For many organizations, the decision or spark to start an Alumni program is the tremendous value of the talent pool and ability to rehire ex-employees (Boomerang Hire).
Other than referrals from your top-performing employees, it’s hard to find a corporate recruiting source with a higher quality of hire (i.e. on-the-job performance) and a higher ROI than a boomerang hire program. If you’re not familiar with the term, a “boomerang hire” is a former top-performing employee who you rehire after an absence of a few years.
I rank them No. 2 in new hire quality and they also produce a significant volume of hires (CareerXroads ranks them N0. 6 in volume, after college hires).
Although boomerang programs have been around for years, in the past they were a bit of a burden because if you wanted to find and keep in touch with your former top-performing employees, you had to put together and maintain your own corporate alumni group. Fortunately today with the tremendous growth of LinkedIn combined with ready to go Alumni Platforms, you can now easily find out where any former employee works.
That makes this source among the easiest to find candidates. Updating their LinkedIn profile can also signal to you that they are probably once again considering a move to their next firm, which provides you with an opportunity to reach out to them and ask them to consider returning as a boomerang hire.
Other firms now build a simple online talent community group and maintain relationships through text or e-mail. The benchmark firms in boomerang hire programs include Deloitte, Ernst & Young, Booz Allen, Bain, and DaVita, which has reached as high as 16 percent of its hires coming from its impressive “you are always welcome here” boomerang program. More recently law firms have also engaged in boomerang programs to bring back former interns and those who left earlier in their careers.
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