« What You Can Learn From a CFO
Your Layoff is Bigger Than You »

Five Lessons From Successful Networkers

December 9, 2008 | Author: Lisa Strand | Filed under: The Networking Habit

Networking. We say it’s important. We know it can propel our careers.

But, many of us put it off until … never. We either don’t know how to do it or don’t prioritize it.

We here at UpMo know that in order to understand something, you have to measure it. We decided to study exactly how professionals – particularly those earning $200,000 or more – establish and leverage business relationships.

How does networking influence careers? What do successful professionals know that the rest of us don’t?

More than 600 professionals answered questions about their networking habits in our study, titled Professional Networking and Its Impact on Career Advancement, done in cooperation with Pepperdine University’s Graziadio School of Business Management.

Study participants were graduates of MBA programs – people who would be considered above average at networking. The study showed that professionals who earn $200,000 or more are typically those who invest the most time cultivating professional relationships. So what are the secrets of this networking elite?

The study draws five concrete and powerful conclusions about networking. The first key finding is particularly important for recent casualties of the economic crisis.

1. Your Network Opens Doors; Your Resume May Never Even Get Opened

This one goes out to all those job seekers focused on trolling job boards and sending meticulously crafted resumes off to nameless, faceless HR personnel.

Forty percent of our study participants found their current positions through a friend or colleague. These results are backed up by a recent ExecuNet study, in which 70 percent of participants said networking got them where they are.

In fact, most elite professionals in UpMo’s study said job sites have had zero impact on their advancement.

One of the participants in our study talked about how her network helped her find work:

“It took me 90 days to secure my next job – that’s quick for the VP level, compared with a colleague whose search took six months. My network clearly took me to the assignment. The match was quicker, more personal and it saved me time.”

So, consider that time spent revisiting contacts, inviting someone new out for lunch or developing an online network can be more valuable than hunting for formal job postings.

To gauge the state of your network and learn how you can strengthen it, check out UpMo’s Network Readiness Evaluator.


For guidance on professional ways to reach out, help yourself to the free email templates in our Knowledge Center.

2. New technology: You’re Easily Connected, but Easily Forgotten

Speaking of adding contacts, how many have you got on LinkedIn? Or Facebook, Plaxo, or MySpace? We asked study participants about their use of social networking sites and LinkedIn came first, by far, for helping them manage their networks.

Of all websites used to find, connect with, and manage professional networks, 65 percent of participants reported that LinkedIn was their most frequently used site, with the next most popular sites garnering less than nine percent of participants.

These online resources are great for increasing your own visibility, getting introductions and maintaining contact with existing colleagues. But even those who boast scores of contacts on LinkedIn can’t sit back and wait for opportunities to roll in.

In a recent Wall Street Journal article, LinkedIn expert, Scott Allen, suggests that all LinkedIn invitations should include personal offers of help, like links to relevant articles or useful introductions.

Jason Alba’s book I’m on LinkedIn, Now What? suggests going to the “answers” section of the site and helping others by responding to posted questions.

These new tools for social networking are valuable in their own way, but don’t change the rules of networking. It’s still about forming real, mutually beneficial relationships.

3. Networking 101, Anyone?

It’s no secret that networking doesn’t come naturally to a lot of people. We think that only charismatic extroverts can work a room. Introverts, take heart. The truth is that it takes practice, and even veterans say networking should be taught in a formal setting.

“I’d make networking a mandatory undergraduate course,” said one elite networker in our study.

In fact, almost 60 percent of UpMo’s study participants said a graduate-level course in networking would be beneficial, very beneficial or invaluable to them.

Corporations could also do more. Eighty percent of respondents said that their companies don’t provide resources for cultivating networks. In the meantime, there are companies that provide networking courses to corporations and individuals, as well as many, many books on the subject.

4. Networking Isn’t a Job-Search Tool, It’s Part of Your Job

The elite networkers in our study stand out because they tend to their networks on an ongoing basis. For many, it’s part of their work.

They check in with their colleagues on a regularly, rather than waiting till they need a favor. More than 20 percent of elite networkers reported spending more than two hours weekly on networking.

As Brazen Careerist Penelope Trunk puts it: “Don’t talk to me about job hunters who are networking. Let’s be real: When you need a job, you’re not networking, you’re calling in favors.”

Brandon Alsup, a writer for Newly Corporate, suggests using email alerts as reminders to stay in touch. “Reaching out to your network in the dry times will let them know they are still on your mind … When big news passes through, a simple phone call can really impress.”

5. Networking + You = Higher Income

Among elite networkers surveyed, 80 percent believe networking translates into higher personal and business income. Simply keeping up relationships and responding positively to others tends to come back to us.
Trent Hamm, who writes The Simple Dollar blog, offers an example of the power of his network. When he happened to mention to friends that he was moving, he was met with offers of help from all sides.

His network provided a long list of goods and services (including a fridge, offers to babysit and an unused $250 appliance store gift card) that saved him a lot of money and time.

“I didn’t expect any help - I was merely passing on some good news to my circle of friends, but I received an abundance of offers of help and other things.”

To read more about the power of networking, check out the full study in our knowledge center.

At UpMo, our mission is to help you take control of your career. As our study shows, networking will point you in the right direction and accelerate the journey.

Share/Save/Bookmark

This entry was posted on Tuesday, December 9th, 2008 and is filed under The Networking Habit. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

xygoxen

No comments yet.

feel free to leave a comment

Comment Guidelines: Basic XHTML is allowed (a href, strong, em, code). All line breaks and paragraphs are automatically generated. Off-topic or inappropriate comments will be edited or deleted. Email addresses will never be published. Keep it PG-13 people!

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

All fields marked with " * " are required.