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Developing and maintaining relationships outside of your company can significantly impact your bottom line. Positive perceptions about your firm can help you recruit potential employees, customers, and business partners.
FREMONT, CA: Millennials have surpassed Baby Boomers as the largest group in the workforce. They make up over half of the American workforce when combined with Generation Z. Millennials have also been labeled as job hoppers for many years. While job-hopping isn't always a terrible thing, it can harm a company's brand if it has a high incidence of staff turnover.
Let us look at three advantages of connecting with former employees:
Allow mentorship opportunities
Many former employees are willing to stay in touch with their previous employer as a coach or consultant after retiring or moving on to other opportunities. Former employees can supply a company with an outside perspective or viewpoint, providing the company with additional resources and information. Former employees may be excellent advocates for the organization by sharing their experiences with others. They can also serve as amazing mentors for new employees or younger generation members joining the workforce.
Build a strong reputation in your industry
Staying in touch with past employees is one approach to develop an excellent reputation across many sectors or verticals. It's not surprising when a former employee starts working for a competitor, especially in related industries. This means meeting them at industry events, trade exhibitions, and other networking opportunities for most businesses. Developing and maintaining relationships outside of your company can have a significant impact on your bottom line. In addition, positive perceptions about your firm can help you recruit potential employees, customers, and business partners.
Boomerang employees can save you money
A boomerang employee is defined as an employee who leaves a company and later returns to work for the same organization. Rehiring a former employee was uncommon in the past, but employers have begun to understand the advantages of doing so in recent years. Rehiring a previous employee has the benefit of familiarity with the position, its responsibilities, and the company's expectations. A boomerang employee is likely to be knowledgeable about the company's operating policies, industry, and culture.