Networking plays a vital role in the business realm.

Networking is a way to get to know business professionals that can boost your career-building efforts.

Even though business professionals understand the importance of networking, they are still hesitant or skeptical enough to not engage in networking.

In this article, we will address the networking statistics you need to know, and the benefits networking provides.

The data we have researched for you confirms the fact that networking is advantageous, especially when you’re seeking meaningful jobs.

Networking is known to help others achieve the career success they want.

In case you’re still skeptical about it, these statistics we found will verify how crucial networking can be to your career.

We will cover the benefits, challenges, and data surrounding the topic of networking whether via virtual meetings or in person.

Let’s explore networking.

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Key Statistics

  • 79% of professionals feel that career success relies upon networking.
  • 78% of startups say networking is crucial to their success.
  • 68% of people prefer in-person networking over virtual solutions.
  • 85% of today’s jobs are filled because of networking.
  • 48% of professional career people stay in touch with their network.
  • 70% of small businesses do their networking across social media.
  • 28% of American small business owners network during their daily commute.
  • 49% of professionals say they don’t stay in contact with their network because of time constraints.
  • 67% of recruiters and employers said that hiring from networking is less expensive.
  • 40% of in-person meetings result in a deal or sale.

Top Networking Statistics in 2023

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1. 79% of Professionals Feel that Career Success Relies upon Networking.

In a 2017 LinkedIn survey, Americans in professional careers said that they believe career progression relies heavily upon networking.

It’s highly doubtful that this data has changed over the past few years.

In fact, it may have increased since 2017. It’s wise to know where to network and with whom.

(LinkedIn)

2. 78% of Startups Say Networking Is Crucial to Their Success.

If you’re a startup founder or considering a startup, you need to take this data into thoughtful consideration.

A massive 78% of startup founders say networking is vital to their entrepreneurial success.

According to Forbes, this data was part of some study findings by the Economist Intelligent Unit.

(Forbes)

3. 68% of People Prefer In-Person Networking Over Virtual Solutions.

There is still a significant percentage of people who prefer face-to-face networking over virtual networking today.

In fact, that percentage is 68%, which means we can thoughtfully assume that 32% prefer online networking opportunities.

Which do you prefer?

(Market Splash)

4. 85% of Today’s Jobs Are Filled Because of Networking.

You should know that a CNBC report revealed that 70% of jobs are never published to the public.

In contrast, 85% of jobs are filled due to networking.

This shows the significance of networking.

Many jobs that aren’t posted to the public are found “in-house” through word-of-mouth or are only shared by recruiters for top talent acquisition. 

(Apollo Technical)

5. 48% of Professional Career People Stay in Touch with Their Network.

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Despite knowledge that maintaining your network contacts is vital in business dealings, fewer than half (48%) of professional career people even try to stay in contact with their network.

It’s worth mentioning that networking allows you to not only build business relationships, but it also nurtures your connection to them. 

(Team Stage)

6. 70% of Small Businesses Do Their Networking Across Social Media.

Data shows that in terms of American small business owners, most of them network through social media channels.

This type of networking accounts for 70% of American small businesses.

Second to social media, 51% small business owners in the United States use parties or social events for networking.

Only 6% of American small businesses fail to network. 

(Zippia)

7. 28% of American Small Business Owners Network During Their Daily Commute.

More than one-quarter (28%) of American small business owners choose their daily commute for networking with their contacts, clients, partners, employees, etc.

Moreover, 38% if them say they prefer to network in restaurants and bars, which is where they wine and dine their network contacts.

(TechJury)

8. 49% of Professionals Say They Don’t Stay in Contact with Their Network Because of Time Constraints.

According to survey data, 49% of people who fail to stay in contact with their networks say it’s because they don’t have the time.

We also know from a former statistic that only 48% of people say they actively stay in contact with their network.

Again, we can surmise that even though they know it’s important to network, nearly half fail to stay in touch and 48% actively stay in touch.

(Market Splash)

9. 67% of Recruiters and Employers Said that Hiring from Networking Is Less Expensive.

We found data that shows referrals (networking) cost a company less and take less time to hire than the conventional process of hiring.

In fact, a colossal 67% revealed that hiring referrals (networking) shortens the hiring time and reduces the company’s costs of hiring the regular way.

(Novoresume)

10. 40% of In-Person Meetings Result in A Deal or Sale.

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In terms of sales and customers, networking is one of the most successful ways to find and maintain customers.

Furthermore, the close rate for in-person meetings often results in a sale or a deal being made.

The percentage is 40% in terms of closing a deal or sale after an in-person meeting.

This also shows how important face-to-face communication is.

(Apollo Technical)

11. 55% of Modern Millennials Find Their Next Career Move from Their Network.

The Millennial generation is in tune with networking.

In fact, 55% of Millennials use their contacts to network for their next career move or job opportunity.

That said, many of this generational demographic fails to maintain their networks.

Moreover, data reveals that this demographic often finds work via casual conversations with people in their network. 

(Team Stage)

12. 70% of Individuals Say They Got Their Job by Networking.

We now know that many jobs are made available to the public.

Instead, companies rely on networking (referrals) to find new top talent for the roles they need to fill.

We also already know that 85% of jobs are filled via networking, but another 70% of people say they got their job because of networking.

(Zippia)

13. 57% of Those Who Identify as Male Went to Linked in To Gain Employment.

Data from 2022 shows that 57% of American LinkedIn users who identify as male used the LinkedIn platform to find work.

LinkedIn is mostly male dominated, but of the 930 million users, 43% identify as female.

Moreover, the Millennial generation dominates LinkedIn.

Male LinkedIn users are also known to find partners and customers on this professional social platform.

