How to overcome the financial challenge of professional networking
[Ed. note: This is a guest post by Dawn Jordan, former operations vice president at Bank of America, whose job was eliminated last year. Also, check out Dawn's blog series on the Wall Street Journal where she describes her quest for a job in the midst of these trying economic times]On any given day, it seems I could attend an event and meet the individual who will be key to landing my next job. This is because my email inbox is constantly loaded with invitations and announcements for upcoming professional networking events.
My challenge isn’t a lack of time, interest or need to attend these networking functions, it is lack of money.
Pre-layoff I thought little of registration fees for such activities but post-layoff is another matter. Their expense has been an unanticipated cost of unemployment. As a result, I too often find myself foregoing events that I would prefer to attend. The longer I am unemployed, the more often I expect this to happen.
Inevitably, I find myself torn between feeling as though I can’t afford to go to an event but that I also can’t afford not to go.
What makes matters worse is that career service industry experts agree networking is one of the most critical components of a job search. They say that especially in weaker economies you are more likely to find your career opportunity through networking and not on job boards.
This is where online social media tools such as LinkedIn, and Meetup.com help. They allow me to extend my reach and meet people for low or no cost. When you consider typical networking expenses can easily exceed $400 per month, leveraging these resources is a no-brainer.
One of the ways I use LinkedIn to extend my networking budget through the “Groups and Associations”. I look for local chapters of organizations as well as groups in the functions and industries where I desire to work.
I join groups and then contact members on an individual basis. If they are located near me I’ll request to physically meet, otherwise my goal is a phone call. The shared group connection makes it easy to connect and increases the likelihood they will make time to talk. Long-term, I retain connections to organizations and peers that can continue to contribute to my professional growth.
Tags: dawn-jordan, find-jobs, finding-jobs, job-hunting, job-strategy, jobs-networking
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How to overcome the financial challenge of professional networking | CITI Recruitment June 23rd, 2009
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M Ameres June 23rd, 2009
To cut down on networking costs, offer to volunteer. I recently did this for my high school’s fundraiser and got some free golf practice and met everyone at the lunch.
Also make sure that you get a role that is fitting to your background, like checking people in or supervising an auction.
Mark at Http://ameres.net
http://twitter.com/rensselaer
Khürt June 23rd, 2009
For me networking is not about going to “networking events” etc. I already have a network of friends, family members, online social networks (facebook, twitter, blogs etc ), religious organizations, school clubs (I have kids) that are all networks of people.
Manuel June 23rd, 2009
Hi Dawn,
I went through a likely situation. I was a fnancial administration manager and my last position was a financial controller. Now I work as a financial consultant in Lima, Peru and want to use linkedin as a tool to gain some business accounts. Is someone in knowledge of how to use linkedin to reach my mentioned objective. Thanks for your feedback.
Rgds,
Manuel
Kelly Lux June 23rd, 2009
Try seeing if your alma mater offers any networking events, many times they are free or offered for a nominal charge. Having put on several professional networking events this year for new grads and alumni of Syracuse University, and having considered the question of whether we should charge, I can say that these events can be done at a very low cost, while still providing an excellent return.
Marc W. Halpert June 24th, 2009
Many organizations are looking for new members and will gladly “comp” you if you ask, so you can try them out.
When you mix at the event, meet the officers and board members who are really connected, ask them to introduce you to other people, go home and LinkIn to the ones you think are appropriate saying you are glad you met them and how you can help them…Just be realistic and truthful because the organization will come back to you and ask you if you had a good time meeting their members.
Remember-this is marketing YOUR brand. It’s all about the number of impressions that it takes a person to remember you-and the more of these impressions, the more likely you will be remembered when they run across a job opportunity for you, referring a piece of business that you can quote on, or another networking connection to speed you along the way.
Shari Steinhaus June 24th, 2009
I agree, there are many ways one can network without breaking their budget. I am a strong believer in the powers of social media networking when it is utilized well. Many people utilize email and message boards as a relationship. One should never utilize these tools as a means to replace networking through making a phone call or scheduling a meeting.
Secondly, this scenario is a perfect example as to why it is important to keep your network strong not only when you are job seeking but when you are gainfully employed. You never know when you will need your network or your network will need you!
Andy Hughes June 24th, 2009
Hi Dawn
fantastic topic and a heart warming lift :-). Financial constraints do play a major part in how you move forward from a position of no work, it isnt any easier in the UK, in fact i find more and more organisations charging for services to improve your position, whatever happened to giving something back, hey, at some point in our careers we all have an indifferent time. i have never charged for helping anyone with a CV/resume, i always get a thank you though if they get a job.
Good luck with all that you do, i have signed up to your blog, i look forward to reading your post about your return to work and the journey.
