If you are currently an active job seeker, you certainly need to take the hidden job market into consideration for maximum results in your job search.
It is said that way more than half of the job vacancies are never advertised. Which means that if your job search relies only on job boards you are missing out -big time!
No matter which part of the planet you live in, these hidden job markets exist all over the world, although the way they work might have some cultural differences.
Understanding The Hidden Job Market
So, why does the hidden job market exist to begin with? There are many reasons: lack of time, lack of money, and a huge waiting list of candidates from previous interviews are some of them.
According to a recent Jobvite study, 64% of recruiters rate referrals as the highest-quality source of hires. On the other hand, 40% of job seekers have found their “favourite or best” job through personal connections.
The key here to include these hidden markets in your job search is, first of all, doing your research about the companies you want to work for and contact them directly (doing your homework is always the most important step, just as in the “open market”), and -of course- networking. The more people know you’re searching for a new job, the more chances you have to learn about a job vacancy through ‘word of mouth’.
For further reading on the hidden job market and how to find these hidden job vacancies, I have two articles that I’m sure you’ll find helpful.
The first one is by Chris Manley, from The Careers Blog of The University of Warwick:
70% of all vacancies are never advertised, or so the story goes. This figure has been quoted for as long as I’ve worked in careers and I’m not sure anyone knows exactly where it comes from. In many ways it doesn’t really matter whether it’s 7% or 70% as long as you factor this ‘hidden’ side of the job market into your job search strategy. If you’re spending all your time on job portals (good as they are) you’re potentially missing out. By dedicating a small fraction of your time to unearthing unadvertised vacancies you may well find a wider range of opportunities than advertised vacancies alone.
The second one is from Career Advice Online:
- Up to 80% of jobs don’t get advertised
- Finding hidden job vacancies is all about being proactive
- Digging out unadvertised vacancies shows potential employers your commitment towards and enthusiasm about a particular job or company
- Networking is crucial
- The speculative approach can produce good results if used well.
It may come as a surprise to many job seekers to learn that up to 80% of jobs don’t get advertised. These ‘invisible’ vacancies are referred to as the ‘hidden’ job market.
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What are your thoughts about this?
Are you going to include the hidden job market in your job search?
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