I reconnected with an elementary and high-school classmate and friend, Darrell Byers. He visited my mother, his third-grade teacher, on a trip to see family in Springfield. We swapped stories, pictures, and shared our career journeys. Darrell is the CEO of Interise Inc., a Boston-based nonprofit that provides consulting services to small businesses (LINK). As he shared the success his organization has had growing businesses, I was reminded of the power of peer-to-peer networks. In Darrell’s case, their programs support entrepreneurs by leveraging peer networks of owners, helping gain access to capital, and creating a strategic growth plan. Interise participants have achieved, on average, double-digit annual revenue growth and faster job creation than national averages. Impressive!
But the power of peer-to-peer networking is not new. As an economics major In college in the early 1980s I remember studying Muhammad Yunus and his Grameen Bank’s efforts to support the poor in Bangladesh. He used small peer networks of women to facilitate micro lending as a path to economic prosperity and path out of poverty. Yunus and the bank received the Nobel Prize in 2006.
As a leader of a mentoring circle at Aetna, I was amazed by the results I had with the peer group, with the majority of participants receiving promotions within fourteen months. I recall thinking one night on my evening commute home, “Can it be that easy?”
After 40 years of work, I wish to share my reflections on the simplicity and power of peer-to-peer networks.
Practical Scalability
A long-standing issue with talent development investment is the high cost and inability to scale. While virtual learning and technology have driven down the costs per participant, instructor-led development is often reserved for high-potential employees and mid and high-level people leaders.
Peer-to-peer networks are scalable across an organization. Subject-matter experts and talent development consultants can curate, facilitate, and support several groups. They can provide just-in-time learning interventions among groups and connect groups when needed. Human resources can analyze group trends to evaluate skills and competencies.
Collaboration and Trust
Peer-to-peer networks foster collaboration because they are led by the group. Participants form natural affinity groups tied to a focus area or theme. In graduate school I formed a study group to share expertise and test each other. In my first banking job, I met regularly with fellow loan officers to compare notes and discuss industry trends. When I started a consulting firm, I joined a mastermind group to discuss growth strategies and develop sales skills.
The networks boost engagement and trust over time as group members support individual growth and execution to deliver tangible results. Done right, the group becomes a psychologically safe environment to share and test new ideas, learn from mistakes, and get honest feedback and evaluation.
The Power of We
Peer-to-peer networks increase implicit knowledge and insight – the knowledge you or your team members acquire when dealing with real-life situations and on-the-job learning experiences. It develops intuition based on the collective memory from working together and a sense of unity and cohesion.
The network enables all participants to rise together by multiplying the power of the group. Participants benefit from the four common types of power within the group:
- The Power of Position: determined by the titles, roles, resources, and decisions group members can make.
- The Power of Expertise: the skills and knowledge group members possess through formal training and daily practice.
- The Power of Connections: the power vested in the collective personal relationships of group members. These include the people they know and the 1-6 degrees of separation connections.
- The Power of Personal Authority: the group’s ability to inspire trust and respect among those they work with, regardless of the position they hold.
Bottom Line
Individuals and organizations should harness the power of peer-to-peer networks to scale development, foster collaboration, build trust, and leverage the collective power of the group. Doing so is a direct path to achieving positive results.
