Benefits of Engaging with Former Employees
There are few companies who try to engage effectively with their alumni even after they leave. But nowadays, things are changing especially in the organizations that have a strong corporate culture. Amazon, Credit Suisse is the companies that have well-established alumni networks and are completely open to rehiring Boomerang employees.
According to a research, around 15% of the respondents said returned to their former employer, and approximately 40% said they would prefer boomeranging back if given an opportunity. Nearly 40% of employees showed interest rejoining their old organization. This therefore is a tremendously priceless opportunity for any HR team or organization. Further than the additional band of great workforce, former employees hold the potential to provide value on multiple levels to the company.
1) Diminished Hiring Risk
These former employees are the known people who certainly are less risky hires. They previously recognize your organization, are familiar with its culture and processes, and are expected to be a wise decision for a low on-boarding cost. They also bring with them new acquired skills and perception to the team. Moreover they have a positive impact on their colleagues.
2) Their Referral Network is Advantageous
Even if your former employees are not keen on joining you back, they still can refer suitable candidates. There are organizations that have their employee referral programs in place which is restricted to their existing employees. They must manage it the right way by making the corporate alumni its members as they have a great network, and help you look for a top talent. Your former employees who have good relations with you can highly persuade others to become a part of your organization.
3) Amplify Employer Brand
Social media platforms and the review websites and communities namely Glassdoor have made things quite simple for the former employees to talk about their professional experience in detail.
Their reviews are taken to be more honest by the people, and the former employees hold the power to enhance or completely wipe out your company’s name.
4) Maintain a great Customer Experience
An employee’s bad exit experience can drive him to discontinue the use of your company’s products and talk bad about your company or brand. They might also begin working for a client who is availing your products and services. If you had a bad relationship with him, there is a higher probability that they might take their contract to some other company.
Setting up and maintaining a sound corporate alumni network and constant communication with your ex-employees certainly asks for a relatively slight investment. This is due to the reason that you before now possess the information and networks and thus do not require the advertisement and license costs linked with sourcing new talent.
So, you need to have the right technology to remain greatly engaged with your alums and keep personalized communication with them. Make sure that you do not eliminate your former employees from your database when they leave your organization as they still will be an asset for you.