Out of Sight, But Not Out of MindDecember 29, 2016
Like an R&B song on repeat, organizations are not forgetting about their exes that easily. Many corporations are finding themselves looking into their little black books at what could have been, wondering what will be. The rise of Corporate Alumni Networks is providing a new use for those old contact sheets of employees past.[Click to Tweet]
Retired not useless
As corporations begin to acknowledge their alumni as dormant resources, retirees become more valuable resources. A 2009 article from Emerald Insight, a research magazine, detailed how the use of retirees as a resource can boost productivity.
“Companies can use alumni networks to learn who these working retirees are and what they still know – some technical knowledge, after all, can be lost if not used regularly. When a company identifies a knowledge gap, it can then offer a contract to a retiree to either handle the problem directly or participate in an in-house knowledge transfer activity,” Sergio Koc-Menard wrote in his article titled “Knowledge transfer after retirement: the role of corporate alumni networks.”
Retirees may not always want to work, but they could know the “lost” knowledge a company seeks. Maintaining a friendly relationship could be helpful to an organization in the future. Now that the importance of these alumni is becoming more apparent, the article said organizations around the world are reclaiming Intellectual Property lost in transition.
Gone But Not Forgotten.
The usefulness of retirees also extends over to general alumni who are still active in the workforce. The benefit of keeping up relations with alumni is three fold: business development, recruitment and brand awareness. According to an exploratory thesis article published last year on the subject, this is referred to as the Alumni Value Triad. Companies not looking to expand their reach, fill in knowledge gaps, find fresh talent, develop possible business avenues and have a legion of brand ambassadors need not look into alumni networks. Those interested in mining their alumni networks for talent should start building immediately for organizational benefits.