« Where should I study? »
« Which institution is going to secure a good quality of education and a successful career?«
« What have become Alumni who graduated from this University?«
Do you know how many Universities, Colleges and Schools have mushroomed within the past decades worldwide? Students have plenty of choices when choosing the best and most promising one. This is namely why Alumni relations have become a strategic asset for any kind of higher education institution willing to stand out from the domestic and international competition.
Here are 5 reasons why Alumni relations are essential to higher education institutions:
1. Recruit students
Where did ultra high-net-worth individuals (UHNW) study? According to Wealth-X « World Ultra Wealth Report » from 2014, 5% of the world’s educated UHNW individuals have attended the top ten universities which are all located in the United States (University of Pennsylvania, Stanford University, Columbia University, New York University, MIT, University of Chicago, Northwestern University, Yale University and Cornell University).
« Many UHNW Alumni of these universities are born outside the country, indicating that these institutions, based on their solid reputations, are able to attract students from around the world. These institutions also continue to attract the next generation of UHNW individuals. »
Offer a top quality education > Students become UHNW Alumni & become ambassadors > Increase your institution reputation > Recruit new students
Source : Wealth-X, World Ultra Wealth Report 2014
2. Promote your training
If you are not part of the top 10 or 20 universities in the world, you can still make the best out of Alumni relations to promote your institution and its high quality education.
In order to do so, you can get international accreditation, such as the AMBA accreditation, the Equis Standard and the AACSB accreditation, provided you have included Alumni relations in your development strategy.
« A well-established and active association of MBA Alumni is expected, which provided tangible networking and lifelong learning opportunities for its members« .
Source : AACSB Criteria for the Accreditation of MBA Programmes
3. Boost employment
Your students have a hard time finding their first position as junior Alumni?
Get senior Alumni involved in the professional integration of students. They share common values and education, why not hire them instead of unknown applicants? It also applies to senior Alumni willing to retrain or change career!
You could also implement a mentor/mentee relationship management tool to help junior Alumni get in touch with experienced Alumni willing to share their expertise and best practices in a given field. Senior Alumni might as well be willing to learn new skills from junior Alumni.
4. Encourage donations
In February 2014, Hedge fund manager Kenneth C. Griffin (Harvard promotion 89) donated $150 million to Harvard and directed at least $125 million of the gift to support financial aid at the College.
Again, it speaks for itself! If not several millions, you could still gather a few thousands from you Alumni if they are grateful for the services you have provided and if they feel involved in their institution’s development.
Source : The Crimson
5. Bring together
Are you Alumni proud to have graduated from your institution? They should! Developing strong Alumni relations and offering services they need will help.
Be available, give them professional and business opportunities, grant access to a updated data base of contact, etc. You have a great role to play in bringing your community together and in feeling them involved!
Want more facts about Alumni relations? Check out our article about INSEEC Alumni network best practices!