In an era where lifetime employment is no longer the norm, how can organizations and employees benefit from staying connected?
Millennials are changing the job market, and will work for a variety of organizations throughout their working lives. But leaving a firm does not have to mean cutting off all ties; organizations can really benefit from a connected and engaged alumni network.
In fact, EnterpriseAlumni research has shown how alumni drive business, drive recruitment and drive the bottom line:
- Companies with an engaged alumni community see 2.8 times increase in revenue per employee
- 44% of net new business includes an Alumni
- Boomerang hires see a 44% higher retention rate over 3 years
And there are hidden benefits to having an alumni network, such as working with your alumni to coach and mentor your workforce.
But alumni networks are not just important for your business. Here are two ways we at the EY organization have seen that alumni networks can be of value to both organizations and individuals:
Many of our recruits are actually EY Returners, who come back to us with ne…24 Aug 2018 EY Global
1. The right jobs for the right people
Companies are having an increasingly difficult time recruiting and retaining top talent. A low number of applicants and competition from other employers are making it harder to find the right people.
Alumni networks create a win-win situation for both the employer and the employees. These networks have the potential to attract and place top talent in the right jobs for them, and are a growing source of referrals.
The EY Alumni Network is no exception. In the EY 2018 Global Alumni survey, 85% of alumni surveyed said that they would consider actively referring a friend or colleague to join the organization.
2. Developing lasting relationships
Staying in touch with your former colleagues is not just sociable, it is an opportunity to broaden your business network.
John Crampton, Director, Art Technik, EY Alumnus says, “My old rule used to be, every five meetings, three were with people that I’d already worked with and were familiar to me, one was with a person I knew and hadn’t worked with at that point, and the other one was new. Why would you want to just keep knocking on new doors, it’s like an endless succession of first dates, which is just too much pressure.”
Why would you want to just keep knocking on new doors, it’s like an endless succession of first dates, which is just too much pressure.John Crampton Director, Art Technik, EY Alumnus
The EY Alumni Network has an active membership of over 200,000 people, providing access to alumni doing exceptional work in business, government, academia and communities.
According to EY alumna and COO of HighGround, Anjoo Rai-Merchant, people continue supporting you even after you leave. The EY Alumni Network makes it easier to stay connected, network and foster relationships with people.
Carrie Tucker, CFO, Weybourne Limited looks to the EY alumni network for help or advice: “The contacts I made at EY just open up doors globally and everybody who is connected to EY is happy and willing to help.”
Based on the experiences we’ve had with the EY Alumni Network, and speaking to alumni about what’s important to them, here are some pointers on how to develop meaningful alumni relationships:
How organizations can build effective alumni networks:
- Give your alumni a reason to stay connected, through hosting events or keeping them up-to-date with the latest business trends and firm updates.
- Celebrate and promote alumni relationships within your organization; your employees are your greatest advocates to keep networks going.
- Provide your alumni with the opportunity to connect with each other, whether this is through an online platform or a social media channels.
How individuals can develop and maintain networks
- Keep in touch with former colleagues and business contacts on a regular basis, even if it’s a social visit not a business meeting.
- Understand that your network relationships will change over time. According to John Crampton, “The trick to it is understanding that it’s not an event, it’s not a transaction, it’s a long-term process relationship.”
- Attend events from your previous organizations or business contacts to develop relationships and meet new people.
Power of the EY Alumni Network
Better working is not limited just to what or who you know today, but who you meet and the experiences they share. The EY Alumni Network will give you access to an exclusive global network of people and experiences you need to know as part of your professional journey.
Whenever you join, however long you stay, the exceptional EY experience lasts a lifetime. EY alumni, connect now.
Alumni networks create a win-win situation for both the employer and the employees. These networks are a growing source of referrals and top talent and can connect people with former friends and new opportunities.