Why your organisation needs to develop an alumni network

Corporate alumni networks are where organisations can engage and forge long-lasting relationships with valued ex-employees who made significant contributions to the organisation. Alumni networks are often hosted on social media platforms such as Facebook and LinkedIn, where members share news updates, career advice, alumni achievements, training sessions, event invitations and more. The goal is to continually develop the employer brand and create a resource of talent, of both “rehires” – often referred to as “boomerang employees” or “comeback colleagues” – and referrals.

What are the benefits of an alumni network

Using alumni networks to cultivate solid employer-employee relationships has many organisational benefits. One study found that the top three drivers of alumni programs are brand advocacy (according to 86% of respondents), business development (76%) and talent acquisition (66%). Let’s look at the main benefits below:

• Alumni networks enhance employer branding. Never underestimate the influence former employees have on brand reputation. Keeping them actively engaged in your company and the wider community will give them a positive lasting impression on the business, and they will then speak fondly of your company – either through word-of-mouth or via social networking channels. An engaged alum is also more likely to re-join company ranks, but they are also more likely to become brand ambassadors and customers.
  
• Rehires are cost-effective. Return employees are valuable because they are suppliers of intellectual capital: they bring with them a wealth of new knowledge, insight and motivation, and typically perform at a higher level and reach full productivity quicker than their “brand new” counterparts. This means they are cost-effective and require less admin from HR and hiring managers when it comes to onboarding.
• Former employees are referral sources. How many times have you scored a job through someone you know, or offered a leg up to someone in your network? Alumni networks are a great tool for encouraging trusted ex-employees to refer someone they know to new position vacancies at your company. This is an attractive benefit, because it shortcuts the candidate vetting process. 

How to develop your alumni network

Developing an alumni network from the ground-up can be time-consuming, but technology and automated processes can help speed up certain tasks, such as data collection.

Below are some quick tips on getting started:

1. Provide a positive goodbye through offboarding and exit interviews. Read our blog on how to conduct an effective exit interview here.
2. Assign a dedicated alumni network manager and moderator to manage feedback, post content (e.g. a weekly/monthly/quarterly company newsletter or an alumnus “wall of fame”)
3. Strategise alumni groups – will there be different groups for ex-employees vs. contractors and interns?
4. Update the company exit process to ensure employees receive a positive “goodbye”.
5. Create a candidate referral program for alumni to use.
6. Host alumni events.

When a valued employee hands in their notice, employers mustn’t turn away and close the door. To forge a competitive edge, they should harness the power of alumni networks so they can leverage the expertise of their ex-employees long after they depart.