"Fostering Success: Unleashing the Power of Alumni Networks for Organizations and Individuals"

Traditionally, alumni networks referred to groups of school or college students who endeavoured to maintain connections with their alma mater through periodic meetings, typically held on a yearly basis, to stay in touch with their school or college peers. Additionally, former students often formed their own groups based on their graduation year, such as "Batch of 1984" and the like.

However, in recent years, we have also witnessed alumni networks extending into the corporate world. These networks have evolved from individually organized gatherings to company-conceived and sponsored initiatives. The reason is simple: companies recognize the value of cultivating and fostering a vibrant alumni network. Such networks prove to be mutually beneficial for both the organization and its alumni if developed and promoted effectively.

In his book "The Alliance: Managing Talent in the Networked Age," Reid Hoffman emphasizes the significance of a strong alumni network for an organization's success. He asserts that it is a logical aspect of maintaining a relationship built on trust, investment, and mutual benefit, particularly in an era when lifelong employment is no longer the norm.

Employees contribute significantly to and gain valuable experiences from their stints in various organizations, and this can have a multiplier effect in today's landscape where people often change jobs throughout their careers. Given the current job market's high attrition rates, it can be challenging to hire quality employees within a reasonable timeframe. By establishing a robust alumni network, companies can potentially gain access to "boomerang" or returning ex-employees.

Prominent companies like Uber and Yelp have emerged from informal corporate alumni networks. These networks facilitate ongoing connections between companies and former employees.

So, how does an alumni network benefit organizations? There are several ways in which maintaining a connection with alumni can help companies. Alumni can serve as brand ambassadors, speaking positively about the organization and contributing to its reputation in the industry. A collective of individuals sharing favourable views about an organization is far more credible than paid promotions and advertisements.

Reid Hoffman highlights the strength of alumni over social networks, stating, "If they promote a product, an initiative, or respond to tweets from current or prospective customers, former employees have a certain amount of credibility that cannot be matched." Their objectivity lends significant weight to their opinions. Companies are gradually recognizing the value of former employees as an excellent source of positive publicity.

A professional alumni network also serves as an efficient recruitment tool. It helps alumni stay updated on the organization's latest developments and facilitates candidate referrals. Former employees possess a solid understanding of the organization's culture and values, making them well-suited to refer suitable candidates.

In many cases, alumni themselves can be an ideal fit for open positions with their ex-employers. The skills they acquired during their time elsewhere can greatly benefit the organization. The cost of rehiring is approximately 40% lower than hiring new employees, and the ease of onboarding ex-employees makes it an appealing proposition overall. Studies by TeamLease Services indicate that boomerang employees constitute about 15-20% of job offers, and even the attrition rate among boomerangs is lower compared to new hires.

Now, how does the network benefit alumni? Alumni networks serve as valuable career resources, enabling individuals to stay connected with their former employers and gain insights into current happenings. The organization one left may have undergone changes, creating new opportunities that align with an ex-employee's aspirations or skill set.

Alumni can also engage with their ex-managers and colleagues for coaching, advice, and mentoring. Having an independent sounding board for complex situations proves highly beneficial.

To develop and promote an alumni network effectively, creating a simple WhatsApp or LinkedIn group and inviting alumni to join is not sufficient. The organization must clearly articulate the network's purpose and make it dynamic and engaging. A thriving network requires time and commitment from the organization, motivating alumni to actively participate. Establishing an alumni website or a LinkedIn page/group is a good idea, as it allows for hosting content like organizational updates and discussion boards.

In-person meetings, roundtable conferences, and panel discussions that go beyond online connections make the idea more compelling and open up a range of possibilities for both sides. These events can focus on current issues, corporate updates, or simply serve as networking opportunities over high tea or cocktails. What matters more than the event's format is the connection and exploration of areas of mutual benefit between the alumni and the organization. Even a few well-executed events each year can yield desired results.

Promoting the alumni network is a crucial step. Communicating the network to existing employees and including it in the new employee onboarding process is advisable. Employees perceive this as a progressive HR practice, demonstrating that the organization values them as individuals even after their departure. During exit interviews, where various pieces of information are collected, employees should be appreciated for their contributions and offered membership to the alumni network, emphasizing the value it brings to them. This approach ensures a positive farewell for departing employees.

Lastly, evaluating the program's success is important. Companies should track attendance, engagement levels, and whether the network's objectives have been met. This helps prioritize certain activities and make mid-course corrections if necessary.

#alumni #alumninetwork #corporatealumni #organisationaldevelopment #brandambassadors #recruitment #employeereferrals #boomerangemployees