What Is the Hidden Job Market?
The term hidden job market to describe jobs that aren’t advertised or posted online. Employers may not post jobs for several reasons – for example, they might be searching for ways to save money on advertising, or they might prefer to find candidates through employee referrals.
The hidden job market constitutes 75% of the job vacancies as per the job market data. Some of the job sectors are in demand that they receive many resumes speculatively. These jobs tend to be filled in quickly. The hidden job market does not resort to advertising the job vacancies or using any other traditional advertising means.
So how do you access such hidden jobs?
The best way to reach out to such hidden vacancies is through your network or a recruiter who would headhunt.
Also, some of the vacancies that never get to the adverts are typically the ones at the top of the corporate pyramid-like CEO, CFO, CXO and the likes. Headhunting and networks act as a great resource to fill in these premium positions.
In some cases, the internal hiring team would prefer not to advertise for a particular role if they are replacing an internal resource as they would have to maintain confidentiality.
Moreover, building great relationships and excellent networking skills is the key to gain access to various hidden job vacancies.
Many organizations prefer using an Employee Referral scheme to receive relevant applications for a particular job role.
As per job market insights on the balance careers, Jobvite’s 2019 Job Seeker Nation Survey reports some interesting facts. Even though most applicants apply for jobs on a job board or employer career site, 35% found job postings on social media. About 50% of respondents heard about jobs from friends, and 37% say they also learn about jobs from professional networks.
Advantages of hidden job vacancies:
- It is cheaper than investing loads of money in various job adverts and job portals.
- Some of these job vacancies might be confidential, and hence the organization might opt to source candidates through unconventional hiring methods.
- Organizations want to encourage an Employee Referral System as many highly qualified applications come in through a referral system.
- In addition, organizations use this method to motivate their employees by doling out good bonus schemes for referring candidates.
- Surprisingly, it is a myth that the hidden job market is not attainable. Nevertheless, it is more under wraps and hence inaccessible to candidates.
Some tips one can keep in mind to tap into the hidden job market:
- Seek opportunities to network in the most uncommon situations
- Build and leverage relationships
- Invest in harnessing your professional network
After all, the job market seems ‘hidden’ for those who don’t seek a job opportunity!