When Networking Expenses Add Up
Ms. Jordan is a former operations vice president at Bank of America. Her job was eliminated near the end of 2008. Previously, Ms. Jordan spent three years with the personal-insurance division of Countrywide Financial as vice president of customer retention. She lives in Laguna Beach, Calif.
These days, my email inbox is loaded with invitations and announcements for upcoming professional networking events. There are mixers, conferences, clubs, webinars, seminars and the like. On any given day, it seems I could attend an event and meet the individual who will be key to landing my next job.
My challenge isn’t a lack of time, interest or need to attend these networking functions, it is a lack of money.
Pre-layoff I thought little of registration fees for such activities but post-layoff is another matter. Their expense has been an unanticipated cost of unemployment. As a result, I too often find myself foregoing events that I would prefer to attend. The longer I am unemployed, the more often I expect this to happen.
I worry about the impact this will have on my job search and on my long term professional growth. Inevitably, I find myself torn between feeling as though I can’t afford to go to an event but that I also can’t afford not to go.
What makes matters worse is that career service industry experts agree networking is one of the most critical components of a job search. They further advise that in weaker economies you are more likely to find your career opportunity through networking and not on job boards.
Yet because I need to reduce my expenses I must limit my networking activities.
A recent example of something I’ve had to decide whether or not to attend is a webinar that teaches you to “uncover hidden opportunities in the job market, and how to reach recruiters and direct hiring managers using completely free methods available in the world of social networks and Web 2.0.”
Leveraging free social networking for my job search sounds appealing. The $99 registration fee does not. While I’m certain I do not know all the tricks to maximizing online social networking, I think I can spend time investigating the subject online for free rather than paying someone to tell me. I opted not to attend.
If you think $99 sounds reasonable or even $25 for a networking lunch, consider networking expenses can easily exceed $400 per month. If I attend a seminar or lecture with a prominent speaker, just that one event could top $400. Whatever the amount, it almost always adds up to a significant portion of my current budget.
For example, in one week I spent $40 to attend a venture capital group meeting, $20 for a networking lunch, $10 for a coffee meeting to meet a potential business partner and $10 at a cash bar alumni mixer event. I elected to forgo two other job search related activities.
It’s tough choosing which events to attend. I base my decisions largely on who will be attending, the likelihood that I will connect with an individual who could become a job lead, the extent of my interest, and the event’s date, time and location. It is an unscientific process using the best available data. That is, to say, it is a guess.
Nowadays, I include a line item for networking in my budget. I try to be as generous as possible, but I stick to it. (Unless there is a compelling exception, I allow $200 per month in my budget.) It helps me maximize my time and underscores the need to make the most of every networking event I attend.
Readers, how do you handle the expenses associated with networking? Share your thoughts in the comments section.
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Ah, the essential out of work dilemma. Setting a budget, as you have done, is key. But be sure to be open to “extraordinary opportunities”, like an association national conference in your city. Inquire — often, organizations have special rates for the currently unemployed, and a personal conversation with a representative can often lead to a discount. I also choose to spend most of my budget on professional events attended primarily by working folks!
This is truly a tough dilemma…to spend or not to spend the precious dollars you have available during a time of unemployment. I share this same predicament and empathize. However, there are ways to network more cost effectively. I’ll take lla’s comments even furhter: Start by leveraging the professional association(s) relevant to your field of expertise or the field you seek to find your next job. The all have social, networking and educational events, as well as committees. If you are not a member, join and get active. If you are a member, be more active. Volunteer for a committee or two. Volunteer to assist in the planning or delivery of any events. By volunteering often times you can reduce or even avoid the fees associated with the events. Volunteer for anything you are qualifies for and thing you may think you are not. It is a great way to demonstrate some of your key attributes and develop some that may need a little work.