Networking continues to be one of the world’s primary sources of employment, as evidenced by 85% of professionals in a LinkedIn study. The numbers show how maintaining your social network is a great career advancement strategy.
Networks can come in various forms and avenues, with in-person networking found to be more effective. Online networking benefits professionals, but studies indicate that changes are needed to maintain good networking for career success.
This article will dive into networking statistics’ importance, relevance today in various industries, and common challenges. Continue reading to learn about the power of connections in 2023.
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- 64% of small businesses market via social media, while 34% network at events.
- 41.3% of working professionals in business-related programs use LinkedIn as their primary networking tool.
- 40% of people prefer online networking over face-to-face networking.
- 67% of client communication occurs via email.
- In a LinkedIn survey, 73% of respondents got jobs after being introduced by someone they knew.
- As of 2023, social media users reached 4.88 billion, or 60.6% of the global population.
- Facebook is still the leading social media platform in 2023, with monthly active users racing to 3 billion.
- The US is the leading global market for social media advertising, with $72.3 billion in expenditure, followed by China.
- In 2022, 57% of males used LinkedIn for employment reasons.
How Important Is Networking?
A 2012 survey shows a general perception of networking opportunities as essential and beneficial at work. This survey has remained steadfast until today, and recent data suggests it will continue to boom.
Additionally, professional networking statistics show networks can be a mutual and reciprocal benefit for yourself and others. Its importance is not exclusive to seeking jobs but also to exchanging ideas and building strong friendships.
The data below explains how networking is vital in various industries today.
Statistics on Networking by Industry
Whether for official business or exchanging ideas, industry networking can take you one step ahead. This outcome is valid for 70% of professionals around the globe who got into their workplaces where they had connections.
Here are some top industries where networking works best:
1. 64% of small businesses market via social media, while 34% network at events.
(The Manifest)
Small businesses attract potential customers in various ways, with social media being the most popular. With a few clicks and shares, it’s easier for these enterprises to grow a customer base worldwide.
The target-specific nature of digital networking led small businesses to use this channel; meanwhile, 34% network at events for brand awareness. Nonetheless, small businesses increasingly see it as fitting to use more than one medium to reach audiences.
| 🎉Fun Fact Regarding social media, small or big businesses prefer to market on Facebook. Around 60 million businesses are registered on the platform alone. This preference is due to consumers choosing social media platforms for visual content, leading to a high acceptance rate, 40x more than regular advertising. |
2. Most of the 26 reviews on professional networking show networks improve the health sector.
(BMJ Journals)
There are several features of effective networking in the healthcare sector. According to the findings, these include:
- Collaboration and partnership
- Knowledge-sharing
- Administrative and clinical exchange
- Network performance
- Integration
- Network stability
While networking does not necessarily emphasize improving patient care, it highlights the contribution of networking to collaborative healthcare. Unfortunately, the reviews identified gaps in network structures, such as the formation of cliques and gender homophily.
| 💡Did You Know? It is crucial to hire qualified health professionals as they handle private information from clients, which includes PII or PHI. Mishandling and negligent behavior can cause severe issues for the hospital network. Healthcare data breach statistics mention that negligence from healthcare workers also causes twice the number of data breaches in hospitals. |
3. 34% of closed deals in real estate came from agents’ networks.
(ATTOM Data)
In 2016, 34% of real estate agents used their network as a source to close business. This rate is higher than digital advertising and open houses, at 19% and 12%, respectively.
Until now, online and in-person networking has been the realtors’ most significant marketing strategies. They have closed deals more with networks than paid digital advertising, open houses, or walk-ins.
In 2022 real estate statistics, 51% of home buyers found their homes online, while 10% did so through friends, families, and neighbors. This data shows how connections can be powerful in sealing deals.
| 🎉Fun Fact Homeownership in America started as a trend by the National Association of Real Estate Boards in 1917. Despite the Department of Labor promoting the movement of investing in houses, the Great Depression halted it. However, by 1940, almost all Americans were homeowners instead of renters. |
4. A 2022 Insurance Networks Study recorded more than 150 insurance networks.
(Insurance Journal)
When it comes to financial matters, nothing is more valuable than trust. This occurrence is especially true when investing in insurance. Over 20,000 agencies joined insurance networks for market access today.
