The Insider's Guide to Next-Generation BPM
By Anne Berkowitch, Co-founder and CEO, SelectMinds , 07/20/2009
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Corporations launch and manage a variety of social networks to enhance business development, branding and talent management initiatives. In today's economy, companies are particularly investing in alumni networks as a way to retain access to talent they have been forced to layoff. With an eye toward turning them into partners, customers, brand ambassadors or even future rehires, companies are effectively extending the life of those assets.
Leading brands like Ernst & Young, IBM, and JPMorgan Chase, who launched alumni networks over the past 10 years, have realized millions of dollars in benefits in the form of incremental revenue and/or recruiting cost savings. Employees can move on to customer organizations, becoming direct buyers or influencers of buying decisions. Alumni can be "inside eyes and ears" for a former employer pitching a prospect. As rehires, alumni have proven to be the most cost-effective source of talent. They cost less to recruit, ramp faster, are more likely to be high performers and tend to stay longer; not surprising, since both the returning alumni and the company make a more informed decision the second time around. Even those alumni who become neither customer nor rehires are brand ambassadors, whose opinions regarding their former employer carry significant weight.
While the immediate value of alumni may vary with economic cycles, alumni represent a large, continually growing, and highly influential population that can be tapped by organizations on an ongoing basis. But in order to do so, companies must invest in maintaining those relationships; they can’t be turned on and off. As are result, more and more organizations are recognizing the value of "life-long relationships" and, through alumni networks, are incorporating alumni into their marketing, business development and recruiting processes, as well as their corporate cultures and social fabrics.
Keys to success
The success of any corporate social network, including alumni networks, is tied to the clear articulation of the purpose and value of the network -- to both end users (in this case alumni) and business users (business development, recruiting). There is too much competition today for professional' networking attention to "throw a party and hope they come."
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