Just like with an iceberg, the hidden part is substantially larger than the visible part. This analogy illustrates the challenge job seekers face in the labour market. In particular, jobs on the “hidden labour market”, i.e., when advertised positions represent only a small part of the total job market. So, how do you access this “hidden market” when looking for a job?
HOW CAN WE DEFINE THE HIDDEN JOB MARKET?
The hidden job market is also known as the
grey market. We define it as the number of
job offers that are not officially published (on a company’s website, on LinkedIn or on recruitment websites). Such a position typically opens, for example, following a spontaneous application, by word of mouth, during a networking event, or because of a candidate’s activity on social networks. In such cases, there is not always a proactive approach from the recruiter or the company, nor necessarily an official open position. It is more often the other way around; the candidate approaches the recruiter or the company, and this happens to meet a current challenge or future opportunity.
70% OF UNPUBLISHED JOB OFFERS
It is said that
the hidden labour market represents 70% of offers. This figure seems high and difficult to verify, but we should pay attention to the ratio because it materially means that
for every three job offers published, seven are not published (or not yet). In practice, if we spend half a day sending online applications, we should spend about one day “exploring” the hidden market!!!
THE ADVANTAGES OF THE “HIDDEN” JOB MARKET OVER THE “OPEN” MARKET
As soon as a position is published in the open market, the recruiter receives thousands of applications. Consequently,
with high numbers of applications, it is more difficult for a candidate to stand out. Conversely, in the hidden job market,
the advantages of being aware of an opening are:
- fewer candidates, therefore less competition
- the position can sometimes be tailor-made
- the approach is often confidential
HOW TO FIND A POSITION VIA THE “HIDDEN” JOB MARKET
Let’s be clear, the advantage of tapping into the hidden job market
represents the challenge of unpublished offers. These are not published on the usual platforms; therefore, they are “invisible” to most job seekers. And unpublished means more difficult to access and accessible to only a limited number of people. So, to access this information, you need to have a
good strategy, dedicate time and get out of your comfort zone. A few approaches complement each other, so the ideal is to
combine them. Of course, they require a little more investment than a “classic” approach of applying by e-mail to a published ad.
Here are some examples of proven approaches:
– work on your
LinkedIn profile so potential employers find you
–
use Linkedin to increase your network gain visibility (online networking)
– work on your
CV so it is clear and impactful
– be part of professional or private
networks
– actively participate in
networking events (conferences, debates, aperitifs, etc.)
–
reach out to existing contacts (former colleagues, friends, a wider network)
–
research companies/sectors of interest
–
make contacts and meet new people proactively
– send spontaneous
“targeted” applications
WHAT ABOUT STANDARD APPLICATIONS?
As mentioned above,
standard applications to advertised positions remain valid and necessary. Depending on the level and sector, this approach can prove fast and efficient, as long as the profile matches the job requirements. However, for some positions and/or “atypical” curriculum and/or more senior positions, one will find fewer job ads in the open job market.
WHEN SHOULD ONE BE ACTIVE ON THE HIDDEN MARKET?
Ideally, the advice is to
build and develop your network before you need it. But it’s never too late to do it when you’re looking for a job; the sooner the better.
Through my career coaching clients, I have recognised that
a network is built over time. Thus, job seekers who are most successful in navigating the hidden job market have already networked
during their careers and people who
plant seeds now for their future.
The best time to start building your network is “yesterday”; the second-best time to do it is NOW! Tapping into the hidden market requires a real
strategy and an action plan to implement without further delay, whether you are actively looking for a job or not!
CONTACT US
From our experience, we know these steps are not easy and that
it is challenging to navigate the hidden job market and get out of your comfort zone alone.
If you would like to be supported and learn more about
career transition/job search or other programmes such as
skills assessment, contact us at +41 79 464 92 70, via the
Contact form, or send an e-mail to
info@leadingenius.ch.
At
Leadingenius – HR Consulting and Coaching, we are passionate about
career coaching and leadership coaching. We help companies and individuals better
identify their talent and realise their full potential. We offer coaching programmes to
support you in the most important stages of your career.
Thank you for reading our blog about Career, Coaching and Leadership!
