4 Benefits of Leveraging an Alumni Network to Grow Your Business

Corporate alumni networks are one of the top reservoirs with a higher potential for business growth. Unlimited number of people have secured jobs through people they know, with several studies showing that about 60-80% of the job roles are earned through professional connections. Despite such networks being cost-effective and easy to build, they remain largely untapped. Your success in any alumni network depends on your understanding of the network-specific mechanics and the involved law of attraction.

So, can you leverage an alumni network for your business’s growth? Read on to find out the importance of a strong alumni network to your business.

4 Reasons Why an Alumni Network Matters to Your Business

When most people hear of alumni networks, they think about job connections. While this is one of the main benefits, a strong alumni network is beneficial to the businesspeople as well. Let’s look at some of the reasons why an alumni network should matter to you as a business owner.

  1. Guarantees a Robust Talent Pool

Any business can benefit immensely from a strong talent pool, there’s no doubt about that. Take the example of ex-PayPal employees; they make the who’s who of Silicon Valley. The PayPal alumni network comprises senior managers and founders of innovative brands like Tesla, YouTube, and LinkedIn.

Members of an alumni network can offer resources, energy, and time in support of one of their own and this can be beneficial to your business if you are a member of such a network. For instance, in such networks, the members share updates on current roles, business opportunities, as well as projects they are working on. Therefore, you can expand your organization’s talent pipeline by ensuring that your employees are active in their alma mater.

  1. They Represent Your Brand

If you are the likes that do not keep in touch with ex-staff, you need to rethink about it. The fact that an employee left doesn’t make them an enemy. In fact, remaining in touch with such employees can grow your employee value proposition. Sharing the same sentiments, Reid Hoffman, the CEO of LinkedIn pointed out that ex-employees possess a high level of credibility compared to current employees, especially when they recommend your products or support your brand on social media platforms.

  1. Assists in Securing New Clients

One of the significance of being in a strong alumni network platform is the trust it builds. You will find it easier to secure new clients through a member of your alumni than doing it all by yourself. From a marketing angle, your alumni members are a great resource in your business because they build trust between your brand and clients easily. Therefore, keep such networks active and your business will get new referrals more often.

  1. Help You Rehire Quality Ex-employees

Rehiring outstanding ex-employees is considered a great business practice. In such a case, you save a lot in terms of costs and time compared to having to recruit someone fresh who doesn’t know your business processes.

There is a high tendency for companies to rehire an ex-employee because of the benefits that boomerang employees bring to the organization. For instance, such employees have highly diverse work experience, understand your company’s operations, and are probably more productive compared to the brand-new hires.

Nurture a Strong Alumni Network to Grow Your Business

Even with all these benefits, a large number of business owners are yet to take advantage of corporate alumni networks. If you have not encouraged your employees to participate in their alumni networks or if you are not a member of one, start today. It will come in handy for your business’s growth on matters of talent, clients, brand reorientation, and rehiring quality staff among other aspects.

Wealth Creation and Saving Strategies | OnMoneyMaking