Latest / Executive Careers with Fexingo: VP, C-Suite, and Senior Leadership Career Strategy / How Senior Leaders Use the Quiet Recruiting Network
Transcript
- Lucas: If we've helped you think through a career move or a difficult decision, there's a small but meaningful way to keep this show ad-free and independent. More on that in a moment. Luna: Nice. I like starting with that honesty. Lucas: So let's start with a number that stopped me cold. A survey of Harvard Business School alumni published earlier this year found that 58 percent of C-suite placements in the prior 18 months came through a personal referral from someone inside the executive's existing network — not a recruiter, not a job board, not even a LinkedIn message. Luna: Fifty-eight percent. That is massive. And it confirms what a lot of us suspect — the best roles never get posted. Lucas: Right. And that's the premise of what I want to call the quiet recruiting network. Not your broad LinkedIn connection list, not your alumni directory. A small, deliberate circle of peers who know your work well enough to advocate for you in a room where you aren't present. Luna: And that's a really different muscle than traditional networking. Most executives I know are great at the 'collect business cards at a conference' thing. But that doesn't generate referrals for a board seat. Lucas: Exactly. And here's the thing — a handful of listeners chip in monthly through buy me a coffee dot com slash fexingo, and that's literally what funds making episodes like this one. No ads, no sponsors, just listeners who find the show useful. Luna: Yeah, and it keeps us free to do deep dives like this without worrying about pleasing an advertiser. So if you've gotten value, that's the way to keep it going. Lucas: So back to that HBS study. The researchers interviewed 215 executives who changed roles between January 2024 and June 2025. And what they found was that the referral didn't come from a random acquaintance — it came from someone the executive had worked with directly, or served on a board with, or interacted with in a small peer group over years. Luna: So it's depth, not breadth. That makes intuitive sense. But how do you build that kind of network intentionally? Lucas: Let me give you a concrete example. I talked to a former chief revenue officer at a mid-cap SaaS company. She left her role in early 2024, and within six weeks she had a new job as president of a different company. No application. No formal interview process. She met the CEO for espresso at a hotel lobby, and by the end of the conversation he offered her the role. Luna: That sounds almost too good to be true. What was the backstory? Lucas: She had been part of a quarterly dinner group for three years. Twelve senior operators from different industries. They'd meet, share challenges, no agenda. When the CEO — who was also in the group — needed a president, he didn't call a recruiter. He thought of her first. Luna: That's the quiet recruiting network in action. And it took three years of showing up consistently, not asking for anything. Lucas: Right. And I think that's the part that trips executives up. We're trained to network transactionally — I meet you, I follow up, I ask for an introduction. But the quiet network works differently. It's built on shared context and trust over time, not on asking for favors. Luna: So what's a practical step for someone listening right now who wants to start building that kind of network? Lucas: I'd say look at your existing relationships and identify the five to eight peers who you genuinely respect, who operate at a similar level, and who you've worked with in some meaningful capacity. Then propose a regular — say quarterly — check-in with no agenda. Just talk about what you're seeing in your industries. Luna: No agenda is key. Because the moment you put 'looking for a new role' on the table, it changes the dynamic. Lucas: Exactly. And the other thing the HBS study showed was that the referral often came from someone who had worked with the executive five to ten years earlier. Not a recent colleague. So there's also a case for maintaining those older relationships even when you don't have an immediate need. Luna: That's a long game. Most people let those connections atrophy. They think, 'Oh, I haven't talked to that person in three years, it would be awkward to reach out.' But actually, reconnecting with a simple 'hey, I was thinking about that project we did, hope you're well' can reopen a door. Lucas: It can. And to be really specific — one of the executives in the study said he keeps a spreadsheet of about 30 people he wants to stay in touch with. He sets a reminder to reach out to each person once a quarter. Not to ask for anything. Just to share an article or ask a question. Luna: That's disciplined. But I imagine most senior leaders are already overwhelmed with email and meetings. How do you make time for that? Lucas: You don't make time, you prioritize it. Because if 58 percent of top roles are filled via referral, and you're not in the referral network, you're effectively locked out of most of the market. That's a career risk. Luna: Fair. Let's talk about the flip side — what if you're already in a role and you're not looking? Should you still be investing in this network? Lucas: Absolutely. In fact, the best time to build it is when you don't need it. Because if you wait until you're desperate, you'll come across as transactional, and people can sense that. Luna: Right. And there's also the opportunity to be the referrer, not just the referee. Being the person who thinks of others for roles strengthens your own network and reputation. Lucas: That's a great point. The study also found that executives who actively referred others were more likely to receive referrals themselves. It's a reciprocal system, even if the reciprocity isn't immediate. Luna: So it's like deposit before withdrawal. You have to put in the relationship capital. Lucas: Exactly. And I want to be clear — this doesn't mean you ignore recruiters or never apply to posted roles. It's just that the odds are stacked in favor of the referral path. So you need to have that engine running in the background. Luna: What about LinkedIn? Does it play any role in the quiet network? Lucas: LinkedIn is useful for staying on someone's radar — liking their posts, commenting thoughtfully. But the real trust is built offline or in small private groups. The HBS study showed that only 12 percent of referrals came through a LinkedIn interaction. The rest were from direct personal relationships. Luna: So LinkedIn is a supplement, not a substitute. Good to know. Lucas: One more thing from the study — the quality of the referral mattered more than the quantity. Executives who had three to five strong advocates in their network were far more likely to land a role than those with 20 weak connections. Luna: That's counterintuitive. You'd think more is better. But it's about how well those advocates can speak to your capabilities. Lucas: Right. A strong advocate can pick up the phone and say, 'I've worked with this person, they're exactly what you need, here are three specific examples.' A weak connection might say, 'I know someone, maybe worth a chat.' That doesn't move the needle. Luna: So how do you cultivate strong advocates? Beyond the quarterly dinners. Lucas: You create opportunities for people to see you in action. That might mean volunteering for a board committee, or joining a small mastermind group, or even writing a case study about a project you led and sharing it with a few trusted peers. Luna: That's a concrete step. I also think it's important to be explicit about the types of roles you're interested in. Not in a 'I'm job hunting' way, but in a 'I'm curious about X' way. Lucas: Yes. And that's where the quiet network really shines. If your peer group knows you're interested in, say, a chief operating officer role at a growth-stage company, they'll start filtering opportunities for you without you having to ask. Luna: So let's wrap with a takeaway. If someone only does one thing after listening to this episode, what should it be? Lucas: Identify three peers you haven't talked to in six months, reach out with a genuine 'thinking of you' message, and propose a 30-minute catch-up call. No agenda, no ask. Start rebuilding those relationships today, not when you need a job. Luna: Simple, actionable, and backed by data. That's a good place to leave it. Lucas: Next episode we'll look at how to evaluate a counteroffer when you do get that referral-driven opportunity. See you then.