5 Reasons Why Companies Should Launch an Alumni Network | World Economic Forum

Talent Acquisition
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Is re-recruiting former employees part of your talent strategy? Many organizations recruit from untapped talent pools to gain a competitive edge, yet they often overlook rehiring former employees. This is a missed opportunity, as a study in the Academy of Management Journal found that former employees often outperform new hires, especially in roles requiring strong relational skills and internal coordination. While not all former employees should be re-recruited, some may wish to return, bringing in-demand skills. How can organizations make it easier for former employees to return? As noted in this article, one way is to make employee exits a natural part of the employee experience (EX). Traditionally, EX has focused heavily on hiring, onboarding, and retaining employees but less on offboarding. This oversight is noteworthy, as the ‘peak-end rule’ indicates that people remember experiences based on their ‘peak’ (i.e., its most intense point) and their ‘end’ rather than the total sum or average of every moment of the experience. A less-than-optimal exit process can leave a poor impression and detract from a well-crafted EX strategy. The article advocates establishing alumni networks to help integrate employee exits as part of a strong EX. I’m also resharing the HBR article, Leave the Door Open for Employees to Return to Your Organization, which shares an example of Bain’s alumni program.