Networking Statistics
By Elma Mrkonjić | November 12, 2020 | 0 Comments

20 Astonishing Networking Statistics You Must Know

If you look at these networking statistics, you’ll realize how vastly it can influence your life and career.

Networking may seem irrelevant to some people, but if you have developed a good network, you know how helpful it can be.

Every successful business person or ambitious employee has various beneficial relationships. Not only does it help them find job opportunities or hire industrious and capable people, but it also helps them maintain their success.

Let’s take a look at statistics about current trends, business networking, and more. We’ll also give you some useful tips and tricks.

Current Networking Trends & Fascinating Facts (Editor’s Pick)

  • Over 35% of LinkedIn users said casual conversations on LinkedIn Messages led to new opportunities.
  • 35% of professionals secured their current or recent job through networking.
  • 95% of people think meetings in person are essential for maintaining long-term business connections.
  • 55% of millennials utilize their network connections when they think about their next job opportunity.
  • 70% of conversation should be work-related, and 30% should be about personal matters.
  • 61% of marketers thought that events were the most effective marketing channel for achieving their business goals.
  • More than 50% of people of color were too busy to attend networking events before the coronavirus pandemic.
  • 75% of professionals wouldn’t tolerate low-quality video conferencing.

Importance of Networking - What the Numbers Say

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Networking can expand your career and increase your revenues, but how essential is networking? The career changing stats in this section will easily illustrate its significance. You’ll have a better insight into how exactly networking helps you when finding a job, career advancement, or anything else related to business is in question.

1. 80% of jobs are filled through networking.

According to a 2018 survey of 3,000 people, 80% of people got hired because of networking. One of the critical networking facts is that, if you have a broad network, you’ll be able to find job opportunities before they’re posted on job boards, which means that your chances of getting hired are much better.

2. More than 35% of LinkedIn users revealed that casual conversations on LinkedIn Messages resulted in new opportunities. 

Most of such opportunities were business deals and partnerships. Around 25% of business people who used LinkedIn established a valuable business partnership while conversing on LinkedIn Messaging. LinkedIn networking statistics also reveal that 63% of worldwide professionals agree that regular online interaction with their network can lead to job opportunities.

3. 31% of American survey respondents stated they found a job due to networking.

In a 2019 survey of 1,535 US adults, only 11% found their job using job platforms, while 23% of them answered “other,” which means that they probably applied in person. According to these networking statistics for finding jobs, most respondents said they find a job simply by “knowing someone.”

4. 35% of professionals said they secured their most recent or current job through networking.

According to a 2018 study, 60% of survey respondents said they referred a friend or acquaintance. A well-established network is the key to success; therefore, it should become a part of your everyday routine. Also, word-of-mouth, referrals, and social media are excellent ways of finding job opportunities.

General Business Networking Statistics

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As you’ve seen in the previous section, networking is highly beneficial for all business people. Mutual support and regular communications between professionals is crucial. Relevant and essential information circulate faster, there are many more job opportunities, and more deals are made. If you ask any prominent and successful business people about networking, they’ll tell you it’s an essential part of every business.

5. One in four people doesn’t network at all.

There are many reasons people do not engage in networking, such as the lack of time. For example, 41% of people reported they would gladly spend more time networking if they had more free time. As HubSpot networking statistics reveal, only 11% of LinkedIn users have more than 100 connections.

6. Companies would lose 17% of profit if there weren’t for business travel.

Meeting in person is so significant that 28% of businesses would be lost without it. Face-to-face meetings also increase the chance of increasing sales, since 40% of prospects convert into customers through meeting in person.

7.  95% of people think face-to-face meetings are essential for maintaining long-term business connections.

Business networking statistics reveal the importance of face-to-face meetings. People can quickly resolve online communication problems in person. When it comes to communicating in person, 77% of people prefer it because of reading someone’s body language, and 49% think they allow more complex strategic thinking.

8. 55% of millennials used their network when thinking about the next job opportunity.

