Networking Is Power for Finance Professionals

July 26th, 2016

Ross Campbell Financial Services Insurance Recruiter
By Ross Campbell, Toronto Financial Services & Insurance Recruiter

Almost everyone has benefited from networking at one time or another. That’s how most of us got our first job. We asked a friend or family member to get us an interview. The truth is that this reliance or advantage of networking doesn’t change much as our career evolves. It’s just higher stakes, more advanced positions, and greater job requirements and knowledge.

“In today’s world of ubiquitous online job postings, it’s no longer about finding jobs, but finding the right job and leveraging your competitive edge to land it, once you do. Do you have connections at the company? Does the company typically hire from your alma mater or current company? This is the type of insider intel that can make all the difference as you’re navigating your job search,” says Thogori Karago on the LinkedIn Official Blog.

Why Knowledge and Networking Is Power

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Knowledge is power – a phrase that most of us have heard before. It’s a true statement. However, there is another phrase that is becoming just as important for job seekers in the finance industry (and every industry for that matter):

Networking is power

Having a strong network is one of your greatest resources as a job seeker. The more people you know, the greater access you will have to potential opportunities – in theory. Combine that with knowledge, or your areas of financial expertise, and you put yourself in a great position to meet your career goals.

How Important Is Networking?

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According to a 2015 LinkedIn survey, 40% of people who changed jobs were hired at an organization where they had at least one connection.

Referrals from current employees also play a significant role in your ability to secure a position. According to Undercover Recruiter:

  • Employee referrals have the highest applicant to hire conversion rate – only 7% apply but this accounts for 40% of all hires
  • Applicants hired from a referral begin their position quicker than applicants found via job boards and career sites
  • Referral hires have greater job satisfaction and stay longer at companies – 46% stay over 1 year, 45% over 2 years and 47% over 3 years

 

Securing an interview is not the only benefit from using your network. As you can see by these stats:

  • You are more likely to get hired
  • You start your new job quicker
  • You are happier in your new job
  • You stay longer in the position

 

It pays to know people and have a strong network, especially when looking to make a career move.

Get more tips to enhance your career search in the finance industry by reading:

Is Financial Planning the Way to Go for Finance Professionals?

5 Headhunter Approved Tips to Become a Rockstar Finance Job Candidate

Is Your Finance Job at Risk? Signs You May Be on the Chopping Block

 

IQ PARTNERS is an Executive Search & Recruitment firm in Toronto. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Financial Services & Insurance, Marketing Communications & Media, Emerging Tech & Telecom, Consumer Goods & Retail, B2B & Industrial, Technology, Accounting & Finance, HR & Operations and Mining & Engineering. IQ PARTNERS has its head office in Toronto and operates internationally via Aravati Global Search Network. Click here to view current job openings and to register with us.

Ross Campbell

Ross Campbell is a Partner and Practice Lead, Financial Services & Insurance with IQ PARTNERS. Celebrating over 10 years of management consulting experience in executive search, recruitment, and training in Canadian financial services and insurance companies, Ross thrives on the belief that business can be done significantly better by investing in the right people.