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  • What makes your ex-employees the most Powerful Untapped Assets?
  • ex-employees

     

    The ability of the corporate alumni to drive any company is simply undeniable. But the company alumni are not paid much attention by most of the companies. These companies fail to realize the true potential of the alumni relations and their value is yet to be discovered.

     

    Employees form a significant part of any organization. They spend quite a considerable number of years working with an organization, root in the business culture and build value for their customers. They nurture associations with colleagues. They learn and grow.

     

    There is the time when the employees eventually leave. Some leave to grab a more encouraging position while others leave to get away with the bad managers. Some leave with a cheerful face and a few leaves distressed.

     

    Here are the foremost reasons that indicate alumni to be the most powerful untapped assets:

     

    1. Brand Ambassadors

    Each of your ex-employees is an ambassador representing your company’s brand in one way or the other. So, whether you like it or not, you have to accept this. When it is about your former employees, you do not have any control over them and so your brand is not completely under your control. When you spend money on the marketing strategies, it does raise awareness, but it is the social media that gets you the most buzz. When the alumni communicate their thoughts on social media, they in one way or the other are talking about your company to the outside world. Their words are paid attention to as they have been at some point of time a part of your organization. So, it is essential that you have good alumni relations and engagement strategy in place as your former employees act as brand advocates on your behalf.

     

    1. Business Growth

    Your employee might quit the job but there is a higher probability of his or her coming back as a client or refer others. If we see from a marketing perspective, alumni play a vital role. There are chances that your ex-employees will be employed by organizations that offer the same products or services as your business. This can enable them to send business your way and vice versa by the means of referrals, leads etc. So, it becomes essential that you keep them up to date about your new offerings, so that they can promote these when appropriate.

     

    1. Industry Intelligence

    Your ex-employees are an amazing source of industry intelligence. They not only possess the information of the outside world but also are well aware of what makes the company tick. When you make the alumni a part of your booming association that offers real value and benefits, they do extra mile to advocate their former employer.

     

    1. Staffing & outplacement

    Yes, your ex-employees are a great source of referrals. Of course, recruiting quality candidates is a pricey affair. Considering the cost of professional recruiters and the rising shortage of expert candidates, suitable for the job, seeking alumni referrals holds a greater capability to fill your jobs. Alumni are well aware of your business values and corporate culture. Due to these reasons, they are highly suitable to refer you candidates from within their network. When your alumni are treated well and are valued, they help you recruit the talented pool and also reinstate the current employees who are looking for new opportunities. Offer your ex-employees a referral incentive, or something that holds value to them.

     

    Thus, it becomes essential that you have an appropriately implemented corporate alumni network in place. For example, McKinsey, Bain & Company and BCG are reputed business models as far as corporate alumni network is concerned. These companies are never found advertising or recruiting candidates publicly, and yet hold the top positions with a striking clientele and great pool of candidates. So, the credit here goes to the corporate alumni network and this is soon going to gain grounds.

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