Networking Study

My friend Karen passed on this press release – the news that you need to “build it before you need it” won’t be a shocker to anyone reading this blog, but it’s nice to put some numbers behind the idea.

Timely New Study Finds Professionals Who Network Consistently Instead of As Needed Earn More and Are Better Protected From a Recession
 
Sunnyvale, CA, January 12, 2009 -- When the pink slip arrives or necessity calls for a job change, most professionals reluctantly start networking, but those who network consistently instead of as needed earn much more and are better protected finds a new study from Upwardly Mobile Inc. with the assistance of the Graziadio School of Business Management at Pepperdine University. Among the findings:
 
• Elite professionals earning more than $200,000 a year, more so than other respondents, cited networking as important to their careers and self-reported a greater networking ability. They leverage their network more, use job sites less, and consider networking a lifestyle rather than a tool to be used when needed.

• Thirty-one percent of elite high-earning professionals versus 19 percent of the non-elite spend one to two hours each week networking.

• Twenty-nine percent of the non-elite network only when there is a need versus 18 percent of the elite.

• Fifty-seven percent of elite professionals say job sites have no impact on their career advancement while less than 35% of those in the non-elite group felt job sites have no impact.

• More than 80% say networking impacts income. 58% believe a skilled networker could see up to a 100% increase in income.

• Forty percent of respondents said networking is how they found their current job.

• The highest earners said the single most critical factor in determining the value of their network isn't the depth of their relationship with contacts or the size of their network, but breadth of connections with the right contacts--contacts willing to recommend them.

• Among the online network management tools used by respondents, LinkedIn is seven times more popular than its nearest contender Monster.

"What surprised us was that most people use networking as a one-time reaction to unemployment or a recession instead of long-term protection that can smooth career transitions," says Promise Phelon, CEO of Upwardly Mobile, Inc. “It’s clear that a regular, purposeful networking habit, not just a profile on your favorite professional networking site, will lead to greater mobility and downside protection during tough economic times.”
 
"The study reinforces the value of networking to career advancement and the demand from professionals for better skill development and tools as part of their education," says Linda A. Livingstone, Dean of the Pepperdine University's Graziadio School of Business Management. “If our economy is telling us anything, relationships and trust matter. We hope that our alumni and graduates of all top MBA programs understand that the relationships they build will have a direct impact on their professional success.”
 
 
Study Background:
 
Upwardly Mobile, Inc. with the support of Pepperdine University's Graziadio School of Business Management, conducted research for this study in April 2008. Upwardly Mobile helps professionals more effectively leverage their professional networks to achieve career success. Six hundred and thirty-seven respondents completed a Web-based survey with 22 questions. A select group of participants also elaborated on their responses during 45-minmute interviews. The purpose of the study was to understand the guiding principles for professional networking and how those principles translate into regular practices and skills that enable professionals to achieve immediate and long-term career goals.
 
For a free PDF download of the 28 page study, Click here.