As the labor market tightens, many employers are becoming more creative in their recruitment efforts. Considering the average cost of turnover and cost per hire, connections with former employees can offer a competitive advantage by providing a pool of prequalified candidates, candidate referrals and new business connections. Formalizing ties with departing employees takes the guesswork out of finding someone once they leave the organization.

There is a growing trend amongst companies to build and maintain relationships with a special part of their talent pool: former employees. Many employees are finding that leaving their employer doesn't always mean saying goodbye. Membership in organized corporate "alumni" communities increasingly is in vogue. Companies see alumni as a resource of good ideas and more. This concerted effort to stay in touch is supported by online databases which enable individuals to update their profiles and contact details.

Service providers including AWS successfully provide both the online portal and the management and customer support required. “We find that companies are relieved to learn that we can provide a ready-to-use software platform tailored to their needs and the management services to ensure a vibrant community. Companies building alumni communities and recognizing the value of former employees and experienced hires no longer working are already short of talent and thus having a team qualified and capable to support key initiatives is an important reason for working with us,” explains AWS President Cathy Clonts.

Former employee networks support recruitment, referrals, knowledge management and business development opportunities as well as build positive brand and image.

Boomerang efforts have one of the highest ROIs in recruiting

AWS works with a number of Fortune 100 companies, who are capitalizing on the trend to stay in touch with and re-recruit former employees.

When you take the time to examine the profile of new hires that produce the best on-the-job performance, invariably previous employees returning to the organization, or "boomerangs," make the list.

Reasons for Hiring Boomerangs or Corporate Alumni

There are numerous reasons why companies should develop a formal effort to re-recruit top employees who left. Some of them include:

• Fast hire. Boomerangs offer an opportunity to acquire a top person quickly (the search and the assessment take little time).
• Known skills. Because they are former employees with years of performance appraisals, you know in advance what skills and competencies you are obtaining.
• Up to speed quickly. Because they know the organization and its culture, they are likely to get up to speed faster than traditional new hires that have to learn an entirely new set of politics, culture, and processes.
• Low failure rate. They have a lower chance of failing because they have already adapted to the culture and you already know their performance capabilities and their ability to produce results (especially if they quit your firm recently).
• Brown grassers. You might find that after seeing the "color of the grass" on the other side that they are desirable because they will not likely leave again.
• The added benefit alluded to earlier is that they can help in the retention effort because they can tell stories to others about life on the outside.
• Competitive intelligence. They can provide competitive intelligence, new ideas, and a fresh perspective from their previous firms.
• A chain reaction. They often bring back other alumni with them when they come, especially after the message spreads that you are welcoming back those who left.
• Building community. Alumni programs help build a sense of a long-term community among employees because even when you leave, employees know they can maintain a relationship with the firm.
• PR value. A high return rate might improve image and secure good PR in the industry and community.

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