Optimize Your Alumni Networks

Saturday, 12 November 2022, 6:46 pm
Article: Hugh Grant

Optimize Your Alumni Networks

It’s not about what you know but who you know, whether you’re looking for career success or social capital. And who you know is a function of influence that works as one of the greatest currencies of our world. A network of influence provides a symbiotic exchange of value by leveraging the resources of individuals and groups to elevate both. Whether you’re a student, a professional, or an organization, learning to leverage available networks is key to building success in the increasingly interconnected world of the modern age.

In fact, nearly one hundred percent of Fortune 500 companies have some form of an alumni program. Networking opportunities with established professionals could lead to informational interviews, assistance in making a career change, promotions, finding the right candidate for your company, and access to exclusive job postings, resume reviews, and free resources. Alumni networks can create a true community with meaningful relationships where there is access to industry experts and mentors. Other benefits include discounts for sports games, bike rentals, fitness centers, museums, on-campus performances, bookstores, financial services, travel insurance, airfare, restaurants, apparel, and continuing education classes.

Colleges and corporations alike invest in strong alumni networks for varying reasons. Investing in lifelong relationships leads to measurable benefits, including a 2.8-time increase in revenue per employee, a 4.5-time increase in product innovation, and a 6-time increase in employer attractiveness. Businesses that actively engage in alumni see up to a 44 percent increase in new business. Likewise, an engaged alumnus delivers a 10 percent increase in brand sentiment and can act as a brand advocate worth at least five times more than average customers.

Colleges like Dartmouth, Harvard, MIT, Northwestern, NYU, PennState, UPenn, Princeton, University of Michigan, West Virginia University, and more invest in alumni networks with the ultimate goal of fundraising. Moreover, many influential individuals are associated with universities and may be willing to provide referrals to standout students, which may open the door to tremendous opportunities.

Well-known companies like Google, Coca-Cola, Microsoft, HSBC, Citibank, Accenture, Nestle, P&G, LinkedIn, McKinsey & Company, and more have many goals for their corporate alumni networks. These goals include access to a labor pool, driving referrals or boomerang hires, boosting business development, increasing sales, connecting mentors and mentees, and creating a positive community. As one can see, while higher education institutions mainly leverage alumni for fundraising, corporate alumni groups provide multi-faceted benefits to their parent companies.

Business students and those with entrepreneurial aspirations will want to heavily value the size and activity of a school’s alumni network when deciding which program to enroll in. Investors are more likely to invest in startups created by founders from their alma mater. A study of VC investments over 19 years found that the founder and investor attended the same college or university in one-third of the total investments. In fact, the size of an alumni network is the most important factor in early-stage financing!

However, even the best alumni network may be squandered if an individual fails to leverage it properly. Helpful tips to lay the foundation for future alumni network use include: participating in the alumni magazine’s class notes column with personal or professional updates, volunteering for committee roles to reconnect with classmates, sharing professional expertise during alumni events, or meeting fellow alumni for coffee or lunch in an “informal interview” to discover more opportunities.

Conversely, colleges and corporations need to refine their network to continuously engage alumni. Some proven strategies of alumni engagement include offering clear benefits to members, serving the needs of both local and international members, sharing campus news, and offering gifts and incentives at events. How are you staying connected?

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