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I have had several job offers from it. two of them cold contacts from head hunters that if I hadn't been in a contract at the time, I really would have jumped at. My industry is fairly nomadic, and it makes it easy to keep in contact with coworkers and recruiters without the concern of facebook familiarity. I enjoy the updates from contacts so I can keep up on trends like where the work is going.
That said, I spend no time working on my profile or networking beyond people I already know, and I don't accept connections of strangers without a direct connection to someone I know (especially students getting my name from websites or credit lists and trying to connect.) I think it might be even more actively useful if I participated more. There are very good groups that my colleagues have recommended to me, but I haven't followed any of them yet. Being an eleven years at one place and 7 at another type person (though there was some nomad in the middle when I job searched alot,) I don't find much call for it.
If everything falls apart in this country for my industry, I will surely be sprucing up that profile in a hurry!
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