Still, the Insurance Network Alliance’s 2022 Insurance Networks Study shows this perspective has changed. Agencies are now joining partnerships and networks that share goals with them and work toward the same goals.
Having agency networks and partnerships, whether large or small, has proven to add value to the insurance business. With a decade-long existence, networking in the field sees an “optimistic future.”
Statistics on Virtual and Online Networking
Studies show that networks shrunk by almost 16% amidst the global pandemic. This event led to online networking, which has become one of the most famous avenues to connect with people.
The virtual space is taking over networking; however, it’s not always the case. A significant portion of users and employers still prefer in-person interactions.
Nonetheless, online networking will bring immense benefits in 2023. Let’s look at online networking statistics over the years.
5. 41.3% of working professionals in business-related programs use LinkedIn as their primary networking tool.
(Science Direct)
LinkedIn has grown its professional community rapidly, as evidenced by its growing user base. The platform offers career benefits to users, such as sponsorship or job search assistance.
As today’s largest network for professional networking, every young adult leverages social networking sites for significant career progression. It’s no surprise that LinkedIn is gaining new users every second.
| 🎉Fun Fact LinkedIn focuses not only on finding people with the right career paths; businesses are also on the platform. B2B marketing and advertising are ripe on the network, with an overall percentage of 86%. Other apps also follow, with Facebook at 79% and Twitter at 60%. |
6. 40% of people prefer networking online over face-to-face networking.
(Finances Online)
Due to varying circumstances, connecting online brought more convenience to people, both geographically and time-wise.
Although restrictions on face-to-face networking have been lifted after more than three years, this number is surprisingly large. This data suggests online networking is not going away any sooner.
| 🎉Fun Fact Hybrid work setups have been the new trend for many professionals since the advent of COVID-19. Despite only 56% of employees being comfortable returning to normal office settings, 94% of HR leaders find remote work more productive. |
7. Facebook has the upper hand in finding job prospects, with 67% of job seekers advertising on the platform.
(Jobvite Survey)
Facebook is attracting over 1 billion active job seekers. Meta’s new business page feature allowed employers to post job openings directly. This opportunity led employers and job seekers to dominate the platform.
8. 67% of client communication occurs via email.
(HubSpot)
Email communication generally has a less personal touch in business networking statistics. Still, customer – and client-facing industries use it often. Most client communications happen here, but they don’t work for everyone.
The good thing is there’s always room for improvement to make this platform less disconnected and more personalized.
| 💡Did you know? Email marketing is the best form of marketing and advertising. It has an ROI of 300% across all users, and for every dollar an advertiser spends on an email, they get a return of $36. |
9. In a 2022 study, Slack was the most used platform with 52% of users, followed by Zoom at 47%.
(UC Today)
The remote workplace brought about the emergence of communication platforms today, with Slack being one of the most popular. With over 470,000 paying customers, Zoom ranked second among the most used technologies, followed by Trello, Skype, and Google Meet.
These online networking tools are evolving. Continue reading to see the bigger picture of networking in the business industry.
Networking in the Business Industry Statistics
Networking is crucial for entrepreneurship, whether a large or small business, passed down for generations, or a startup. Business executives reveal that 28% of their business is lost without networking.
The following business networking statistics will inform you of the opportunities you can generate in 2023. It will likewise open your eyes to the costs and downsides of the lack of networking.
10. 73% of respondents in a LinkedIn survey were hired after being introduced by someone they know.
(LinkedIn)
Qualifications and skills, as are trust and reputation, will always be significant factors in the hiring process. This is why referrals have always been an employer’s top source for new hires.
Besides referrals, the online platform allowed an avenue for job seekers to find potential clients. Experts say 48% of hiring managers view public job posts online as an indication of “resourcefulness.”
11. 82% of professionals of color participated in networking less than once monthly.
