Corporate alumni networks are communities created by organisations to connect with and maintain mutually beneficial relationships with former employees. These networks engage their members by sharing industry updates, hosting corporate networking events, mentoring and much more.
Despite the fact that corporate alumni networks appear to be mostly about ‘alumni’, they can provide lasting benefits to both employers and employees. A corporate alumni network is a pool of surplus business potential so it's important to actively nurture solid employer-employee relationships to reap these benefits, which include a number of HR and business related benefits.
Corporate alumni networks are great for recruitment and hiring processes, saving your HR department both time and money. Not only can members of your alumni network promote open positions to qualified candidates, increasing your talent pool of potential hires, but new positions or vacancies can be shared within your network to boomerang talent back into your organisation. Boomerang rehiring is the process of rehiring top performers, innovators and those with a proven track record of success who have left an organisation and increased their skills and knowledge elsewhere - and make up on average 20% of external hires every year. Therefore, by dipping back into your talent pool to rehire former employees, you’ll save time with onboarding processes.
Another great benefit of corporate alumni networks is an increased retention rate amongst your current employees, and this is a top priority for organisations globally - in particular, boomerang rehires have a 44% higher retention rate over three years! Creating a dedicated and trusted corporate space for your employees will make your employees feel genuinely valued and supported. This helps build a positive image for your organisation, and also shows potential candidates that your organisation is deploying all available resources to cultivate a healthy, collaborative and sustainable culture.
Whilst it may seem like organisations develop corporate alumni networks for recruitment benefits, investing in corporate alumni networks can actually contribute to increased sales lead generation and deal closing capacity. Continuing to maintain good relationships with your alumni will help with building strategic business partnerships in the future, because your alumni can be valuable connections and may be potential clients, suppliers, partners and other company stakeholders.
Don’t forget that your alumni are great ambassadors for your organisation! Use a corporate alumni network to set up a mentoring scheme - this will benefit your junior employees, helping them with both their personal and professional advancement. With a corporate alumni network, you’ll also be able to tap into the collective experiences and skills of your alumni to solve problems, generate new ideas, and keep up-to-date with the latest industry trends, helping you to maintain a competitive edge in your market or industry.
Organisations which invest in lifelong relationships with their employees consistently outperform those who do not - happy and satisfied employees are more productive, and a positive work environment can lead to lower levels of employee turnover and absenteeism and therefore a corporate alumni network is a key component for a well-engaged workforce. Additionally, top companies are able to leverage their past and current employee networks to increase employee loyalty, reduce staff turnover and retain top talent. Investing in a corporate alumni network shows your employees that you are truly committed to their personal growth - and most importantly, gives your employees access to a network with alumni to socialise and engage with former employees.
Additionally, corporate alumni networks are great for company reputation, and a strong corporate alumni network can also help to increase brand recognition. When former employees speak positively about their experiences at the company and stay connected through an alumni network, it can create a positive perception of the company among potential employees and customers.
Building dedicated networks and communities is at the heart of what we do here at ToucanTech. Our platform helps to boomerang talent back through jobs promotion and networking by sharing new jobs first with your member audience before going to the market, or offer careers advice, mentoring and connections to make your alumni truly grateful. Having a ToucanTech powered platform also allows you to connect those living in the same city or maintain functional connections - past employees may want to stay in touch or find a familiar face in a new city, and a ToucanTech platform provides a branded, data-secure place for these connections to flourish, whether that be within a social chat channel or in a specific club. Creating specific club content, news, photos, club events, and more will engage your alumni and encourage them to regularly log in.
Overall, corporate alumni networks are an important way to foster a sense of community, provide resources and opportunities for former employees, and promote brand loyalty. By investing in your employees through the establishment of corporate alumni networks, companies can reap a range of benefits and create a lasting impact on the business community. To find out more about how you can set up a dedicated corporate alumni network website and all-in-one CRM with ToucanTech, get in touch with one of the team.
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