Stay informed and ready to meet both everyday challenges and long-term planning and policy-making goals, with focused news, practical information, and strategic insights on all HR-related...
March 2 — Corporate alumni networks let employers stay in touch with former staffers, making it easier to re-hire them or to get a trusted referral for a brand new hire, practitioners told Bloomberg BNA.
As with university alumni networks, corporate alumni networks can benefit their organizations, Liza Bennigson, director of business development for San Francisco-based software provider KonnectAgain, told Bloomberg BNA Feb. 29. However, although higher education institutions do a good job of staying in touch with former students, the corporate world hasn't been as effective at staying connected with those who move on, Bennigson said.
The benefits of remaining in contact with former employees are multifold, she said. For one thing, companies are increasingly recognizing that their alumni pool is a great source of talent, Bennigson said. The cost of hiring someone new can be twice that of rehiring a person who already knows the company systems and procedures, she said.
Moreover, Bennigson said, former employees may have garnered new, valuable skills, which they can then bring back to their original employers.
In addition, employers can get referrals for new hires from former employees they maintain a relationship with, she said.
Finally, she said, keeping in touch with alumni helps maintain a good brand and reputation for the employer.
Employer alumni networks are more important than ever, Bennigson said, because of the nature of today's employment relationships. Millennials, who will be a majority of the workforce by 2025, are more likely to move from employer to employer, she noted. “This idea of lifetime employment doesn’t exist anymore,” she said, but that doesn't mean that once an employee leaves, he or she is gone for good.
Social media, such as LinkedIn and Facebook, can help employers stay in touch with ex-employees, but those aren't as exclusive and focused as a network set up by the company, she said.
The most opportune time to make a connection with departing employees is during the offboarding process, which often is overlooked by an organization, Danny Nelms, president of the Work Institute, told Bloomberg BNA March 1. The consulting firm is based in Brentwood, Tenn.
The exit interview, in particular, is a “really important” part of this process, Nelms said. Employees need to know that hearing what they've experienced during their employment is valuable to the organization, he said.
Bennigson recommended that employers model their alumni strategies on the ways universities cultivate strong alumni groups. Colleges start a lifetime relationship with students when they're freshmen to create a real affinity for and loyalty toward the school, she said.
Likewise, employers should start engaging their employees early, and take advantage of every opportunity to bring alumni back as mentors or speakers, Bennigson said. Organizations should also highlight alumni employees’ successes after their tenure at the company, she said. “That’s definitely a great way to make your alumni want to stay involved,” she said. “Everyone in the company, current, former and future, is interested in those kinds of stories.”
To contact the reporter on this story: Genevieve Douglas in Washington at email@example.com
To contact the editor responsible for this story: Simon Nadel at firstname.lastname@example.org
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)