(Harvard Business Review)
This data is a worrying statistic, with most professionals of color not into networking and “inorganic interaction.” Networking is not just a top priority for this group.
This contradicts a LinkedIn finding in 2017, where 80% of professionals find networking an asset in career and business success. Some do recognize the cost of not having a network which calls for other forms of networking activities, such as:
- Professional conferences (73%)
- Community volunteering (58%)
- Social Media (52%)
- Meeting new people (51%)
12. 65% of businesses prefer in-person trade shows in 2022.
(Display Wizard)
Trade shows are unique to every business’s marketing efforts, while virtual events can partially replace in-person exhibits.
After nearly three years of disruption to in-person trade show exhibiting, businesses still see it as “vitally important” and strongly feel to get back on track. Meanwhile, a considerable portion still sees online marketing as effective (31%).
13. In an average of 31 hours allotted in meetings every month, 50% of that time is wasted.
(Golden Steps ABA)
Being regularly informed in the workplace is essential for every business and employment success. Still, studies show a fair amount of time spent on meetings is wasted.
People aren’t usually aware that wasted time on meetings has a corresponding financial impact. However, like everything else, there are strategies to make meetings more efficient and productive.
For instance, a survey found that 9 out of 10 prefer small meetings as a favorable form of communication to retain important information and enhance business success.
| 🎉Fun Fact Senior company managers spend around 23 hours weekly on meetings. Some meetings should’ve been emails or simple notes on regular workdays. These meetings take up 15% of a company’s time per week. |
Social Networking Statistics
It’s becoming more difficult to track the online community with its growing number, expected to reach 5.85 billion by 2027. Social media platforms enable marketers, businesses, and consumers to connect globally. This change transforms how the world moves and drives business success infinitely.
Keep yourself updated with this curated list of social networking statistics in 2023.
14. As of 2023, social media users reached 4.88 billion – 60.6% of the global population worldwide.
(Data Reportal)
This number is 173 million more over the past 12 months, equivalent to an average growth of 3.7%. These users are not exclusive to one platform, which means the figure also includes duplicate accounts.
Social networking statistics show overlaps across six to seven platforms monthly, generating more digital footprints for internet users.
| 🔒 Security Note Every scroll and click on the internet generates a digital footprint every minute. These can have serious consequences. Learning how to protect your digital print can give you confidence online. Here’s a helpful article on digital footprint explained in less than 5 minutes. |
15. Facebook is the leading social media platform in 2023, with monthly active users racing to the 3 billion mark.
(Demand Sage)
Facebook remains the biggest social media platform. To give a better picture, the number of Facebook users now is more than the combined population of the United States, Mexico, and Canada.
If there’s a time Facebook has had a considerable loss, it was during the fourth quarter of 2021 when it lost 500,000 daily global users. 2018 Facebook had its largest data breach, exposing 120 million personal data.
16. 78% of social media users access sites through mobile devices.
(Forbes Advisor)
With cellular phones being conveniently handy, it’s no surprise people use them more often when accessing their socials.
Consequently, businesses tailor-fit their marketing strategies to appeal to mobile users. Nonetheless, a website catering to desktops and mobile devices would bring far more advantages.
| 💡Did you know? Mobile users make up 70% of internet traffic worldwide. Mobile phones and smartphones provide connectivity and convenience. This allows them to access news, apps, and information quickly and easily. |
17. The US is the leading global market for social media advertising, with $72.3 billion in expenditure, followed by China.
(Statista)
Social networking has been a predominant marketing tool in the US, with Facebook being the most used platform.
Moreover, online visibility on social media sites like Instagram, LinkedIn, and Tiktok has been the leading benefit for 86% of industry professionals. Meanwhile, 76% found increased traffic as the most significant advantage.
Demographics on Networking
Having up-to-date networking demographics is every marketer’s edge for obvious reasons. 79% of American professionals believe in networking as essential to career progression. Knowing where and who to network with is a plus to increasing the business success rate.
The networking demographics below will help improve your marketing strategies and increase brand awareness.
18. 69% of millennials use Facebook in 2023 stats, and only 37%of the total are Gen Zers.
