Networks are the most powerful tools we have on both a human and business level. Today, networks – and especially digital ones – are more important and powerful than ever before. And when it comes to company employee networks, one of the best kept secrets of strong hiring teams at top companies is the corporate alumni network. In fact, 98% of Fortune 500 companies have some sort of Alumni Program, even if it isn’t on a formal platform. So, what do these companies know about the power of corporate alumni that other firms may not? Read on to find out.
A) Corporate alumni are a great resource for new talent.
Whether your company has a policy for rehiring previous employees or not, corporate alumni should not be underestimated in their power to help you attract – and even retain – new talent.
For the companies who do engage in “Boomerang Recruiting” (that is, recruiting all-star team members back to the company), a well-designed Corporate Alumni program has been reported to generate as much as 17% of all hires.
And for companies with stricter “No Rehiring” policies, the power of the alumni network remains strong. Whether advocating for you within their growing networks at large or engaging in one-on-one conversations with potential hires looking for an insider perspective, former employees’ are considered more objective, and therefore they (hopefully) can be your most convincing brand ambassadors. A Corporate Alumni program can help nurture that ambassadorship.
B) Corporate alumni know your business well and can now offer valuable feedback.
For insights on everything from launching a new product to getting honest opinions on company culture, there is no better resource than your company alumni. From a high-level industry level, alumni often move on to more senior roles in similar or tangential industries and can therefore provide invaluable insights around industry intel, trends, and best practices. On a more company-specific level, your alumni know your business and products inside and out from their experience there – and now that they have left, they can offer truly honest opinions on everything from new products you are testing out to your employee environment.
C) Corporate alumni can help to increase your current employee engagement and loyalty.
Last but not least, while the Corporate Alumni network may seem to center primarily around “Alumni” – the benefits extend far beyond just previous employees. The truth is the benefits pay tenfold also for your current employee network. Top corporations are able to increase employee loyalty, reduce employee turnover, and retain top talent by leveraging the full power of their past and present employee network. How? By setting up networking events that show (instead of just telling) your employees that you are truly dedicated to their personal growth and, most importantly, by giving them access to an alumni database where they can make connections and outreach on their own time. This kind of network building is powerful.
Global HR leaders know the power of the Corporate Alumni Network. Nina McQueen, VP of Global Talent at LinkedIn, said it best: “Your company probably spent a lot of money recruiting talent, so don’t let those employees just walk out the door on their last day. The cost of investing in alumni is much less than you think, and the returns are much greater than you think. The days of lifetime employment might be over, but remember, relationships will always matter.”
Unlock the Power of Your Corporate Alumni Network
Alumni Reach is an easy-to-use platform enabling companies to unlock the full power of their corporate alumni network. Top firms choose AlumniReach to recruit talent, increase brand awareness, and gain valuable market intelligence to build strong connections with customers.
Are you ready to unlock the power of your Corporate Alumni Network?