7 Reasons Why Networking Is Essential
Networking can do more than help you find your next job opportunity; it can make you smarter, happier, and more financially stable.
Kathryn Minshew, founder and CEO of The Muse and The Daily Muse, began a piece for the Harvard Business Blog Network with this sage advice: “Network Your Face Off.” The truth and value of this statement cannot be underestimated.
Here are seven reasons why networking is essential and why connections matter.
1) The larger the network the larger the salary.
A recent study of 6,000 executives in over 3,000 firms found that the more connections an employee has, the greater the salary. Specifically, the study found that a 50% increase in network size accompanies a 3.8% increase in salary with respect to the average.
2) Networks beget jobs.
A survey conducted by The Adler Group found that 46% of active candidates and 49% of passive candidates found employment thanks to networking. Similarly, a study conducted by Banque de France and the University of Toulouse noted that half of all jobs in the United States are filled through personal contacts. ABC News cites an even higher number — according to ABC News, 80% of jobs are landed through networking.
3) Wider networks can lead to better paid jobs.
Research conducted by Federal Reserve Bank of St. Louis economist David Wiczer found that employees who found jobs through individuals within their network got paid, on average, 6% more than employees who found their jobs through direct contact with a firm.
4) Networks provide security.
People who are well-connected are more likely to stay in their jobs longer and have shorter periods of unemployment than people who are not well connected.
5) Networks bring opportunities.
The opportunities networks can bring include: partnerships, invitations to events, introductions, and invitations to give talks and presentations. In short networks bring opportunities that benefit and feed your career, professional development, and personal interests.
6) Networks make you smarter.
Knowing what is happening in your field and industry is vital. When you have a strong network you are more likely to be “in the know” than those who do not have a strong and active network.
7) Networks make you happy.
Minshew writes: “Networks are powerful, and when done right leave you surrounded by a core of individuals who are all rooting for your success and happy to help you.” So true.
Networking is essential. Get out there and build your network.
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