Don’t underestimate the importance of your network to your career. It could make the difference in landing your dream job.
The importance of networking in procurement, be it face-to-face or on social media, can’t be overstated. Apart from getting your name and personal brand out there, there is also a wealth of information waiting for you when you interact with other procurement professionals.
During Procurious Career Boot Camp, we’ve had Career Coaches and high-profile CPOs sharing their thoughts on the importance of networking for a full career.
The truth and value of this statement cannot be underestimated. Here are 7 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 their salary.
Specifically, the study found that a 50 per cent increase in network size accompanies a 3.8 per cent increase in salary with respect to the average.
2. Networks beget jobs
A survey conducted by The Adler Group found that 46 per cent of active candidates and 49 per cent 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.
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 per cent 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.
The Procurious Boot Camp will increase your stamina, get you in the best career shape of your life and help you to punch above your weight.
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