Best wishes
Tony Alvarez June 24th, 2009
Dawn,
Clearly your networking efforts have become effective in that you have brought about your own self-exposure to many of us here on linked-in. I don’t know where you are located, but, just like the gal who took a position in Peru, you may open up your opportunities if you are fleixible geographically. I am in California and would like to know if you are open to opportunities on our end of the pond.
Tony
david segal June 24th, 2009
i have had fun with other wine drinkers of similar interest through meetup.com
there are many wineries and homemade wine making facilities,
like my friend carmine who makes homemade wine, for corporate groups/large families in yorktown heights, near brewster, ny.you make kegs, crush berries 120 days prior, at 1 time and bottle it yourself on your 2nd visit afterwards.
now that’s networking
Jim Horrell June 25th, 2009
Hello, Dawn,
First, I’d like to say I really like your approach to networking. I too try to meet people at networking events, talk briefly, trade cards, and then later try to meet them individually. My personal opinion is that meeting them for coffee, or at a library, etc. and having a conversation makes a longer lasting impression.
Second, I do not know what area of the country you are in, but in Waukesha, Wisconsin, there are several networking groups I am aware of which meet on a regular basis and are free.
Third, I do not know if you have considered this, but you may want to try setting up your own networking group in your area. I would think there would have to be a public library in your area which may have some type of conference room where you might be able to hold a gathering.
Keep your spirits up!
Jim Horrell
Mario Sundar June 25th, 2009
Thanks, Andy, for your comment.
We do hope to have Dawn blog about her return to the workforce once she finds that job she’s looking for currently.
Mario from LinkedIn
Kathy July 2nd, 2009
Finally, and only by accident, have I found a website that actually might have some business benefit – meetup.com, mentioned in Dawn’s post. I’ve been looking for a group that allows you to make new contacts, not churn & burn the ones you already have. That helps when you’re new to an area.
Chaz DeSimone July 3rd, 2009
Dawn, thank you for giving me the validation that I wasn’t able to partake in the launch of a book I designed for Mark Victor Hansen (The Richest Kids in America), as it was in Orlando (I’m in California) and a large project cancelled right before I booked the flight and hotel. I simply could not afford to go. It was devastasting. But I stayed in touch with my friends and colleagues via Twitter. (Today I didn’t network with some friends to watch the fireworks, but that wasn’t due to money, I was just lazy.) I hope you find a position in a company that feels like the Fourth of July everyday of the year. Thank you for your sincerity and vulnerability.
Kathy Robinson, Career Coach July 8th, 2009
Hi-
One thing I tell my clients is to think about whether you’re going to be networking with peers or decision makers at any given event. If it’s just likely to be out of work peers in your same industry (therefore potentially competing with you, it might not be worth the money to go. If, however, there might be some hiring managers/decision makers at an event, it might be worth your while. How can you tell that? Sometimes it depends on the topic being presented- if it’s cutting edge it’s more likely to have a senior person there. Also awards dinners, although more expensive than other events, are usually filled with executive level people.
Otherwise using LinkedIn, listservs from former employers, and your own contacts will pay off more than networking events in general.
Kathy Robinson, Career Coach July 8th, 2009
PS… Wanted to reply to Kathy’s post, above… one outstanding resource if you’re new to a major city is http://www.marksguide.com. It’s just in a few cities at the moment but wow, I’ve sent some clients to search events there and it is an unbelievable resource. (One client got a job at the first networking event he attended.) If you search that site today, it will be slow… (networking in July/Aug typically is) but if you’re in one of the cities, bookmark it for later.
Also I see Events on LinkedIn starting to gain some traction too. If you want to pull people together in your industry, hosting a free local event, why not post it on LinkedIn and get space from your library? That way you can connect with local peers for sharing, just like you would through meetup. In this case, if you’re a member of LinkedIn groups, you can advertise the event through the group as well, thereby extending your reach.
Kathy Robinson
http://www.linkedin.com/in/kathyrobinson
Craig November 4th, 2009
I agree, there are many ways one can network without breaking their budget. I am a strong believer in the powers of social media networking when it is utilized well. Many people utilize email and message boards as a relationship. One should never utilize these tools as a means to replace networking through making a phone call or scheduling a meeting.
Emms November 23rd, 2009
Glad to hear you are being constructive in your approach to networking on a budget. I think very few people understand social pressures that come with particular positions, and if the unexpected happens keeping in the right circles is paramount. I once tooke a six month tour of France to escape social presures from businesses i was running. on the return there was a flurry of interest but I was out in cold as far as peer recognition in my industry, and I had lost my old life, it took years to get back at the top(different industry).
wish you the best, Emms