Posted on 31 May 2023

​Unlocking the Power of Alumni: A Winning Strategy for CTOs Balancing Talent Investment and Budgets

As we march further into 2023, the war for talent continues unabated, particularly when it comes to securing the services of top-notch engineers. CTOs and investors are no strangers to the budgetary constraints they face. However, overlooking a valuable resource may be costing them dearly—former employees. By leveraging the potential of these talented alumni, a powerful and often overlooked solution emerges, offering a myriad of benefits. Let's explore this untapped source and discover why it holds the key to your company's success.

Harnessing the Boomerang Effect

One might question why more organizations fail to consider this ingenious solution. It stems from a contentious viewpoint—when employees depart, it is often seen negatively, reflecting poorly on management or leadership. Yet, in an era of inflated salaries and abundant opportunities, many departures are not fueled by dissatisfaction alone. Embracing a paradigm shift is crucial: alumni should be seen as a pipeline, not a problem. The first step is cultivating a culture that fosters happy alumni—companies that embrace openness, conduct thorough exit interviews, and genuinely support departing employees in their future endeavors.

The Power of Alumni

Unparalleled Knowledge: Your alumni possess invaluable insights into your company's Tech Stack, culture, and processes. This familiarity allows for a seamless reintegration and reduces the learning curve, ensuring swift productivity.

Cost and Time Savings: Engaging with former employees saves significant recruitment costs and streamlines the hiring process. Multi-interviews become a thing of the past, freeing up valuable time for your team.

Longer Tenure: Statistics show that boomerang employees tend to stay longer upon their return. This increased loyalty and commitment contribute to a stable workforce and foster sustained growth.

Strengthened Employer Brand: Cultivating a supportive environment that encourages alumni to return enhances your employer brand. Word spreads about the positive experiences of your former employees, attracting top talent and solidifying your position in the market.

Creating Your Alumni Network

Building a robust alumni network requires dedication and consistency. Here are key steps to establish and maintain an engaged group:

Allocate Time and Resources: Dedicate the necessary time and resources to nurture your alumni network effectively.

Appoint a Leader: Identify someone to spearhead the initiative, host events, and provide regular updates. Their role is critical in fostering engagement and ensuring the network's success.

Leadership Buy-In: It is crucial for founders and senior leadership to embrace and actively engage with the alumni group. Their involvement demonstrates commitment and reinforces the value placed on former employees.

Inclusivity Matters: Extend invitations to all former employees, emphasizing the importance of diversity and embracing a broad range of perspectives. While targeted outreach may focus on specific individuals, inclusivity should remain a guiding principle.

Success Stories and Expertise

Among the pioneers in implementing this alumni-focused approach is BOOSTA, an Embedded Talent specialist. With an impressive track record of enhancing their clients' internal talent teams and facilitating knowledge transfer, BOOSTA's expertise is well regarded. To witness the practical implementation of the alumni approach, take a moment to explore the Trainline client story on the Boosta website.

In the realm of talent investment and budget constraints, CTOs face an ongoing challenge. However, by harnessing the power of alumni, a win-win situation arises. Creating an environment that nurtures happy alumni and actively encourages their return yields immeasurable benefits. Not only does it unlock a treasure trove of knowledge, but it also saves on recruitment costs, streamlines hiring processes, promotes longer tenures, and fortifies your employer brand. Embrace the potential of your alumni network and position your company ahead

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