Your Network Net Worth – Why You Need It

Our network can provide us with immense mutual benefits to each other if we work at maintaining it. Aside from providing us with opportunities or insights, we can share an exchange of ideas to further our personal development. Read on to find out more on why you need your network!

A. There is less job security in the world now

We are in the Age of Disruption as can be seen in the S&P500, the average age of a company in 2016 was 24 years which further dipped to 20 years in 2020.
There is a need to be more mobile & agile, just like the current environment. As businesses seek to cut operating expenses & increase their profit margins by layoffs, reduced wages or lower benefits, salaried workers & freelancers have to be able to hedge against such circumstances. What better way to hedge against that then to fall back on your network to get you running again?

B. Employers look internally for referrals

Many managers skip the ‘middle man’ now, instead of hiring a potential candidate from recruitment agencies (which will take many man hours of the hiring & training process), they look internally for referrals which helps to sieve through the multitude of people. It cuts straight to the crux, where the candidate has already been vetted internally, is familiar within the environment & has skills that can be immediately put to use. By expanding your current network, you will expose yourself to opportunities not found openly on the market & the traditional hiring routes.

C. Opportunities outside of your sphere of profession

The ability to branch out and form a diverse set of skills that can provide your future employers with value is critically important as businesses continue to trim operating expenses. With a complementary set of skills on your tool belt, coupled with in-depth knowledge and experience from differing industries, you will be more marketable to employers as well as recession ready. These sets of skills can be learnt from the immense resource of the internet which will provide a basic level of understanding and with your ability to operate across your sphere of profession / industry.
Cross manage & apply your skills across a wide breadth of industries

D. Networking to build & maintain relationships – not to sell

Having a network can also provide us with support in times of uncertainty and distress. When we network to build and maintain relationships, we are sending a signal that we need them & we can rely on each other. In times of uncertainty, we can eventually fall back on our network for useful advice to pivot & press on.

Ending Notes

Our network is important to us all, we can build on it to support one another, bounce off ideas & advice with each other or uncover hidden paths to success. It can be an important factor to success if we consistently build & maintain it. We will all mutually benefit from our networks.