Millennials have the biggest problems when it comes to reconnecting. Statistics on networking reveal that 43% of millennials find it difficult to maintain a network, more than any other age group. Despite that, 71% of them know how important networking is, while 56% of them find a new job opportunity through a casual conversation, according to numerous statistics about millennials in the workplace.

9. 70% of business partnerships fail. 

Business partnerships can fail due to various misunderstandings, such as involving personal and private matters in business relationships, unequal commitment, lack of patience, trust, success, or personality clashes. It’s essential to keep a balanced relationship between professional and personal.

Current Trends in Networking

20 Astonishing Networking Statistics You Must Know 1

As technology advancement continues, trends in networking adjust to it. Apart from face-to-face meetings, there are many other ways of forming and maintaining a broad network, such as social media platforms, phone or video calls, etc. Some are better than others. Let’s see how professionals interact with each other these days and why.

10. 84% of professionals prefer face-to-face meetings.

Nothing is as effective as face-to-face communication. According to the various face-to-face communication statistics, most professionals think nothing can replace talking in person. Surprisingly, only 7% of information is communicated verbally, 38% through the way words are spoken, and 55% through facial expressions.

11. Ideally, 70% of conversation should be work-related, while 30% should be about personal matters. 

This 70/30 rule comes in handy for a person to demonstrate their professionalism, passion for what they do, and an honest willingness to connect on a deeper level. However, such networking trends also show that personal matters should never be confused with private ones. Positive energy derives from passion, and relationships are built on trust and loyalty.

12. 61% of marketers thought that in-person events were the most effective marketing channel. 

Additionally, 85% of executives, senior managers, and board members think networking is the key to success. They’re so important that marketers spend 21% of the marketing budget on live events. According to the same face-to-face networking statistics from 2019, 57% of businesses that used event technology managed to save 200 hours annually. Furthermore, 20% of companies saved 360 hours or more every year due to event technology.

13. 78% of recent graduates said that networking was a factor in their job search.

College students should be aware that networking is essential and should try to grow their network by including professors, fellow students, parents, or school administrators. As the same college networking statistics indicate, the bigger a student’s network is, the faster they’ll get a job after graduation. Especially since 85% of job positions are filled through contacts and networking. 

14. 72% of people were affected by a person’s looks and handshake.

Since communication in person is the most desired form of networking, people pay attention to details such as body language, eye contact, facial expressions, and even business cards. Leaving a good first impression when meeting in person is crucial.

Trending Business Networking Statistics 2020

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This year has brought many unexpected changes due to the coronavirus pandemic, which greatly influenced networking. How have business people and other professionals adapted, and how do they communicate with each other? Here is some valuable information on how people maintain their networking in 2020, before and during the global pandemic.

15. Before the coronavirus pandemic, more than 50% of people of color were too busy to participate in networking events.

According to the networking statistics from a recent survey of 300 respondents, more than half were too busy to attend networking events. Apart from that, 30% of them cited work-related conflicts, 17% wanted to focus on work, while 17% connected networking with politics. 

16. 62% of UK survey respondents said only 20% of LinkedIn connections had proved valuable.

Out of 2,000 UK respondents, 62% stated LinkedIn wasn’t as helpful when business networking is in question. According to the professional networking statistics from this survey, 61% of respondents had met fewer than half of their LinkedIn connections, 38% found it too cluttered. In comparison, 28% thought LinkedIn was full of spam. However, LinkedIn still tops the lists of the best business networking sites.

17. 56% of CFOs consider investing in video conferencing systems to decrease travel needs.

The most significant benefit of video conferencing is a decrease in travel. It’s important to highlight that conferences are a great place to communicate with other professionals and expand your network. Also, networking conference statistics reveal that 75% of CEOs estimate that video conferencing will replace conference calls in the future.

18. 70% of employees experienced an increase in meetings due to the coronavirus pandemic.

