Uncovering the Hidden Job Market
Have you ever conducted a job search and thought there must be a better way to do the task? Did it seem like you were spinning your wheels, doing the same thing repeatedly, and not getting results?
It is a known fact that searching for a job online is not a good use of a job seeker’s time. To track down the most job leads — leading to the most interview and job offer opportunities — job-seekers must go beyond online job boards and search engines and attack the hidden job market. As much as 80 percent of all job openings are filled through (direct and indirect) referrals, not through job postings.
What is the hidden job market?” Hidden” is a bit of a misnomer. We are talking about the job market that is not advertised in the public domain. In some cases, a hiring manager may prefer not to advertise and instead opt to actively recruit top talent from competitors. In many cases, hiring companies prefer to source candidates via individuals’ networks for a multitude of reasons—it saves time and money and managers believe that the best candidates come from employee referrals or other sourcing strategies.
There is a disparity between our idealized picture of how jobs are filled, a hard but often unstated reality: In any market, no matter how transparent on the surface, a large proportion of jobs are either not advertised or already have someone’s name on them before the first interview.
There are a number of ways in which you can uncover job market. These strategies work because they break into the middle of the hiring process — before positions are publicly broadcast. Even better for you as a job-seeker, if you can make a strong case for your fit with an unadvertised position, you’ll face much less competition from other job-seekers.
Network differently to uncover the hidden job market
You may think that you hate networking, but in reality, you probably don’t. Just about all of us network every day throughout the day — by chatting with our fellow commuters, making phone calls or sending emails to our suppliers or customers, updating our X or Facebook status, talking with our colleagues at work, meeting with friends or family for drinks or dinner after work — it’s just that most of us don’t think of it as networking.
Make yourself an expert
One of the greatest benefits of social media is its ability to democratize influence. Experts are no longer only found on the pages of Harvard Business Review or in the Wall Street Journal. A blogger with a significant following is quite obviously an expert on something. So begin creating content (written, video, infographic) to promote yourself and your expertise. One of the unique aspects of the hidden job market is that it can work in reverse—when you are an expert with specialized knowledge, you will be sought out by employers rather than the other way around.
Get away from your computer
LinkedIn is great, and it has undoubtedly changed how candidates search for positions and how companies recruit. To uncover the hidden job market, you must get out and meet people in real life. Maybe that means attending a conference, a networking event, or even a talk at the local library. Be proactive and stand out. Follow companies that intrigue you, whether because of their products, unique management style, or culture. Go where people from those companies will be, and get to know them!
The bottom line
Ultimately, while online applications and ATS systems can’t be entirely discarded, your focus should tilt more towards uncovering the hidden job market. The strategies discussed can lead to numerous unadvertised job opportunities — it’s up to you to seize them and carve out your next career move.