As appeared on Forbes, May 7, 2024.
In today’s world where networks play a crucial role in various aspects of our lives, many professionals find it difficult to make new connections. They also wonder what they should be spending their time on in order to improve their networks.
Then there are the rainmakers. These are generally the people who, in addition to doing great work, also have a network that includes everyone from former clients and colleagues to friends from college. They are also the people who connect easily with others, even those outside of their industry.
Understanding the dynamics and the research behind networks can be beneficial. The right types of networks are more likely to help us develop a pipeline of business, and they can also help drive innovation through collaboration with individuals from different backgrounds.
However, our natural tendency is toward those transitive relationships—the networks, if we are lawyers, that include lots of other similarly employed lawyers. There is a natural tendency to exhibit homophily (the desire to be with others who are like us).
But what happens with the premise of birds of a feather flocking together is that it limits our networks. If A knows B, and A also knows C, and they are all in the same network, B probably sees C at lots of industry meetings. Transitive networks may not reach as many unique individuals, lack connectors who bridge different groups, and result in the reinforcement of existing beliefs and information.
Research has shown that diverse networks are especially valuable in times of economic uncertainty. Individuals with a diverse range of contacts were found to fare better during a recession, highlighting the importance of network diversity in navigating challenging times.
The pandemic has had a profound impact on our networks, shrinking them by double digits. This shrinkage has made finding a job more difficult, hindered career progress, and led to less creativity and more groupthink in companies.
One way to counteract the shrinkage of our networks is to reconnect with dormant ties—people we already know and at one point had a mutual liking for. These are generally people with whom we haven’t interacted with in a while. Dormant contacts can provide unique perspectives and opportunities due to their diverse experiences since our last interaction. Think about the best friends you had at your very first job. Imagine what they’ve learned since you started out many years ago. Reaching out to dormant ties can lead to creative advice and new opportunities, making them a valuable resource in our networks.
Research has also shown that somewhat weak ties, rather than strong ties, are even more likely to lead to job opportunities. Weak ties introduce us to new information and connections outside of our immediate circle, increasing our chances of finding new opportunities.
The networks we create are powerful assets that can greatly impact our personal and professional lives. By understanding the dynamics of networks, fostering diversity in our connections, and leveraging the strengths of diverse, dormant, and weak ties, we can enhance our networks and unlock new opportunities for growth and success.