Did you know that hundreds of thousands of high salary jobs are filled each month that are never seen on job boards? Up to 80 % of jobs are not advertised. And the ones that make it to job boards are chased by 95% of job seekers
Maybe this is why job seekers complain of never getting any responses from job boards. The truth is that the problem isn’t with you or your CV or resume:
Job boards yield an average 1% response rate.
So, what is the hidden job market? It refers to positions that are filled without ever being advertised. As this represents the majority of positions, it makes sense for job seekers to learn how to reverse engineer a job search and take control.
You need to identify companies that match your target and then make contact and introduce yourself. This will enable you to tap into a huge pool of jobs with less competition and often more salary negotiation room.
Once a job makes it to a job board, it is part of the HR process, and salary and job description and requirements are set in stone.
Is this Networking? Some people believe the hidden job market is a code word for networking. Actually, pure networking can add months to a job search, if that is the only method used. It has its place but needs to be part of an overall strategy.
Some job seekers think networking means asking everyone they know if they are aware of any companies that are hiring, and handing their CV or resume out. This is passive and puts someone else in control of the job search process.
Again, tapping into the pool of hidden jobsmeans taking more leadership than usual, and that is achieved by initiating a self-directed approach.
It is important to master networking; not only for job hunting but for advancement .It is about recognizing shared goals and looking for ways to benefit mutually.
If a networking contact knows of an open position, the lines of communication are open – plus, you will open the door to connect with professionals who can help in other ways.
What strategies are there for tapping into the hidden job market?
How do you find and capitalize on unadvertised jobs?
Target companies within a particular industry or sector that interests you, or within your geographical area, and contact the key decision maker directly.
But first you must be sure of your value proposition. This is essentially the promise of what you can bring to the employer that is going to hire you, and this must be supported by quantifiable achievements.
Many job seekers find it difficult to quantify their accomplishments. If you have this problem then shift your focus from “what you do” to “what happens when you do it”. Professionals should either make or save their employers money- how do you do that?
Value propositions in the form of testimonials on CV and Resumes that demonstrate results, are of interest to key decision makers because they are primarily focused on strategies for revenue generation, cost savings and growth.
With social media and “free” tools like Google and LinkedIn it is quick and easy to find companies and key contact names in almost every industry and geographic location. You can also use associations and online trade journals to develop your list of companies to contact.
You can track events in various industries using Google News Alerts. If a company is newsworthy because they have won an award, been acquired or are going through a merger, releasing a product, have reported strong growth or profits, or re undergoing a corporate move or expansion, then these are all good reasons to contact them , and shows you as a professional with tremendous initiative.
The hidden job market offers great opportunities to maximize leverage and minimize competition. No matter what is happening in the economy, Companies will always be interested in hiring professionals who can demonstrate they can help make or save money.
Some will even have the flexibility to create a position for you , if they buy into your proposition.
Whether you are looking for a graduate job, are a mid-level manager position or a senior executive post, the hidden job market is the place to fully leverage your career opportunities.