How to Get the Most out of Networking

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Networking is one of the most important actions you can take to cultivate a successful career. A strong network can propel you forward throughout your professional life. The same network can be a safetynet when you experience hardships, such as a layoff and uncertainty. Yet, so many people struggle to actively build connections.

I recently sat down with Cultivated Culture's Austin Belcak on the most recent episode of LinkedIn's Career Talks to discuss the ins and outs of networking to land a new job. The two of us discussed why it's important to play the long game when networking.

Network Bank Accounts

Austin suggested viewing your network connections like bank accounts. While that may sound callous, it can be a good way to think about building relationships that can work for you and the other person.

Imagine meeting someone new for the first time. The new relationship has an empty bank account. Every interaction, such as an email checking in with the person or a coffee meetup, adds a deposit to that bank account. For example, a coffee chat may add $20, a solid recommendation on that person's LinkedIn account is $10, and so on.

Your goal is to have enough funds in your account before making a request that would overdraw the account, Austin told me.?

For example, asking one of your connections to refer you for a job at their employer is a big ask. The connection is, essentially, recommending you for a job. Let's say that referral has a fictitious cost of $100. You risk spoiling that relationship if you haven't deposited enough into that imaginary account to cover the cost of the request. People often do this by making large requests of connections soon after meeting each other.

The goal should always be to have enough funds in your connection accounts to cover asks when you need them. As a result, it's best to build these accounts up over long periods of time, such as months or years.

Building Connections

Adding funds to that imaginary account can be done through a variety of methods — from in-person meetings to online interactions, Austin said. The key is to be genuine in your interactions.

A person who is a relatively new connection may respond positively when you reacting to their posts on LinkedIn, for example. They may appreciate thoughtful comments that you leave on their content. Or, you can just add reactions.

You can then move on to requesting a short phone chat with the person or even setting up a lunch or coffee meeting. The two of you can discuss your career goals, challenges, and other topics you're encountering in your professional lives.

As time goes on, it's important to continuously check in with your connections to make sure they remain active within your network. You can do this by setting reminders to send check-in emails every few months. Or, you can make sure to send them notes when something in the news or your workday reminds you of them.

Give Back

One of the most important steps in building relationships is to give back as much — if not more — than what you get from networking. Make sure that you create a culture of giving in your relationships.

You can do this by helping people you know expand their network through introductions. Or, you can suggest them for jobs you hear about at your company or elsewhere. Of course, it's important to step up when people in your network are most in need, such as after a layoff. Stepping up to the plate when your connections are in need increases the odds that they will be there for you in case you need a safety net in your career.

Of course, there are many other important factors when it comes to effective networking. Be sure to catch my full conversation with Austin by clicking the video below or by clicking here .

Despite talk about an economic "soft landing" and a robust job market from experts, job seekers are experiencing layoffs and grappling with the side effects of inflation. CNBC Make It Senior Work Editor Hanna Howard joined me on the latest episode of the Get Hired podcast to dissect the complex realities of the current labor market. Hanna shares her current analysis of workforce trends, and offers practical advice for job seekers, emphasizing the importance of staying informed, adaptable, and leveraging resources to navigate the evolving job landscape.

You can listen to the episode above or on Apple Podcasts by clicking here . A transcript of the conversation is available by clicking here .