How to win back lost talent

Corporate Alumni

In what has been dubbed the worst economic downturn since The Great Depression, companies have been forced to cut labor costs. With companies losing revenue and businesses swallowing up other businesses at unprecedented rates, employers have been left with little choice other than to let go of talent in which they have invested valuable time and money.

Corporate alumni programs provide organizations with the opportunity to quickly and easily "re-recruit" talent they were forced to cut loose. Alumni programs allow businesses to maintain a mutually beneficial relationship with former employees who may someday provide significant value again. This value is the perfect excuse to remain in contact and via a mechanism that allows ex-employees to be recruited back quickly when needed.

The basic principle behind corporate alumni networks is to help people with a common bond maintain contact. Members can arrange reunions, host job-referral programs or even offer professional training sessions.

Corporate alumni can increase revenue

Whereas winning back lost talent is the principle reason behind businesses getting involved in corporate alumni networks, research has shown that investing in such programs increases the sales lead generation and deal closing capability of the organization.

As www.ere.net points out, leveraging sales professionals who have been let go as lead generators, brand builders, and in some cases, as customers provides added capability to the organization in a time of budget cuts and hiring freezes.

When it gets to the stage when former employees become "ambassadors" for a company, the benefits are clear.

Furthermore, by demonstrating an interest in former employees a company can prove that it truly does value the contribution of all workers, which in turn could lead to future candidate referrals. Individuals who feel a positive connection to your firm through an alumni group are also likely to recommend skilled applicants for your openings.

The time has come for businesses to view ex-employees, whether they were forced to leave or did so voluntarily, as a commodity that can continue to be of value even after they have left.

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Staffing: After the storm | Productivity in the workplace | Healthy people for healthy profit

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