We all are acquainted with our co-workers who no longer work for our company. Envision an organized way to keep in touch and have sound relationships with them. Building a corporate alumni program helps cultivate your recruitment process, intelligence congregation, and customer referrals.
The Mutual Benefits of Lasting Association
LinkedIn, YouTube, Tesla, Yelp-like websites have one thing in common! These are not merely the examples of originality and enormous financial success but each of these founded by the alumni of one company: PayPal. Lifetime service might have ended, but a lifetime association remains perfect, the Paypal alumni understands it better than anyone.
Setting up a best corporate alumni network for employee referrals, which asks for a slight investment, is a good step in maintaining a bond of common trust, joint investment, and mutual benefit at the time where lifetime employment does not exist.
Here is why corporate alumni programs are the key elements:
1. Helps Hire Great People
An alumni network makes things simple for the “boomerang” employees who help them get back to another duty after an absence from the company for quite a considerable time. Boomerangs are helpful as they put forward an outsider perception together with knowledge of company practice and culture.
Alumni are also helpful in referring great candidates. Taking into account the cost of expert recruiters and the value the job candidate, preferring the alumni referrals prove out to be the best practice. Besides the referrals, corporate alumni assist with the reference checks and assess the cultural fit, even when they are not directly sourcing the candidate. So, an appropriately executed corporate alumni program can help a company close great candidates.
2. Refer Customers
Alumni can themselves become customers or refer customers, when offered suitable incentives for this. Carrying out official incentive programs for alumni can ask for more paperwork and process as there is no software to manage alumni rewards component. But the value it provides is huge.
3. Are Brand Ambassadors
Your brand is not completely under your influence. Carrying out advertising campaigns and paying money can raise awareness, but noise is heard from grass-roots interest, particularly on social media. Corporate alumni are the best person to help in this respect. They hold the benefit of being third parties who are taken as more objective. If they happen to endorse a product or take an initiative on social media, alumni have authority that the existing employees just can’t duplicate.
4. Provide Useful Intellect
Alumni are a wonderful source of network intelligence. They have knowledge of the outside world but also are aware of working in the organization. Alumni provide an extensive external perspective. They possess the obligatory objectivity as well as the value and trust of the company.
So, the more a corporate alumni advocacy program fosters your brand, the simpler it is to use that network to recruit, use network intelligence and for customer referrals.