(TechJury)

14. 15 out Of 63 Job Seekers Are Confident They Will Find a Job Through Their Network.

Networking may also be a confidence booster for some people since 15 out of 63 job seekers believe they will find work from talking to their network.

This figure represents just over 23.8%, which is nearly one-quarter.

Therefore, it’s significant in the world of business networking.

(Market Splash)

15. 60% of The Global Population Uses Social Media to Connect and Build Networks.

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A broad percentage of the global population must think that social media is the way to network in today’s society.

We say this because the data shows that 60% of the globe’s population is using social media to connect with others and to build their networks.

Also, these are active pursuits.

(Novoresume)

16. 100% of All Surveyed Employees Feel Face-To-Face Meetings Build Long-Term and Solid Relationships.

It’s not often that survey findings result in a 100% outcome, but it does happen.

In fact, 100% of employees in one survey said that face-to-face meetings are the best way to create strong and long-term relationships.

This means they believe you can build deeper and more meaningful relationships that are vital to a network of people you can trust. 

(Team Stage)

17. 57% of People Say that Business Cards Are a Business Networking Essential.

Well over half (57%) of people in one survey responded that having a business card is a necessity for networking in the business world.

To back up this data, 72% of people judge a business based on its business card quality.

Another 39% of survey respondents claimed they wouldn’t even engage with a business if their business card were cheap looking. 

(Zippia)

18. 26% of Women and 25% of Men Have Equal Opportunities to Find Work Through Networking.

There’s not much of a gender gap in terms of job networking with 26% of women and 25% of men having the same job opportunities when they use networking.

This is one arena where the chances of finding and/or getting has very little to do with gender at all.

(Novoresume)

19. Job Turnover Rates Can Be Reduced by 140% when Coworkers Network.

Even job turnover rates can be positively impacted by networking.

Statistics show that by having coworkers’ network, turnover rates in a company can be reduced by up to 140%.

Isn’t employee retention hard enough without neglecting to use your most valued resources, your employees?

(Team Stage)

20. After the Pandemic, 51% of Professionals Who Were Laid Off Felt Discouraged About Networking.

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Sadly, more than 30 million U.S. workers were laid off because of the pandemic.

Interestingly, 96% of hiring managers (HR, employers, etc.) say they will hire someone who has been laid off from the pandemic.

The issue arises in that 51% of them quit going to social events because they felt ashamed.

Many of them are too embarrassed to network even today.

(TechJury)

FAQs

What is Business Networking?

Networking in the business world involves relationship-building with professionals in an industry or field in which you currently work or plan to work. 

Some things you can do to network include meeting people through your existing contacts (network), joining professional organizations, and going to specific industry events.

What Makes Business Networking So Important?

Business networking is an effective and essential part of your overall career, and it can help you with these things:

• Finding new job opportunities
• Getting job or project referrals
• Learning latest trends in your industry
• Getting expert advice from business professionals
• Building relationships with potential partners or clients.
• Expanding your skills and knowledge.

How Can You Start Networking?

The first thing to do is to identify your target audience.

Your target audience will be the people you need to connect with in the industry in which you work or plan to work. 

After you figure that out, you need to start looking at how to reach out.

This is where attending industry events, joining professional organizations, and getting help from your own network comes in handy.

What are Some Best Practices for Successful Networking?

We have found some useful tips for successful networking.
When you use these best practices, you can find just how effective networking in business can be for your career.

Be Prepared: Go to events or meetings prepared with questions to ask. Research the people who you know will be in attendance. This applies to both virtual and in-person meetings/events.

Be Genuine: While you may not realize it, people can sense when you’re being fake. Be yourself and be interested in what other people have to say.

Be a Good Listener: Active listening is one way to effectively connect to others. Take the time to listen.

Follow Up: Be sure to send thank you notes or connect with other businesspeople in your industry after an event, online seminar, or meeting. You want to have your name in front of them without being a nuisance. 

What are Some Things to Avoid When Networking?

Mistakes can be made during the networking process, but we have a list of things you can avoid doing that could ruin your networking time.

• Avoid talking about yourself a lot. 

• Avoid a lot of self-promotion. Be interested in helping others and don’t solely focus on what you may get from networking.

• Avoid being too pushy. Build solid relationships first. Avoid asking for jobs or favors during the initial stages of networking. Focus on being present, helpful, and solid first.

• Avoid the failure to follow up. Even if you think you didn’t make a good impression, you need to keep the relationship-building going. Remember to send a thank you note or connect with them on LinkedIn.

How Can You Maintain Your Business Network?

Remember that networking is never a one-off deal.

Once you have a network of contacts you can rely on you must also maintain that network. 

This will require you to stay connected with them, attend events where you know you’ll see them, and help them out as you can. 

Keep in mind that social media is a terrific way to stay connected to your network of contacts.

Conclusion

Do you network?

Do you regularly stay in touch with your contacts?

Hopefully, this article has shown you the benefits and opportunities that networking in business has to offer.

Networking covers a broad scope in business.

It includes job seekers, employers/recruiters, client/customer relations and retention, sales and deal making, and other arenas. 

Networking’s effectiveness is also determined by the type of networking like virtual or in-person networking.

With so many people using the internet nowadays, many feel that online networking is better. 

However, even larger percentages show that people desire in-person, face-to-face contact.

It’s been shown to be a more effective networking tool.

Based on these statistics, are you more willing or likely to network and stay in contact with your network? 

We hope you have enjoyed reading these networking statistics and that you are more enlightened about the prospects and benefits of networking. 

Sources

LinkedInForbesMarket Splash
Apollo TechnicalTeam StageNovoresume