Increase Your ROI by Maintaining Alumni RelationshipsJanuary 12, 2017
While corporate alumni programs are still a relatively new concept for organizational strategies, they carry the potential for significant ROI from increased business development opportunities, strengthened company and employer brand, and reduced recruitment expenses. Corporate alumni programs are frequently discussed abstractly in articles and research, but specific providers of alumni programs currently in the market seem relatively few and rarely discussed.
Insala, as an alumni solutions provider, weighs in on the philosophy, benefits, and organizational ROI of corporate alumni programs below.
What is a Corporate Alumni Program?At the heart of our philosophy, corporate alumni programs are about creating lifelong relationships between employers and employees, and are based on the value that your employees bring to you and your organization, during and after their time at your organization. Your employees are valuable, and it’s important to ensure that they feel valued. [Click to Tweet]
How do Corporate Alumni Programs work?Alumni programs function as talent networks which enable organizations to maintain mutually beneficial relationships with its exiting, retiring, and former employees. Rather than simply establishing a company branded networking system, you want your alumni program to actively engage your employees with directed content and resources that provide real opportunities for career development. Insala’s platform offers your employees world-class career development and networking tools that enable each of your Alumni to be as successful as possible throughout their career.
What are the potential areas for organizational ROI?Broadly speaking, potential areas for organizational ROI include increased business development opportunities, reduced recruitment and hiring expenses, and stronger commercial and employer brands.
- Business development: The possibilities for business development extend beyond the sphere of your own organization and into the global business environment. Opportunities for networking, learning, and generating new business opportunities with your alumni and their contacts are limitless.
- Strengthened brand: When your former employees form new relationships outside of your company, they can be natural ambassadors and brand advocates for both you and your organization.
- Reduced recruitment and hiring expenses: Active alumni networks allow you to recruit from your alumni (“boomerang” hires, discussed below), or on referral of your alumni network, reducing recruitment cost and allowing you to hire internally.
- “Boomerang” hires: Many times, former employees still engaged with the organization will decide to return. In these cases, rehired employees enter the company already understanding company culture and practices, resulting in both higher employee engagement and higher speed-to-productivity, which is more than 50% faster for rehired former employees than for new entrants.
What are the benefits for your former employees (alumni)?By offering career advancement and networking tools to your alumni, they will see the benefits throughout their career and will remain engaged with your organization’s community. The benefits can include:
- Access to a valuable network to progress in their career: Active alumni networks allow former employees to discover jobs to further their careers strategically through a network they trust.
- Continued organization association: Former employees will still be associated, and associate themselves, with your organization.
- Ongoing professional development: With the career and networking tools included in Insala’s alumni platform, former employees can engage with people and groups that can help them in the areas they would like to develop professionally.
Stay connected to your top talent and engage your alumni in their continued careers with the process and the alumni software specifically configured to meet your objectives.