Job seekers will hear about “the hidden job market” at some point during their search. The term is usually mentioned without much explanation, except with the emphasis that people need to find it to have a successful job search. The reality of the hidden job market is much less exciting than the name sounds, but you shouldn’t ignore it altogether. “Hidden job market” is usually used to refer to jobs that — for one reason or another — are not publicly listed on job boards or elsewhere. The only way to access them is through networking or by having a recruiter or headhunter reach out to you. The hidden market is much more nuanced than that simple definition, however.
How big is the hidden market?
Many people throw around estimates about the size of the hidden job market. Yet, few cite an actual study or piece of research for those numbers. One of the few articles that I found about the size of the hidden job market and cited its sources used data that pre-dated 1998. I turned to recruiters and people who work in the talent acquisition industry to see what they thought about the size of the hidden job market based on their experience. Of the roughly 750 people who responded to my poll on LinkedIn, 7% said that between 0%-25% of jobs aren’t posted publicly, 29% said they thought it was about 26%-50% of jobs, 36% said it was between 51%-75% and 29% said between 76%-100%. The results suggest that the people who work most closely with job seekers and within the hiring process are split on how many jobs never make it onto a job board.
What jobs are included in the hidden market?
Some of you recently pointed me to an excellent video by Amy Miller, who is a recruiter, about the hidden job market. You can watch her video by clicking here. She points out that many of the jobs that aren’t publicly posted are at the top of the proverbial job pyramid — CEOs, CMOs, CFOs, etc. Another exception might be internal job postings, which means a company is looking to find the right candidate among their existing employees. “The only reason I wouldn't post a job is if I was replacing someone internally so it needed to be confidential,” wrote Jane K., who is a recruiter. While there are some other exceptions, you should expect that most jobs will eventually be advertised to the public in some form. Your best approach is to build relationships to learn about jobs before most other job seekers.
Accessing the hidden job market
“When I think of the hidden job market, what I think of is jobs that are not immediately posted on job boards,” said Kyle Elliott, who is a career and life coach at CaffeinatedKyle.com. He is also a member of the 2019 LinkedIn Top Voices: Job Search & Careers. The reason that is an issue for many people is that they’re typically good at looking for jobs on the surface but not through relationships. “You don’t have to worry as much about missing out on those hidden jobs if you’re doing good networking and being strategic,” Elliott added. You should focus energy on building relationships to help gain access to inside information about job opportunities that may not have been posted publicly yet. You can start with people you already know — even if you’ve lost contact with them over the years, said Elliott. You can reach out to a former classmate by simply saying it’s been five years since graduation and you’d like to catch up, for example. If you don’t feel like you have a large network, you can create one, said Elliott. You should try reaching out to people you don’t know because people tend to be very receptive if you ask the right question. “I love reaching out to people to ask for 20 minutes to share best practices.” Asking to learn more about a company and an available position is a much better approach than asking for a job or referral at the beginning of a conversation. “Why are you saying you’re looking for a job there before you even know about the company?” Once you learn about the company, Elliott said you can then ask about its hiring process. You may even learn some tips about what the company looks for in candidates. When you think of the hidden job market, he suggested that you think about what the word “hidden” really means. “It doesn’t mean it’s unattainable. Instead, it’s hidden and can be revealed,” said Elliott. “It isn’t as big and scary as it seems.”
Source: https://www.linkedin.com/pulse/shining-light-hidden-job-market-andrew-seaman/
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