Effects of Alumni Networks on Hiring, Retention, and RecruitmentBusinesses who use their corporate alumni networks to their advantage also save a ton of money on different types of recruitment and retention.Particularly, alumni networks reduce annual recruiting costs for corporations by more than $5 million. The following elements contributed to these savings:A 1% increase in the rehire rate results in savings of $1.25 million.With a successful alumni program, the rehire rate can rise from 2.4% to 8%.Boomerang hires had a 44% greater rate of retention after three years.Even the strongest alumni network can be wasted if someone does not properly utilize it. To be ready to tap into their network after graduation, college students should start establishing the groundwork while they are still in school. One of an alumni network's most popular purposes is for job searching and disseminating information about open positions, regardless of whether it takes the shape of a Facebook or LinkedIn group, Slack channel, Discord server, or a more casual group chat. Advertising job openings at your current company to people you have worked with and trust has definite advantages.https://www.peoplepath.com/7-common-mistakes-to-avoid-when-building-a-corporate-alumni-network/
