The implementation of corporate alumni networks as a social network to manage former employees has a significant impact on the success of firms, especially in the professional service industry. The current global economic turbulences are constantly generating renewed interest in corporate alumni networks and will continue to emerge across other sectors.
For those who are not familiar with the most recent developments in corporate alumni networks, the word “alumni” can be deceptive. Its primary meaning was “graduated of a school, college, or university”, which may bring to mind the image of graying seniors gathering every five or ten years for the purpose of renewing old memories. This image of alumni has become fundamentally transformed as their associations in the academic as well as business world have evolved to cultivate relationships with prospective alumni while they are still active students or employees. Satisfied customers or former employees are a service’s best salespeople.