Can Networking Impact Your Income? 81% of Elite Professionals Think So

January 14, 2009 by 8 Comments

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I am practically jumping out of my chair and doing cartwheels in my office over this timely new study from Upwardly Mobile Inc. and the Graziadio School of Business Management at Pepperdine University on the power of networking, which supports so many of the principles I wrote about in SMART NETWORKING.
The reality is that few people have networks strong enough to support them during a recession or time of crisis. And with the unemployment rate at a staggering 7.2%, there is much more competition for fewer and fewer jobs. What are you doing to ensure you come out ahead?
I’m still making my way through the whole report, but I couldn’t wait to share some of the key findings and add some perspective from the practitioner side:
Research finding: 70% of executives credit networking as the key activity that leads to career opportunities, but 75% of study respondents said they spend fewer than two hours directly managing their networks.

What this means for you: You absolutely do not have to network hard if you know how to network smart. Two hours can be plenty if you know what you’re doing and can maximize your time. I actually spend less time networking now than I did when I started, yet more opportunities–and higher quality ones–are coming to me. 

Unfortunately, few people know how to make those two hours count, so not only are they not putting in the right amount of time based on their effectiveness level, but they’re also not doing the right things during the time they do spend. A double whammy!

Research finding: Twenty-seven percent of respondents network only when there is an immediate need, such as starting a job search.

What this means for you: Networking that infrequently means you never build the skill to really make networking work when you do try to do it. You waste time, reinvent the wheel, and sometimes burn bridges unintentionally. This makes you have to work even harder the next time.

Think of the constant training that athletes go through for 50 seconds in the pool, 4 minutes on the balance beam, or 2 hours on the marathon course. They don’t just show up on the day of the event, hoping for the best. They do everything they can to prepare for it.

Research finding: Even more alarming, though not surprising, is that most people approach networking ineffectively. They focus on QUANTITY of contacts rather than the most important factor–a contact’s WILLINGNESS to recommend them.

What this means for you: At the beginning of chapter 3 of Smart Networking, I discuss why getting ahead is not about WHO you know, or WHAT you know, or even who knows YOU, but it’s about who’s willing to help you. Just because you meet someone at an event, or even worked with them at your last job, can you really count on them to go out on a limb for you? 

Are you the kind of person they want to help? Are you asking for help in the right way? These are critical skills every smart networker needs to master.

If you’d like your own copy of the report, you can access it here: Professional Networking and Its Impact on Career Advancement
While you’re at it, find out if your network measures up, by taking their free Network Readiness Evaluator.
Leave a comment below and let me know what you think about the study and findings.

Filed Under: Career Advancement, Job Search Networking, Networking Aversion Tagged With: , ,