The economic failures, mergers, and acquisitions tend to exert stress on the companies, cutting down the labor costs involved. 

The layoffs that make the big and small companies slash the endowment for which they had once invested massive money on training them and making them suitable for their jobs. 

The flair freed at the time of layoffs is seen as something more than an expense. These days, the leading organizations are in the process of and, to a greater extent, have developed the methods to rehire the alumni with successful track records.

The key that renders the rehiring process effortless and straightforward is their corporate alumni program. These programs are known to enable you to sustain a communally valuable connection with the previous employees. In the future, they might be able to turn out to be of great value, and you might end up hiring them back as and when needed.

With the 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 primary reason behind the setup or formation of alumni programs is related to hiring, various research illustrates that an investment made in the corporate alumni programs tends to boost productivity and invites more leads.

If treated nicely, an organization’s former employees can become 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.

Suppose you show interest in staying in touch and maintaining a good relationship with them even after their departure or leave. In that case, alumni 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:

HR Goals:

1. Making the image of the employer brand stronger
2. Making quality hires by choosing the top candidates. Generally, boomerang rehires are preferred due to the benefits associated with their hiring
3. Intensifying the retention rates of the existing employees
4. Escalating the number and superiority of employee referrals by making the alumni a part of the referral program

Business Goals:

1. Knowing about the industry best practices
2. Picking ideas from the alumni
3. Making direct sales with the alumni customers
4. Getting alumni assistance in forming strategic partnerships
5. Gathering competitive acumen
6. Getting more customer referrals
7. Availing product evaluation assistance

What Differentiates Great Programs From Average?

The companies, namely Microsoft and McKinsey, are well-known to maintain notable associations with their ex-employees. At the same time, there are some organizations like Ernst & Young, Deloitte, and Bain. 

They knit with the pioneers to work out their successful corporate alumni programs with the characteristics that differentiate them from the archetypal alumni program.

There are few factors that, without doubt, distinguish great alumni programs. So, keeping in mind, these factors much 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 their worth to the company. 

These programs look forward to keeping a close eye on the top performers, the people who possess excellent skills and innovators as their prospective boomerang rehires. 

• Twin Goals of Recruitment and Development

The best alumni programs move forward with a dual spotlight. The majority of these programs aim to rehire the alumni. The greatest ones are obligated to their incredible resources to form an alumni network that revolves around business growth. 

Staying in touch with 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 significance of employee advocacy on social networks are well known and cannot thus be questioned. These are successful ways to nurture and keep associations. So, these networks are highly made use of to make the scope bigger. 

• A Strong Business Case

The most imperative differentiator is the alumni program’s insight as a business idea and not just one more HR cult. But building the program as a business proposal asks for the leaders’ support and budget 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 organization’s brand ambassadors is quantified. 

• Onboarding Element

The companies that aim to excel in the future begin cultivating their employees and making them aware of what they expect from their workforce. 

They are always looking for a never-ending relationship. that makes the existing employees a part of their alumni program and stay in touch with them even after leaving. 

Why NextBee is the first choice for employee engagement?

Perhaps, there are a number of reasons why brands choose NextBee as their first preference for employee engagement because it offers a solution which is:

Adaptable and scalable

Customized options as per business needs

Makes employee on-boarding process easier and faster

Rewards and recognition programs based on tiered levels

• Diversity and a Global Component

The shaping of alumni programs are very well-versed in the concept of diverse alumni and completely understand that their needs are likely to be different from those of the average alumni. 

So, bearing this in mind, they put forward the options that can nicely complement their needs and requirements. 

• An Alumni Webpage

The exceptional alumni programs have an exclusively designed webpage for the corporate alumni. This page might consist of forums, podcasts, videos, blogs, alumni stories, and even an alumni directory. 

• Becoming Technology Savvy

Nowadays, the organizations use customer-relationship management software or the evolving social networking tools to monitor the alumni and maintain a convincing association with them. 

• Use of Metrics to Improve

Today’s technological advancements have made the best alumni programs to use the metrics to make constant improvement. It signals that the program’s importance and the resources have a persistent focus on the areas with a more significant impact.  

• Great Rehire Rate

The excellent programs generate incomparable results, which 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 helpful staff that shows interest in staying with it for the 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 positive 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, treat your employees well when they leave. And, show your willingness to hire them when they wish to rejoin your organization. It turns out to be beneficial for you as well as for the former employees.

To revamp your Corporate Alumni Program, feel free to contact NextBee. We develop a top-notch Alumni Program based on your business needs.