Networking – we all know how important it is, but how can we get better at it? Making connections, especially outside your company, can be difficult.
Today we interview Sim Segal, FSA, President of SimErgy Consulting and Director of ERM Programs at Columbia University. As a consultant, networking is a natural part of Sim’s work, but he also teaches a Masters course on communication for risk professionals, which includes a section on networking.
Future Fellows: There are all kinds of places you can interact with new people: CAS meetings, alumni events, volunteer groups, and more. What events are the best for networking, and how can you get the most out of them?
Sim: Some examples of actuarial networking opportunities include local actuarial club events and professional actuarial organization meetings. One suggestion is to introduce yourself to people you don’t know rather than hanging out with those you already know. Though many find this difficult, it is virtually always the best choice.
Future Fellows: Do you use social media (such as LinkedIn) for networking? How do you get the most from these tools?
Sim: Initially, I didn’t use LinkedIn much; I just logged in to accept invitations. Now, I occasionally use LinkedIn to notify contacts of special events at SimErgy, my primary role, or events at Columbia University, where I have a secondary role as director of ERM programs. I also occasionally reach out to congratulate contacts on their achievements. Recently, I used LinkedIn to search for candidates for an open position I needed to fill. One suggestion I have is that when you reach out to connect with potential contacts on LinkedIn, you should include a message explaining why you want to connect, which can lay a foundation for a deeper connection.
Future Fellows: What other ways do you network outside your company?
Sim: The most powerful network building technique is volunteering on industry committees. Volunteering provides opportunities for you to serve others on the committee and in the community, and to demonstrate your competence in the process. This does require a lot of effort sustained over a period of time, but the connections you form can be deep, long-lasting, and rewarding.
Future Fellows: Once you have established a connection with someone, how do you keep yourself visible to that person?
Sim: One general principle to bring to networking is that your goal should be to find others that you can help in some way…and then help them. Be a resource to them on a topic of expertise that you have. Send them articles they may like. Help them when they are in need of help and when it may not be easy or convenient for you, do it anyway. This just feels good all on its own. In addition, over time, if you help others, then down the road if and when you need help, someone may be in a position to be able to help you, too. A valuable network, like an investment portfolio, is built slowly and steadily, with incremental investments over time, and yields long-term returns through a long “buy and hold” strategy…some people approach networking like day trading, and that approach is transparent, turns people off, and typically doesn’t work well.
Future Fellows: Who are the most valuable people in your network? Why?
Sim: I suppose it is the people with whom I really enjoy interacting. They may not be the most productive in terms of how some define a network contact – in terms of how they might help me professionally – but I find value in the quality of the relationship intrinsically. Sometimes these are people that I may be in a position to help more than myself…but I still would probably count them as most valuable to me, because of the joy they bring when we have a chance to connect.
Future Fellows: Many professionals, even those with strong internal networks, lack confidence when expanding their networks outside the companies in which they work. What advice do you have for someone looking to build his or her external network for the first time?
Sim: Again, I think coming from a perspective of seeking to assist others will guide their focus on opportunities. What can you bring to the table? What committees or interest groups are there out there to which you think you can make a valuable contribution? Also, ask those that are more advanced in your company, particularly those in the areas of specialty that you might want to pursue, on what volunteering opportunities they had that they found helpful in advancing their career. The saying “well-travelled paths are more easily traversed” is sage advice…getting guidance from those that have already reached the destination you seek should help you get there faster…and avoid roadblocks and bumps in the road along the way.
Please log in to leave your comments or questions. What do you think about Sim’s advice to expand your external network through volunteering and helping others? What other strategies have you used, and what were the results?