What is the hidden job market, and how can you tap into it?
Whether you don’t know about it, or are aware of what it is and choose not to access to it, you are missing out on countless career opportunities if you are not engaged in the hidden job market. The hidden job market is defined as a collection of jobs that are not formally posted or advertised, and career experts estimate that it represents 60% to 80% of all jobs hired for each year. That means that as active job seekers are roaming job sites and applying to online postings, they are competing for just 20% to 40% of all available jobs. Applying to online job postings may feel productive, but where are the results? Many clients claim they are getting nowhere with their job search despite applying to hundreds of postings. In most cases, the answer lies within the hidden job market.
You want your job search to be productive, right? Keep in mind that productivity means that your efforts lead to results. Although engaging in the hidden job market may seem like a lot of work for little reward, be patient. The time and energy you invest into accessing the hidden job market will bring benefits that will help support your career in many ways including network connections, critical professional knowledge, and job opportunities. You will also reap rewards not available through the open job market (positions that are posted and/or advertised online) including insight regarding the true culture of companies, strategies for navigating the application process, and connecting with professionals that will endorse and promote your candidacy.
So, how do you actually access the hidden job market? There are a few critical steps you must take. First of all, identify your career goals and target jobs or companies. It’s important to do your research so your efforts to tap into the hidden job market will be successful. Create a list of potential employers and proactively reach out to those companies and organizations to learn about key initiatives, hiring trends, and future opportunities.
The next key is to connect with professionals in your chosen field or industry. Share information, knowledge, and your career aspirations (when appropriate). Fellow professionals can boost your career in many ways including informing you of upcoming hiring needs and putting in a good word for you when you are applying for positions to which they are connected in some way. Yes, this comes down to networking. Networking is the key that will unlock the hidden job market for you. Remember to engage in quality connections, do your research to stay abreast of critical challenges/trends in your field and contribute to the conversation, and ask insightful questions to advance your professional knowledge. Engage via networking events, informational interviews, professional association programs, coffee meet-ups, and even on the golf course. Learn and connect strategically in order to access professionals and opportunities that will recognize and value your USP – unique selling proposition. That is the value that you will bring to a company, which is best presented in a meaningful exchange rather than just as words on a resume.
It is also important to build knowledge within your chosen field and industry. Go beyond what you see on a company website and dig deeper. That’s where you’ll find clues that will assist you with engaging the hidden job market. Follow key professionals and companies on Twitter, set-up Google Alerts to inform you of key news and happenings, and join LinkedIn groups that are focused on content relevant to your career interests. Based on what you learn; how can you help your target company or industry solve critical challenges that are impacting its business? Know how you can help, then communicate that information to people that can hire you to do it.
It will take time to access and establish your presence in the hidden job market, but keep in mind that it is a true investment. Be smart and communicate effectively, as you are developing your professional brand as you navigate new opportunities. Create a foundation, then build upon it as you leverage critical knowledge and professional connections. When you receive benefits from the hidden job market, make sure you share knowledge and opportunities with others so you can all enjoy professional success!
