The economic failures, mergers, and acquisitions tend to exert stress on the companies and these end up cutting down the labor costs involved. It is the layoffs that make the big, as well as small companies, slash the endowment for which they had once invested huge money on training them and making them suitable for their jobs. The flair freed at the time of layoffs are seen something more than an expense. The leading organizations these days are in the process of and to a greater extent have developed the processes to promptly and straightforwardly rehire the alumni with successful track records.
The key that renders the rehiring process simple and effortless is their corporate alumni program. These programs are known to enable you to sustain a communally valuable connection with the previous employees who might at some point of time in future be able to turn out to be of great value, and you might end up hiring them back as and when needed.
With tremendous talent around you, it is wonderful to either set up a formal program or improve your accessible boomerang program.
Corporate Alumni Programs Fetch Revenues for the Organizations
Though the major reason behind the set up or formation of alumni programs is related to hiring, various research illustrates that an investment made in the corporate alumni programs tends to boost the productivity and invites more leads.
If treated nicely, an organization’s former employees can turn out to be the brand ambassadors for your company. Even though they are laid-off, there are higher chances that a considerable number of previous employees continue being trustworthy and dedicated to your organization.
If you show interest in staying in touch and maintain good relationship with them even after their departure or their leave, they show interest to rejoin your organization and might even become your prospective customer when they opt to work with any other organization.
The Goals and Benefits of Corporate Alumni Programs
Well-thought-out corporate alumni programs can turn out to be highly beneficial for your company in various ways. Some of the business and HR related goals include:
- Making the image of the employer brand stronger
- Making quality hires by choosing the top candidates. Generally boomerang rehires are preferred due to the benefits associated with their hiring
- Intensifying the retention rates of the existing employees
- Escalating the number and superiority of employee referrals by making the alumni a part of the referral program
- Knowing about the industry best practices
- Picking ideas from the alumni
- Making direct sales with the alumni customers
- Getting alumni assistance in forming strategic partnerships
- Gathering competitive acumen
- Getting more customer referrals
- Availing product evaluation assistance
What Differentiates Great Programs From Average?
The companies namely Microsoft and McKinsey had been known to maintain amazing associations with their ex-employees while there are some organizations like Ernst & Young, Deloitte, and Bain, who knit with the pioneers to work out their booming corporate alumni programs with the characteristics that differentiate them from the archetypal alumni program.
There are few factors that without a doubt distinguish great alumni programs. So, keeping in mind these factors greatly help you in making your alumni program a grand success:
- Prioritizing the Alumni and treating them Differently
Though the alumni programs see all their corporate alumni likewise, the best ones set the priority of their alumni keeping in account their worth to the company. These programs look forward to keep a close eye on the top performers, the people who possess amazing skills and innovators as their prospective boomerang rehires.
- Twin Goals of Recruitment and Development
The best alumni programs move forward with a dual spotlight. Majority of these programs aim to rehire the alumni, the greatest ones at the same time obligate to their great resources to help them form an alumni network that revolves around the business growth. Staying in touch with the former employees is impactful every former employee might not show the willingness to rejoin you but each of these can certainly help you make referrals and spread positive words about your brand.
- The Use of Social Networks
The importance or significance of the social networks are well known and cannot thus be questioned. These are the successful ways to nurture and keep associations. So, these networks are highly made use of with an aim to make the scope bigger.
- A Strong Business Case
The most imperative differentiator is the insight of the alumni program as a business idea and not just one more HR cult. But building the program as a business proposal asks for the support and budget by the leaders due to the crystal clear association between the working of a successful program and raised revenue. At reputable alumni programs, the dollar value of retaining the top employees and the financial impact of holding back your previous employees who act as the brand ambassadors for the organization is quantified.
- On boarding Element
The companies that really aim to excel in future begin cultivating their employees and make them aware o f what they expect from their workforce and that they are always looking for a never ending relationship. They make the existing employees a part of their alumni program and stay in touch with them even after they leave.
- Diversity and a Global Component
The finest alumni programs are very well versed with the concept of diverse alumni and completely understand that their needs are likely to be different from the average alumni. So, bearing this in mind, they put forward the options that that can nicely be adapted to complement their needs and requirements.
- An Alumni Webpage
The amazing alumni programs have an exclusively designed webpage for the corporate alumni. This page might consist of anything like forums, podcasts, videos, blogs, alumni stories and even an alumni directory.
- Becoming Technology Savvy
Gone are the days when the corporate alumni programs were run on the Excel spreadsheets! Now-a-days the organizations make use of the customer-relationship management software or the evolving social networking tools to monitor the alumni and maintain an effective association with them.
- Use of Metrics to Improve
Today’s technological advancements have made the best alumni programs to being in use the metrics to make constant improvement. This signals that the program importance and the resources are persistently moved to the areas with a greater impact.
- Great Rehire Rate
The great programs generate incomparable results, which clearly signal that 10% to 20% of all the recruits must be the boomerangs. A considerable fraction of your sales must also be traceable into your corporate alumni network.
- Committed Employees
The top firms possess a valuable staff that shows interest to stay with it for a long-term and works together with the organization to turn the alumni program into a competitive advantage.
It is at times inopportune that an organization’s financial condition forces them to let loose their valuable and treasured employees. But this situation can be seen as a positive thing if the organizations aim to keep their interest intact in getting them back. These employees do hold the ability to drive the business even when they are away. So, you are recommended to always treat your employees well when they leave and show your willingness to always hire them when they wish to rejoin your organization by staying in constant touch with them. This turns out to be beneficial for you as well as for the former employees.
In order to revamp your Corporate Alumni Program, feel free to contact NextBee. NextBee is experienced in developing a top-notch Alumni Program pertaining to your business needs.