Alumni Monitor coverage in the FT
Colleague to Client
Or not, as the case may be! The importance of alumni relations is receiving increasing attention (see attached coverage from yesterday's FT) but the topic has not yet hit the priority list within many professional services firms (particularly outside the Big 4). There is, of course, much nodding to its importance in terms of creating brand ambassadors, employer brands, developing business and recruiting, but how are firms really managing their alumni relations? A question a number of our clients put to us. And, thus, the Gracechurch Alumni Monitor 2005* was born.
We set-out to explore the benefits and effectiveness of alumni programmes, whilst also testing the levels of positivity among alumni and the factors influencing their attitude towards their former employers. So, how are firms really managing their alumni relations? Badly! Harsh, you may say - but here are some of the facts: there is a huge amount of untapped goodwill amongst alumni - 89% feel very or fairly positive about their former firm and 73% expect to be targeted for business development. Over 80% of respondents would refer their former employer to their colleagues and 52% would be willing to assist with business development approaches to their organisations. However, over 70% of respondents are not actively targeted for business by their ex-employers, 52% never have BD contact and 51% are never included in marketing initiatives! It is little wonder that less than 50% of respondents are clients and only 22% work with their former employers frequently.
So, what should your alumni relations programme look like? Maintaining relationships is key and this can't be left to the 'machinery' of an 'alumni programme', although the programme plays a role. Firms need to have a clear strategy for the alumni relations programme and it needs to be integrated with other firm strategies, particularly in the areas of people management, skills development, internal communications, BD and marketing!
* The research was conducted throughout July and August and included 18 qualitative stakeholder interviews, covering 13 firms and 100 quantitative interviews with mid- to senior-level finance and legal team members at FTSE 250, top 50 UK private companies or international investment banks. 52% of respondents had a high level of involvement in decisions to appoint external advisers.
