Why You Need a Corporate Alumni Program: Stay In Touch or Lose Out
What do you get when you mix corporate alumni with corporate networking? You get a corporate alumni program. Corporate alumni programs are ways for companies to stay in touch with former employees. These programs provide benefits to both the company and the employee; however, many companies still overlook this opportunity. This blog post explores how corporate alumni programs help businesses generate revenue by staying in touch with former employees and how they can make your company more competitive against other employers in your industry.
This blog post is part of a series on corporate alumni programs. Check out the other posts in this series to get more information including how they work and what you can do to implement one at your company!
The benefits of a corporate alumni program to an organization are immeasurable, here at 6 key reasons companies form an official corporate alumni program:
- Brand Advocacy: Your former employees, if a relationship exists, can act as free marketing for your company. By enabling a connection to former employees they are more likely to advocate for you both professional and personally.
- Recruiting: Your corporate alumni are an incredible pool of pre-qualified, pre-vetted and easily contactable talent. Rehiring former employees (boomerang) has immediate savings both in recruitment costs, time to productivity and they stay on average 2.4 years longer.
- Business Development / Sales Channel: Corporate alumni can act as a corporate sales and business development network. These networks come with established trust, do not cost anything to speak directly to decision makers they know and have worked with for years.
- Lead Generation: Corporate alumni provide companies with a golden opportunity to generate leads. Tapping into your former employees professional network is an easy in for corporate sales teams looking to develop new business relationships or add onto existing ones.
- Insights / Market Intelligence: Corporate alumni provide companies with a rich source of market intelligence. They are filled with potential customers and partners who can be contacted about company sales opportunities, product feedback or any other new business initiatives you may have going on
- Innovation / White Space: Your former employees represent a potential gold mine of innovation and white space opportunities. People are constantly looking for new challenges, companies, partners and customers to work with. This presents an incredible opportunity for corporate sales and product teams who can capitalize on this drive by working together with these former employees
Corporate alumni programs are about corporate responsibility and corporate citizenship. It is good for business to be a corporate alum success story, it helps you attract better people, enables your company to generate revenue, increase savings and operational efficiency.
By not maintaining a relationship with former employees, it is only the company that misses out. The reality is that being good to your people, maintaining a relationship and celebrating their wins even after they leave the business, is just good for business.