With the emergence of talent wars in recent years, companies started spending considerable time to manage their human assets. They have been able to make it out that attracting and holding back the top employees is a great way to have an edge over the competitors. But concentrating on the possible recruits and existing employees, they have ignored their ex-employees who are the key element of their human assets.

It is essential to value the former employees as these are the greatest source of business growth. The organizations have realized that the former employees can promote their old employers in various ways. They certainly can be the buyers of your products and services. Here are the roles that alumni play:

• Rehiring and Referring

Earlier the companies used to keep away from recruiting the ex-employees. But now they have realized that it costs nearly half to rehire an ex-employee in contrast to hiring a new person. The rehires appear to be more productive and are expected to stay back for longer. Furthermore, the alumni are recognized people which certainly eliminate the probability of any misfire. Alumni are a great source of referrals.

• Great Investors

When the employees leave a company, they often are shareholders, either in the retirement plans or in any of their investment portfolios. Nurturing wonderful relations with such employees can considerably raise the probability of their holding on to those shares for a long term and can also make them buy more.

• Ambassadors

Former employees hold the capability to control external opinions about an organization in the same way as the current employees. So, having good terms with the alumni can strengthen a company’s repute, brand name, and power.

• Source of Intellect

Former employees are an amazing source of wisdom and intellect. They help the old organizations to stay updated as per the new industry trends, technologies, and even asset opportunities. Some companies believe that alumni are a great way to know what their competitors are doing.

How to Begin with Corporate Alumni Association

Without any doubt, bringing in an alumni program can at times be complex. It requires an organization to assemble and handle enormous information. With the help of new data-processing technologies, it has become simpler to launch the programs successfully. As the organizations are realizing the worth of their ex-employees, alumni programs are certain to flourish.