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Alumni networks provide access to a new source of labor

Published on August 18, 2023
Published by Hrtech
Viewed by 4 people
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Most companies welcome the opportunity to rehire productive people, but organizations struggle in standing up an effective communications channel. Here are four steps when creating a network of alumni employees [HR leaders][1] should consider.
During the wave of mass resignations in recent years, regret didn't receive the attention it deserved. Approximately how many of the employees who left the company and moved on to a new opportunity would come to regret their decision?
There are plenty of them, as it turns out. One study found that as many as 80% of workers who walked away expressed remorse over the decision. Although they want to come back, many employers lack a structured way to engage with former workers, including retirees.
Traditionally popular with colleges and universities, alumni networks provide businesses with a way to maintain connections with those who no longer work for them but are still interested in keeping in touch.with those who no longer work for them, but are still interested in keeping a two-way dialogue going.
Unfortunately, too few employers are making it easy for employees to boomerang back. Asked if they would be willing to rehire employees, 43% of employers said yes, but they have yet to rehire anyone. The study also found 27% of employers said yes and that they’ve already rehired at least one former employee.
HR leaders focused on the bottom line should also consider the cost savings.
Onboarding and training a new employee can be three to four times the position’s salary, according to one [talent management][2] and development company.
The cost of onboarding a former employee is greatly reduced. Seasonal employees are particularly affected by this. Retailers that need to quickly ramp up for busy shopping seasons can use an alumni network to stay in touch throughout the year with already trained talent.
In order to effectively engage with one-time employees, HR leaders should do everything they can to facilitate a connection to post company news, updates, events, photos and job openings – much like the way organizations communicate externally.
Read more @ https://hrtechcube.com/an-old-source-of-new-labor-is-alumni-networks/
Also read our recent article @ https://hrtechcube.com/reskilling-upskilling-hr-c-suite/


[1]: https://hrtechcube.com/how-can-hr-leaders-leverage-technology-for-a-competitive-advantage/
[2]: https://hrtechcube.com/talent-management/

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Website: https://hrtechcube.com
 

 

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