3 Useful Tips for Measuring the Value of an Alumni Network
Have you considered implementing an alumni solution but are uncertain of the value? IntraWorlds recently released a juicy white paper revealing the answers to the industry’s most burning questions regarding the value of a corporate alumni network and today we are providing you with the top 3 useful tips!
1: Recognize the impact of alumni
Alumni can have a huge impact on your organization. As employees leave, they take a wealth of business knowledge with them. By not staying in touch, your organization is missing out on tremendous benefits such as:
- business development
- quality boomerang rehires
- high quality referrals
- knowledge & expertise
Organizations are recognizing the impact that alumni can have and rather than ignoring their importance, they are embracing it through a branded, customizable platform.
2: Know your audience
What motivates former employees to join an alumni network? They choose to join an alumni network to stay connected, but mostly for strategic reasons like gaining access to useful information and content such as thought leadership, company events, but most importantly, job opportunities. According to a XING study, alumni are most interested in:
- job opportunities
- professional development
How you communicate and what you communicate to your alumni is key. Knowing your audience and what content they find the most interesting is crucial in order to achieve a successful alumni network.
3: Calculate the dollars and “sense”
In order to truly measure the value of an alumni program, you need to consider the dollars spent. IntraWorlds has developed a model that calculates the ROI of a formal corporate alumni program by determining important value drivers such as:
- Number of active alumni
- Average dollars spent on headhunting
- Average productivity increase per rehire
- Investment in alumni program
Knowing where your dollars are currently being spent and how they could be better spent is half the battle when determining the value of an alumni network.
Curious to learn more about the value of an alumni network?