Alumni programs can save a company $6 million or more
According to total employment and attrition rates, Fortune 500 companies hire approximately 13,000 new employees per year on average. Based on Conenza’s experience, a well-managed alumni program will result in the hiring of 12 percent of these new hires from alumni and referrals—or 1,560 top-notch, new employees. A recent SHRM Human Capital Benchmarking Report indicated an average cost per hire of $4,129–which adds up to $6.4 million in savings on the new hires through the alumni program. Assuming a total cost of $200,000 for the alumni program, that translates to a whopping 32 times return on investment!