a greater return on investment for your organization.
The era might not be of Lifetime Employment but definitely of Lifetime Relationships and what’s a more logical way to maintain a relationship of mutual trust, mutual interest, and mutual benefit than establishing a Corporate Alumni Network, that requires relatively little investment? It’s time you invest in a Corporate Alumni Network, articulate the bidirectional value both parties get from the continuing relationship, and raise the bar in the process of your people management.
At Vaave, we have been helping corporations build meaningful and everlasting relationships with their ex-employees. If the above post did raise any willingness or concerns with respect to building your corporate alumni program, please feel free to reach out to us at hello@vaave.com or visit our website vaave.com
