When Ernst & Young (EY) announced their plans to hire 15,000 new employees in 2016, they first decided to look into their network. They expected more than half of those hires to come from employee referrals, which resulted in paying out over $8.1 million into employees as referral bonuses. If you want to join the $30 billion company, then knowing an insider improves your odds.
Stories like this are not uncommon. In fact, nine of the 10 employees at TurningPoint were hired based on referrals. Moreover, networking and referrals continue to be a significant source of revenue for most small companies (more than 45% at TurningPoint). Bottom line: a direct referral, introduction or connection can improve your success rate. That’s because people are more likely to do business with people they know, like, and trust. When you master the art of networking, you’re more visible, likable, and credible.
OK, but do I have to? I hate networking.
Some (ahem, extroverts) thrive in social interactions. Others shy away – seeing it as unnecessary, inauthentic, and in some cases, dirty.
But hiding under a rock isn’t a viable option these days. There’s plenty of research showing the benefits of professional networks—from increasing business opportunities to building your reputation and authority. Plus, quality professional relationships often improve job satisfaction and the quality of your work.
Did You Know?
In a recent Sales & Marketing Leadership Alliance survey, more than 30% of members closed new business as a direct result of networking within the group.
Proof positive that building and sustaining relationships counts!