(True List)
Small to large businesses can make the most of digital networking by identifying the target audience. This stat reveals that millennials primarily drive Facebook.
Whether selling a product, looking for a partnership, or information-sharing, the numbers will suggest where to network effectively.
19. 28% of American SMB owners network in daily commutes.
(Zippia)
Business owners like to network naturally. Nothing sells an idea more than personal, relaxed conversations. This stat follows the 38% of small business owners who want to network in bars and restaurants.
Online and social media platforms remain the top networking channels (70%), while 6% don’t network.
| ✅ Pro Tip While one can waste loads of time on social media, wise ones leverage the platform to strengthen their online presence.Keeping up with the latest social media marketing statistics will bring your brand to new heights with the right strategies. |
20. TikTok’s largest advertising audience is female, at 36.9%.
(Hootsuite)
TikTok was the leading mobile app in 2022, with over 670 million downloads globally. Females comprise most of its advertising audience (14-34 years old).
Consumers spent more on the app as the most popular pod for content creators than Youtube in 2022. It also has the highest ad-spend growth.
21. In 2022, 57% of males used LinkedIn for employment.
(Statista)
A 2022 online survey shows males accounted for 57% of US LinkedIn users for business and employment purposes. 43% of its 930 million users are women, with millennials surprisingly dominating the platform.
Men usually go to LinkedIn to research other businesses and find potential customers or partners. They also believe they have more chance of getting seen via this social network.
Statistics on Networking Challenges
Active personal and professional networking filled 80-85% of jobs today. This percentage proves that being an active candidate can reap many benefits. However, this is easy said than done.
Many professionals still choose not to network or are passive about it for some reason.
The statistics on networking challenges below will tell you why.
22. Only 48% of professionals maintain their network.
(LinkedIn)
76% of global professionals agree with the value of networking. However, only 48% maintain it, which is less than half their population. The report says time constraints have been the leading reason for this challenge.
23. 51% of laid-off professionals were discouraged from networking after the 2020 pandemic.
(LinkedIn)
Over 30 million Americans were unemployed due to the global pandemic. 96% of hiring managers said they are willing to hire a laid-off candidate. However, a fair number are still embarrassed to network. This situation led to 51% of them stopping attending social events out of embarrassment and shame.
| 💡Did You Know? The tech industry lays off more people than other industries. This occurrence is due to changes within companies such as Meta, Twitter, Accenture, etc. So far, the most significant tech layoff is Google’s mass exodus of employees and Meta’s layoffs in 2023. |
24. Only 42% of applicants reached out to existing networks despite knowing the power of connection.
(LinkedIn)
Unfortunately, only 42% of job seekers reached out to their existing connections, allowing themselves to be “vulnerable.” While 82% of professionals acknowledged the power of their network, not everyone liked to reach out for help.
Conclusion
Networking has many faces and forms but is equally valuable in different industries. It also builds personal and professional connections while practicing a well-founded currency of credibility and trust.
Monitoring networking statistics benefits individuals, including college students, young professionals, business owners, and entire organizations. This is especially true in today’s digital world, where building networks can reach different parts of the world.
FAQs
What are the facts about networking with people?
Networking with people starts with making connections and using these connections to build professional relationships. It is essential in career progression that is not only strong but will stand the test of time.
What is Statistics in networking?
Statistics in networking provide numerical data on the state, importance, and benefits of networking in various industries and platforms.
Why is networking important in business statistics?
Networking is one of the most effective tools for building strong business relationships and increasing entrepreneurial success.
What are the most important benefits of networking?
Networking opens up more job opportunities, exchange of ideas, career advice, and professional connections. It similarly builds credibility and can be reciprocal to parties.
Sources
Timeline Of The Article
Jacquelyn Bulao, specializing in HR and networking, was a TechJury team member from June 2020 to October 2022. As the bridge between contributors and the website, Jacquelyn plays a vital role in ensuring smooth communication and collaboration. With her quick learning abilities, she delved into optimizing business processes for the TechJury team, streamlining operations, and enhancing efficiency.