Do you know what the Tesla, YouTube, LinkedIn, and Yelp cover in common? These are the greatest standing businesses that are the perfect examples of modernization and enormous monetary triumph created from a corporate alumni network.
All these platforms were started by the alumni of one organization – PayPal. They are known as the “Paypal Mafia”, and are talking as the wisest people of the Silicon Valley. They have been observed to be accountable for funding some of the greatest technology companies to be launched in recent times. This is a clear illustration of how important an alumni network can turn out to be when it is about business expansion.
How we define a Corporate Alumni Network?
What happens on the day when an employee leaves an organization – there is a cake cutting ceremony and good memories are talked about, few words of gratitude for the employee’s hard work he put in the company’s growth and then people leave for their places.
The organizations now very well understand that they do not need to end the terms with their former employees. Instead, they treat their ex-employees as “alumni” with a hope that these people will have the same preference towards their former employer.
The Corporate Alumni Networks actually are the expert networks that enable a company to stay in touch with their ex-employees. These are the sources of immense talent and intellect that might return to their former organization to work. Keeping a constant touch with the alumni makes a company access to the record and connects to the valuable resources that were once a part of it and are yet in minds.
Alumni relations are not to be forgetting and are worth keeping. Companies can always make use of the alumni to get the referrals, more business and contribution on the matters that only that person can understand who has been a part of it at some point in time. Also, these relations turn out to be beneficial for the former workers who can get the opinion and job leads for there. They can also show interest to rejoin the organization equipped with experience and having more connections.
Benefits that a Corporate Alumni Network gets you
- Keeps you in touch with the Intellect
Forming a Corporate Alumni Network is an amazing way to stay in touch with the intellectual capital of your former employees. As they grow in their career, they can even then be a great source of opinion, information and associations to help prop up your business initiatives. It further acknowledges the first-rate employees with career improvement support.
- Brand Advocacy
Connected and reliable alumni can be a great source to cultivate your talent brand. They are a great way to get you an extremely valuable, but usually are an unnoticed marketing channel who can be an asset to you even after they leave your organization. Always bear in mind that the alumni network carries an organization’s most trusted supporters.
- Enables you Recruit Talent
Pulling and holding back the top talent is obviously a tough battle for the organizations and talent management team. It has been shown by the research that alumni are considered to be the great source for tactical talent possession just after your existing employees whether it is about the referrals, rehires, or contracting. Alumni network not only lets you magnetize the top talent, it also brings down your cost of recruiting, lowers the turnover and expands the connections.
Employees who leave your organization certainly move further in their career and life. Keeping in touch with them helps you keep and get new relations that can further help you make important decisions and give their insight wherever required. These significant relationships greatly help your sales and business teams get on the inside track to get more profits.
How to get into the Present-Day Corporate Alumni
As already discussed, the function of the corporate alumni is sprouting and becoming a vital part for a great working of the business. The PayPal group; the great employee alumni of the PayPal, have on their own funded and are still funding some of the most flourishing private technology organizations. If the PayPal alumni can do this, think about what your alumni can do.
There are various ways to set up or form a great corporate alumni network. You can assign one of your employees to act as a point person, who would be handling tasks like gathering the contact information of the former employees and work on the program design and particulars, including the meeting schedules.
Another way is outsourcing this entire process to the company that holds the expertise in managing these kinds of alumni groups. You can also allow your ex-employees to take the front seat with an aim to develop an alumni network and provide the essential support by using your company’s name and logo, help to produce the alumni newsletters, or in event hosting.
Alumni groups make sense for the employees and employers. Keeping contact on a usual basis lets both teams get into valuable business connections and go on forming professional relationships with the passage of time. So, instead of bidding goodbye to an important and cherished employee at the time of their leaving, it is essential that you keep the doors of communication open for mutual benefits.
You can also get in touch with NextBee that specializes in providing you with amazing corporate alumni solutions. We also help you form a stronger alumni network. So, what have you been waiting for? Hurry! Save your time and money by availing our service. We help you stay ahead of your competitors by making sure that our services give you a competitive edge and make your grass greener. Come forward to gather more information or get answers to your queries by getting in touch with us or visiting our website. Our representatives are always there to assist you.