About a week ago Ann Blasick, MBA Corporate Relations Manager of GT, spoke to us on web presence (this is in March). The bottom line was simply that LinkedIn is now crucial to your success because even if your future boss doesn't find you through LinkedIn (though (s)he might), they'll almost definitely look at your LinkedIn profile before interviewing you. But just as importantly, you can find your future employer through LinkedIn.
First is first. Take an afternoon to tailor your LinkedIn as carefully as you would your resume. It's kind of nice since it leads you through your skills and experience nearly so well as TurboTax does your financials for the year. Your target for completion? Look down the right side of your profile page just under Who's Viewed Your Profile. It will tell you how "complete" your profile is. Aim for All-Star, which is above Expert. Why do I put quotes around "complete"? Well, you know as well as I do that just because you have something in a section, doesn't mean you've filled it out as completely as you can and that LinkedIn doesn't discriminate. Think of it as your public resume--because it is--and treat it just as well. Get someone to look over it for you.
Okay, so second. Why now? For LinkedIn to truly work for you, you need to be as connected as possible. There are two reasons for this.
First, LinkedIn caps out at 500 connections. After that, it just says 500+, but you can have as many connections as you want. Thus, your goal should be 500+ connections to give others the perception that you are well-connected. But it really takes some time and effort to get to 500 connections, especially connections that are meaningful. It does you less good to have 500 completely random connections (though don't turn down random connections, explained in the next paragraph). To get to 500, try to add 25 - 50 every month. You'll find that's hard without active networking, but that's precisely what you should be doing. Gain a contact everywhere you go. At 25 - 50 per month, you should be gaining more than 2 per day so make use of every interaction and take notes (you can discretely add them to your view of their profile) as you go.
Second, the greater your network, the more powerful your searches. LinkedIn won't show you the full profile of anyone past a 3rd connection. Thus, it makes sense to have a wide range of connections for your own search capabilities. That means contacting those 3rd connections sometimes to add them, which extends your network far more than adding what is currently a 2nd connection. That also means getting out of the incestuous BioMed circle. Add engineers of all sorts of backgrounds. Add recruiters. Definitely add clinicians. Even add the occasional florist. You never know who will connect you to your dream job.
Now let's talk job hunt usefulness.
Being connected as a Yellow Jacket is awesome. It gives you an immediate opening to talk to any alumni about their job. Go to Network > Find Alumni (pictured)
This allows you to search for fellow Yellow Jackets that are currently in positions by location, work type, and company. Use your alumni association with them to start up a conversation and add them as a contact. Do this early! I can't stress that enough. People hate opportunists that are just asking questions to get a job. However, just adjacent to that, people love talking about themselves when people are just interested in them. If you ask them about themselves and then immediately ask them what jobs are open, you clearly fall into the opportunist category. If you open up a conversation about how they got there and what issues they face, and then ask them for job openings MONTHS later, you are the person they love talking to.
If you can't find a GT alumni that works at a company you want to work at, you should still attempt to contact someone well ahead of time to start up a conversation. My biggest tip behind this is to join relevant groups. As a part of Biomedical Engineers, Medical Devices, and Georgia Tech Alumni groups (and these groups' derivatives), I had a HARD time finding anyone at 4+ connections away.
What to say when you first contact someone you don't know.
These people don't know you or owe you anything, so it's easy to scare people off with too great a request. Ask to connect with them with a personalized message (do this from their page, not a search result list--you don't get the option to personalize your message from there). You only have 160 characters so make it count. Just say you're a student and you'd like to know more about their position and thank them for their time. Some won't help you. That's life. Don't badger them. It won't help. If they do respond, set up a reminder to ask them about any new interesting projects their working on 2 - 3 months down the line.
Make your page searchable.
Your page becomes more searchable when people view it more often. LinkedIn gives you suggestions on how to up your traffic. The easiest to achieve (in my opinion) is sharing interesting articles. Did you find something neat on new techniques in skin grafting? Share it and comment in such a way that starts a discussion. Do you just LOVE Justin Bieber. Save that for your bedroom wall. Professionals don't want to hear about it. Make sure what you share is professionally relevant. Regularly check IEEE Spectrum, Biomedical Express, or any of a hundred other blogs to keep up with the latest coolness and share.
I'm ending it here, although there's a LOT more I could say about LinkedIn and how it can be useful. For now, just know that you need to start using it NOW. Good luck.