Nearly 40% of all positions filled within a company result from internal transfers or promotions, according to the latest Source of Hire Study from CareerXRoads. The study (8th in a series) also affirms once again that for the remaining hires originating from external sources, referrals from current and previous employees, customers, and vendors are the number one external source, accounting for 27.3%. Notably, job boards (excluding company sites) produce just 12.3% of external hires and seem to have reached their peak. The big boards such as Monster and Career Builder also seem to be losing ground to niche boards.
These facts make cultivating “insider” connections one of your best sources for job leads. With the implied endorsement from a trusted source that you have when referred to a company, you gain a great advantage over your competition. Not only are you most likely going to get an interview ahead of the pack, you are also an attractive candidate due to the fact payment to a recruiter may be partially or totally removed from the equation, substantially reducing the employer’s cost of hiring.
In a tough job market, proactively building your network is arguably your best strategy to identify and pursue a new job before hundreds or even thousands of others have beat you to the door.