Boomerangs: 5 reasons why Alumni is your most undervalued asset
Given the fact that 40% of people would consider returning to a previous employer, shouldn’t alumni be viewed as a pre-qualified pipeline of talent for an organisation?
With people changing jobs more frequently than ever before, employers must accept the reality of millennial job-hoppers. Employees will leave for a multitude of valid reasons including:
– Career development opportunities
– Cultural suitability & better compensation.
A Careerbuilder study indicated that 45% of employees plan to stay with their employer for less than two years.
However, churn doesn’t always have to be a threat; it can be an opportunity. Put your strategic cap on and think long term. Think of it as extended Learning & Development training. These professionals are developing new skills, broadening their horizons, challenging themselves, gaining perspective and insights that you were unable to afford them.
Here are 5 reasons why your alumni can be much more than just ex-employees:
- Save time & money
Boomerangs are cheaper to hire, faster to ramp up, and more likely to be star-performers. There’s also a far lower recruitment error rate as boomerangs are already a cultural fit. After all, they know the company, they may have done the job before and they can navigate the organisation easily.
- Improve morale & reduce attrition
Boomerangs can also have a very a positive impact on culture in your organisation. Those who might be thinking about leaving may reconsider when they see their former peers returning. Boomerangs also stay longer, sometimes twice as long.
- Increase productivity & performance
Whether your alumni have been travelling the world or working for a competitor, they can add value. Competitive insights, industry knowledge or simply a fresh perspective can contribute to increased productivity and innovation.
- Business Development
Your alumni are strong connections that can champion you and offer introductions to decision makers in their new organisations. Whether you are in professional services and looking to acquire new clients or a technology company seeking new partnerships or acquisitions, alumni can be a huge asset to your Business Development team by expanding your network.
- Enhanced Branding & Culture
Investing in employees even after they’ve left your organisation isn’t exactly bad for optics. It sends the message to current employees that once they’re in the family, they’re always in the family. Building a network of brand ambassadors spreading the good word can also lead to increased referrals from alumni. After all, talent knows talent.
Talivest is a cloud-based solution enabling companies to forge strong relationships with alumni. We build alumni communities for companies small & large. Manage your alumni communications, networking, events & groups on one seamless, easy-to-use platform.