After shifting to working remotely due to the coronavirus outbreak, there was a 22% increase in short meetings. One-to-one meetings increased by 18%, while the number of weekly meetings increased by 10%. Every employee had approximately three meetings per week.

Networking Statistics 2020 & Beyond

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The predictions and estimations for business networking in the future are closely connected to the changes in global trends, technology advancement, and the workforce. While it’s not easy to determine what will happen in the future, there are some signs of change, even in 2020. Will online networking prevail in the end? Let’s find out from these stats.

19. 75% of professionals stated they wouldn’t tolerate low-quality video conferencing.

As technology advances rapidly, new networking trends have become an essential part of online communication. For example, a majority of young professionals consider low-quality video conferencing unprofessional.

20. There are thirty million companies on LinkedIn.

According to various statistics, LinkedIn is one of the best job platforms for networking. Furthermore, the number of monthly active LinkedIn users is expected to grow from 62.1 million in 2020 to 66.8 million in 2022. LinkedIn should stay the most commonly used social media platform for strengthening professional networks.

What These Networking Statistics Mean

Networking has a vast impact on any type or stage of business. It can help you find a job, get a promotion, hire professional employees, or even start your own business. 

Events or conversations might be time-consuming, and focusing on business can seem like a better idea. It all comes down to business relationships and support from your business partners at the end of the day. 

Staying in touch with prominent people will positively impact your career, so never underestimate the power of business networking.

Frequently Asked Questions (FAQ)

According to the Bureau of Labour Statistics information, 70% of jobs are found through networking. However, some experts claim that the actual numbers may be 80% or even 85%. A majority of job openings (around 70% or 80%) aren’t even listed online, so the only way to find out about them is through networking. 

Apart from that, 40% of new hires are referrals, although only 7% of job applicants receive this offer. That means that the odds of getting hired are much higher if you have a broad network.

Some of the most important benefits of networking and strengthening business relationships is being able to get a job you’ve always wanted or hire someone else. Apart from employment, you can advance your career and get noticed in the world of prominent professionals who can support you and give you useful pieces of advice. 

With a broad network, there are also plenty of new job opportunities. Apart from building business relationships, it’s also possible to develop long-lasting friendships, as well.

Yes, networking works, as long as you invest your time and effort in building meaningful business relationships. Networking can help people achieve great things more efficiently, but it’s important to note that long-term relationships are undoubtedly more important. 

Networking is about knowing people who know other people. The more people you know, the higher possibility of achieving your business goal is because you can benefit from their network, as well. The root of networking is helping each other.

The primary reason for building a network is primarily to make your career path easier. One of the most important things a good network can do is help you start your own business, hire employees, get a better job or the job you love, and many similar work-related matters. 

Business networking is recommended by business schools (so peers don’t lose contact with each other) and leads to life-long relationships, which is another reason for maintaining business connections.

The most significant thing about talking to other people is having confidence and managing to relax. There’s no need to be nervous, so stay calm and enjoy networking. Start from the people closest to you, such as acquaintances or the people you regularly stumble upon. Always know what to ask them because you might get nervous and make awkward pauses. 

Pay attention to the smallest details about them and try to remember them. The more personal your connection becomes, the better. Don’t forget about using LinkedIn.

The most important skill for networking is being a good listener. Always remember to talk less and listen more. Apart from that, a good start for gaining someone’s trust is by asking questions about them. Everybody loves talking about their own business, so listen carefully, while maintaining eye contact. 

Never interrupt others while they talk and nod your head to show agreement. Respond by repeating at least one key point of the other person’s question. Don’t forget to put a smile on your face and always be positive.

Asking questions is always a good option if you initiate a conversation with someone. They’re great for small talk and can keep the conversation flowing. You can also discuss current events but offer information about yourself, too. 

You want to become a part of their network, so tell them about the things you’re passionate about. Always find places to agree with the person you’re talking with. By looking at many networking statistics, you will find out that if someone asks you a question, you shouldn’t answer with only one word, but give them a little more information.

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