Why is a Corporate Alumni Program the need of the hour?
No matter how different companies are with respect to industries they are in, they are all now coming under the same umbrella, recognizing the value of Alumni Programs and Human Assets, although some have been slower to the draw. Be it for unfortunate restructuring circumstances, or the understanding that relationships are more important than ever before, Corporate Alumni programs have found their way to the top of HR leaders’ 2022 priority list.
The importance of corporate alumni networks has been more realized as the HRs started navigating the uncertainties of managing a workforce during the pandemic. Alumni programs are not just a one-way benefit, organizations provide a valuable community and resource for former employees and receive an incredible return in the form of brand advocacy, business development, and talent acquisition.
Brand Advocacy — Your employees are strong advocates of your brand in today’s market. Alumni programs provide a unique opportunity to re-envision the employee experience as one that extends beyond the exit and support employment lifecycle strategies, thus leaving them no option but to promote your brand. Organizations can determine the overall perception of their brands over time and predict future business growth from these Alumni groups. Alumni engaged by corporate alumni programs are more likely to recommend the company’s products and/or services.
Today, CHROs and directors of HR in top organizations — such as Microsoft, BCG, Deloitte, PwC, and McKinsey — have clocked this necessity and are investing heavily in corporate alumni programs, to enhance employer branding.
Business Development — Your ex-employees can be your potential Suppliers of Intellectual Capital, Ambassadors, Marketers, and Investors. Fostering good relations with those employees can significantly increase the odds that they will hold on to the company and improve your Business. When alumni are part of a thriving network that provides real value and mutual benefit, they’ll be proud to support their former employer.
Many HR professionals are now rethinking approaches to include extending the relationship with former employees through corporate alumni programs that create benefits for everyone involved.
Talent Acquisition — A firm looking to boost their ecosystem and brand exposure should focus on their alumni recommending their former organization as a great place to work. Alumni networks provide more flexibility in hiring practices with more opportunities for referrals and rehiring (Boomerangs).
These days, HR professionals and managers are realizing that loyalty doesn’t necessarily end when employees move on to other opportunities or areas of focus. There are many working years in a lifetime and people desire the flexibility to pursue other options without burning their past employment bridges. Plus, with the benefits that boomerang employees can bring to the business, it can become a win-win situation for everyone.
The past 5 years have been the years that alumni take their place at the table, recognized as a force to be cultivated, nurtured, and reckoned with. This rich source of people who know your business but don’t currently work for you has now started to be seen as a blessing that offers opportunity, access, thought leadership, mentoring, and professional growth. The establishment of corporate alumni programs rose on the list of priorities for HR leaders in 2022 as companies from a variety of industries have started to realize the untapped potential that the Alumni Communities hold.
While we understand the benefits that are much associated with nurturing Alumni Relations, there’s still uncertainty on Why bother to have a dedicated platform. An alumni platform offers automation and segmentation capabilities that social media sites simply don’t have and they deliver on business objectives that far outweigh the set-up and maintenance costs of the software.
Even when everything starts getting mislaid, people and relations are what last for a long time. Your people are crucial to your organization’s success. What you do now to nurture relationships with your people from pre-hire to post-hire can have a massive impact on your bottom line and reputation in the market. Look to your Alumni, Look to technology to help you create a vibrant hub that creates a bond between you and current and past employees. Your ex-employees are your friends who are staying in touch, for all the right reasons.
We at Vaave have created an alumni management tool that helps manage your alumni community. Since its inception more than ten years ago, Vaave has led the market by enabling meaningful alumni relations.
If you’d like to know more about Alumni relations, please visit: https://www.vaave.com or write to us at hello@vaave.com.
