Today, the current workforce scale is tipping towards millennials and Gen Z as they make up over half of the American workforce. With that also comes millennials’ reputation of job-hopping. According to a recent Gallup report on the millennial generation, it was revealed that 21% of millennials say they’ve changed jobs within the past year, which is more than three times the number of non-millennials who report the same.
With the rapid growth and use of social media in the workplace on sites such as Glassdoor, millennials are also the first ones to look at a company’s reviews before applying for a job. Millennials go online not only to learn about the experiences of others but to also share their own. In fact, millennials are posting their own reviews as well as taking part in digital conversations.
Company reviews and ratings provide information on the company’s culture, their hiring process, the executive team and more. Therefore, it is extremely important to stay connected to former employees to help increase the chance of receiving a positive review. In this blog post, we will discuss some more benefits of staying connected to former employees and how it can help increase your company’s brand advocacy.
Build a strong reputation in your industry
Organizations that stay connected with their former employees oftentimes are able to build a better reputation across the multiple industries or verticals with which they work. Especially for interconnected industries, it doesn’t come as a surprise when an employee begins working for a competitor. This means you may run into them at trade shows, industry events or other networking opportunities. Sustaining and building relationships externally can have a positive impact on your company’s overall business goals because positive regards about your company can help attract potential customers, job candidates and partners.
Rehiring a former employee will save you money
In the past, rehiring an employee would be almost deemed as unheard of. However, in recent years, companies have found value in hiring a former employee. For example, former employees already know the in and outs of the business. In fact, they are often familiar with the company’s operating procedures, have a grasp on the company culture and have knowledge of the industry as well as the company’s product or service.
Another pro of hiring a former employee is that they will often cost your company less money. Since the employee has knowledge of the company, they will often require a shorter ramp-up time. In regards to recruiting and training, this saves the company not only money but time as well.
Provides an opportunity for past employees to become mentors
With new generations entering the workforce, staying connected with former employees can provide them with the opportunity to become a mentor. When an employee leaves a company, they take a great deal of industry knowledge with them. For the younger generations, mentors are helpful in accelerating their learning as well as helping them navigate new experiences. In a recent survey by Gallup, 86% of millennials and Generation Z employees said they respect and are loyal to mentors that care and teach them skills and the meaning behind their work.
Oftentimes, there are employees who have retired or moved on to other opportunities that are willing to continue to stay connected with the company as a consultant or coach. Keeping in touch with these former employees can bring in an outside perspective or viewpoint, which can, in turn, can provide the company with additional resources. They are great ambassadors for the company as well as can share their experiences with others. They are also great mentors for newer employees who are looking to climb their way up the ladder to management given their experience in the company and industry.
As we head into the new year, keep in contact with former employees as a new recruiting strategy. Large enterprises such as Deloitte and Dell have developed alumni associations in order to keep in touch with their former employees. Maintaining relationships with these employees can help your company build a strong industry reputation, can save you money in the long run and provide glowing recommendations.
To learn more about hiring top talent and employee retention, check out our blog How to Spot the Characteristics of a Great Hire!
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