What The F*dge: That’s Your Stranger Recruiting Budget?by Community Admin in Corporate Alumni | Last Edited: 12th November 2019
Why a dollar spent on your Corporate Alumni Program is worth six times more than a dollar spent on your existing career site programming.
The practice of investing in Known Person recruiting vs. Stranger recruiting is becoming the norm for organizations.
PwC’s CEO survey reports that chief executives view the unavailability of talent and skills as the biggest threat to their business. The data shows it is nearly impossible to glean sufficient information about an applicant’s past performance to predict success in your organization and more applicants in the funnel is not the solution!
First. The value of a Corporate Alumni Program and how it can fundamentally drive recruitment, referrals, and new business is not opinion. Hundreds of companies (98% of the F500 have some sort of returnship program), thought leaders, and HR experts across the globe have measured and released the results showing the overwhelming benefits engaging former employees can have. This is not a drill ☺
Your organization, like so many others, is investing significantly into technology, people, resources, sponsored listings, recruitment fees, and leaps of faith to try and find a candidate who has no affinity to your brand with the hope that your interview and selection process can foresee their applicability to your business.
A candidate coming in off the web who knows very little about the inner workings of your organization certainly isn’t aware of how your organization works, the secret politics, or the quirky thing with the elevator. Yet, former employees who performed incredibly, whom you flagged as regrettable losses, have gone to work at your competitors, customers, or partners, have gathered new skills, contacts, and perspectives are raising their hand, telling you they are ready to return. The phone is ringing; they are just waiting for you to answer.
The significant investment companies place into finding a needle in a haystack is not only the standard position for many organizations, but this investment is significantly antiquated, underwhelming in results and a legacy method of Stranger recruiting vs. Known Person recruiting.