What is the hidden job market?
The term “hidden job market” describes positions that firms do not openly advertise. For job seekers, the experience shifts from searching online for job postings to speaking with companies about open positions before the job ad is published. Employers may decide to keep a job advertisement “hidden” from the general public for a number of reasons, such as cost-saving measures in advertising or the use of staff referral programs to discover outside candidates.
This approach to hiring has the obvious advantage of being less expensive, but it can also help to deliver top-notch candidates for the positions since they are more likely to already understand the needs of the organisation and fit in well.
So why is it important?
One of the numerous strategies to find a role in a competitive market and a very favourable one is to access the secret job market. According to research, almost 70% of jobs are not publicly advertised, and many experts believe that at least 80% of jobs are filled through connections made through personal networks.
Additionally, obtaining a referral for a job opening from someone who is currently employed by a company might significantly increase a candidate’s chances. Only 7% of candidates receive a referral from a current employee, while referrals account for 40% of all hiring. Additionally, research indicates that employees hired through referrals frequently start their jobs sooner and are more satisfied with their jobs, demonstrating the importance of the hidden job market for job seekers.
Now here is how to join the market
● Examine career opportunities at your present employer
If you like your job but want a change, you can ask around in other departments to see if there are any internal opportunities. Vacancies that are presented for internal candidates make up a portion of the hidden job market. Look to establish connections with employees in relevant departments. If you believe your skill set would be a valuable addition to the team, inquire about any existing positions or even potential roles that could be established for you. Maintaining ties is important even if there isn’t a job opening right now since your contact might call you if the proper opportunity emerges.
● Make contact with your current network
Make contact with existing contacts in your field of expertise if you are looking for new employment. When describing the roles you are seeking and your desired industry or field, be as descriptive as you can. They can get in touch if a position opens up even if they are not aware of any current opportunities at their organisation. Alternatively, they might be able to put you in touch with someone at another organisation that has openings in your field.
● Utilize your social media
A guaranteed strategy to gain access to the untapped job market is by using LinkedIn to expand your network of contacts. Start by following relevant firms, then look for key personnel who might be worth getting in touch with. Once you’ve narrowed down your list of candidates, establish a relationship gradually rather than sending out a connection request right away and asking about available positions. For instance, you could start by following their profiles and engaging with their content in a respectful and pertinent manner.
Check out our previous blog about how to network with recruiters on LinkedIn for some more advice and helpful tips and templates.
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