Today, companies are waking up to the reality that maintaining relationships with their alumni network can bring numerous benefits to both parties. The new age of corporate alumni solutions is here!
According to a study by the Society for Human Resource Management (SHRM), 75% of companies with more than 10,000 employees have formal corporate alumni engagement programmes in place. This shift in mindset is driven by several factors, including the increasing competition for top talent, the need to build a strong brand reputation, and the desire to maintain a positive relationship with former employees. But before we invade this pressing question, let’s take a step back and understand this new trend of Corporate Alumni engagement.
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Corporate alumni engagement & management solution: Explained
A corporate alumni engagement & management solution, commonly known as an Alumni Solution, is a platform that helps organisations maintain relationships with their former employees by providing them with access to past employment data. It typically includes features such as:
- Alumni database: a centralised repository for information about former employees and employment data that ex-employees can access anytime.
- Communication tools: such as email, newsletters, helpdesks, and social media integration
- Networking features: such as forums, discussion boards, and alumni directory
- Career development resources: including job postings, career advice, and mentorship opportunities
- Event management: tools to organise and manage alumni events and reunions
The goal of a corporate alumni engagement solution is to simplify alumni management by automating the entire process. Thereby it is easier for businesses to foster a strong, long-lasting connection with its alumni, which can lead to benefits such as increased brand awareness, talent referrals, and potential business opportunities.
The growth of Corporate Alumni Solutions
The business world is evolving and so is the way companies approach employee engagement and retention. One trend that has been growing in recent years is the culture of corporate alumni engagement, which is driven by several factors and offers significant benefits for organisations of all sizes and industries.
According to the 2022 Corporate Alumni Benchmarking Report by the University of British Columbia, there has been significant interest and growth in corporate alumni programmes since the pandemic began — 24% of alumni programmes are less than 2 years old, whereas 28% are more than 10 years old. Additionally, IDC, a research group, found that 72% of ex-employees would gladly work for their own company once more. The time it takes to fill positions is cut in half thanks to these “boomerang” employees, who are also 32% more likely to suggest the business to other potential employees. In line with this Harvard Business Review suggested that in 2023, companies will practice “quiet hiring” to acquire new skills and capabilities, thereby making boomerang employees an important asset.
These statistics show that many companies are now turning to corporate alumni solutions to stay connected with their former employees, leverage their expertise, and network, and maintain a strong relationship with their brand. While the exact size of the corporate alumni market is difficult to determine, it is clear that it is a rapidly growing industry with a significant impact on the way companies approach employee engagement and retention.
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Decoding the trend of Alumni Solutions
The drastic realisation that ex-employees are an asset for the company in terms of bringing in referrals, recommendations and even business opportunities has been instrumental in driving this trend. With reviews taking corporate by storm, over the years it has been observed that companies with strong alumni networks tend to have better recruitment outcomes and higher employee retention rates as the reviews of former employees have a significant impact on the brand reputation of an organisation. Companies that earn a positive review are more likely to attract top talent and are recognised as a good place to work.
Another key factor driving this trend is ease of access. Termination is usually accompanied by a series of paperwork and documentations along with back-and-forth emails, thereby making it a challenging task for HR and the employees alike. Lightening this load is the Alumni Engagement Solution, a fully automated and streamlined portal readily accessible to all employees. Thanks to such alumni engagement solutions, employees can access past employment data while employers can improve the efficiency of their HR team.
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Zalaris’ Alumni Solution seeks to offer this convenience and cuts down on the time spent printing out years’ worth of pay slips and mailing them to employees when they leave a company or take an extended leave of absence. By utilising end-to-end automation, this solution seeks to minimise manual tasks while streamlining alumni management.
It is time to make the shift
Realisation has set in, and companies are reworking their strategies. They have grown to value the need to stay connected with their former employees as it is simply the right thing to do. A positive relationship is maintained which can be beneficial in many ways as stated before, but the major reason is the rise of an employee-centered approach where employees are valued regardless of their employment status. By fostering a sense of community and offering ongoing support and opportunities for growth, companies can build lasting and meaningful relationships with their alumni network.
The Alumni Solution offered by Zalaris is in line with this joined vision of creating a more connected and supportive environment that simplifies alumni engagement and management. It is time that companies join this trend and become a more alumni compliant organisation.
Get in touch with Zalaris to experience an automated and simplified offboarding process by empowering your alumni network with the help they need, wherever they are.