How to Access the Hidden Job Market
When most people are looking for a new job, they head to Indeed, ZipRecruiter, or other job boards and start sending their applications online. The simple application process makes it easy to feel accomplished and productive by applying to multiple jobs at a time. Some people even apply to hundreds of positions in the hopes of hearing back from just a few.
Many job seekers assume that the only way to apply for an open position is to apply online. After all, with so many positions listed, it’s hard to imagine that your dream position isn’t listed.
But here’s the thing: Although job boards are filled with open positions, companies don’t list every job available online.
So how do those unlisted positions get filled?
Through the hidden job market!
The hidden job market refers to jobs that aren’t posted or advertised online. Instead, these jobs are filled through networking, referrals, and word of mouth.
Although it may seem unfair to keep some positions unlisted, companies do this to help keep their costs down. The average estimated cost of filling a mid-level position is $4,000.This figure includes paying to advertise positions on job boards, hiring recruiters and headhunters, paying the hiring committee for their time, ATS licensing, and much more. With all these costs, it’s no wonder businesses choose to fill positions through employee referrals and their network.
Additionally, there are some sensitive situations where it’s better for the company to stay hush-hush about an open position, like protecting their stock prices from dropping, finding a replacement for an underperforming employee, or needing to fill a newly created position extremely quickly. In these cases, companies will likely turn to whoever they’re already connected to or people who come highly recommended by current employees.
Statistics show that 85% of jobs are filled through networking, so tapping into the hidden job market is definitely beneficial to your career.
Serious job seekers should spend more time building and nurturing their network than they do scrolling through listings on job boards—after all, most positions are only accessible through the hidden market.
Read on for tips on accessing the hidden job market!
1. Stay in touch with your network
Chances are you may already know someone who can help you land your next job!
Statistics indicate that at least 70% of people found their current job through networking. Combined with the fact that 85% of jobs are filled through networking, this stat is a powerful reminder of the importance of networking. With only 30% of people finding jobs through filling out applications and a mere 15% of jobs filled through job boards, networking is a much better use of your time than scrolling through job boards.
By staying in touch with people you already know, you up your chances of being told about unlisted positions and of having someone to vouch for your skills after you apply.
Consider sending messages to friends, family, classmates, and former coworkers to let them know that you’re looking for a new job, especially if they work for one of your target companies. Once they know you’re looking for work, they can alert you of open positions at their company or of jobs they’ve heard about through their own network.
2. Build your network
The bigger your network, the bigger your chance of finding a job through the hidden market.
Attend traditional networking events—like conferences and alumni events,—and take advantage of non-traditional ways to build your network, like befriending someone at the gym or striking up a conversation at a restaurant.
By building valuable connections with the people you meet, you’ll boost your chances of hearing about available positions and of being introduced to someone who can help you find your next job.
3. Be active on LinkedIn
Simply setting up a LinkedIn profile isn’t enough. Stay active on the platform, fully optimize your profile, and make as many high-level connections as you can.
LinkedIn is the perfect place to build your network and to see who the members of your network are connected to. Don’t be afraid to reach out to people who work for your target companies, and take advantage of the opportunity to build professional relationships with people you likely wouldn’t have had the chance to meet offline.
Additionally, join industry groups on LinkedIn, comment on other users’ posts, and post your own content. Staying active on LinkedIn will help you stand out and may lead to people reaching out to you about new job opportunities.
And of course, make sure your profile is updated and optimized. That way, recruiters who are searching for candidates to fill an unlisted position can easily find you, and you can ensure that you impress anyone who navigates to your profile.
Using LinkedIn strategically helps you build your network and put yourself on the hidden job market, and it is a great way to supplement your offline networking
4. Contact potential employers
If you know you’d love to work for a particular company, reach out to them.
Stop by the office, make a cold call, or send an email introducing yourself and letting them know you’re interested in working with them.
Building a relationship with current employees can help you be in the know about unlisted jobs and increase your chances of being recommended to fill an urgent position.
Wrapping Up
Accessing the hidden job market essentially boils down to growing and reaching out to your network. By making high-level connections and letting people know you’re looking for work, you’ll be alerted about open positions that won’t be listed or haven’t been listed yet.
Of course, your professional documents and LinkedIn profile matter just as much for unlisted positions as they do for those listed on job boards. Your LinkedIn and professional documents emphasize your skills and achievements, which builds your potential employer’s confidence in hiring you through networking or a referral.
Before you venture into the hidden job market, let us perfect your résumé, cover letter, and LinkedIn profile so you can wow your target companies and earn referrals from your network!