Author: Monica Murray
An effective professional community, or alumni, strategy can have significant revenue, and cost-saving benefits. Because these benefits are often indirect, it’s all too easy to under-value your firms' network. In this blog we’ll demonstrate just how big the opportunity is, and how to get the most out of your community programme.
When it comes to recruitment, the World Talent Forum has shown that hiring from an existing network halves the cost, both in monetary terms, and risk, compared to building new relationships. With companies who invest in alumni programmes also being six-times more attractive as an employer in the first place, there can be little doubt in their value. In fact, Fortune500 companies have reported an annual saving of $12million due to their alumni efforts.
According to RiseSmart, rehired workers also tend to stay longer, which helps reduce employee attrition rates, and further cut recruitment costs.
In addition to the cost saving impact, it has been shown that companies who invest in a professional network or alumni programme boost revenue per employee by nearly 300 per cent because of an increase in productivity and advocacy.
Use the results to provide golden nuggets of information about your company, as well as companies that your alumni have gone on to work for. They will also inform you about what the alumni want, allowing you to better-tailor your content.
With your network helping you to generate revenue and save on cost, it’s vital to make them feel recognised. You can achieve this by publicly celebrating the success of individuals and upgrading them to VIP status at events. Sign-off your alumni invitations from the CEO to engender the feeling of personal exclusivity and value.
Posting needs to be regular, however, this must not take away from the value of the content being delivered. The goal is to make alumni feel like VIPs, so try to maintain an element of exclusivity and relevancy.
Reinforce VIP status and give alumni access to discounts that current employees might benefit from. Referral bonuses can save on recruitment costs since candidates are already partially vetted. Hires via alumni network are also quicker to train and, as we’ve already seen, they are often more productive.
Try varying the channels you communicate through. Send your alumni postcards, arrange for them to be greeted by senior team members as events, you can even call or meet with the most engaged contacts to make them feel valued.
Vuture guarantees a smooth integration for many CRM-to-alumni systems, something which is critical for ease of personalisation and understanding engagement.
There’s not much use implementing these unique, best-practice strategies if the alumni aren’t made aware of jobs they can personally fill or recommend to others. Since this is where most of your saved revenue will come from, it is a crucial step to ensuring the success of your company’s alumni network.
Many companies are adopting some of these techniques. If you can incorporate all of them, you’re guaranteed to be one step ahead of the rest.
The Vuture Alumni solution is carefully crafted around your needs. Through integrated CRM systems, cross-link menus and a dedication to personalisation we are here to offer you the help you need to launch, or improve, your alumni network.
If you have any inquiries, please don’t hesitate to contact our Client Success team, Client.Success@vutu.re.