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Is There Really A Hidden Job Market?

By Gerald Walsh ©

The short answer is: Yes! Simply put, it is all those jobs (or potential jobs) that have yet to be publicized, such as:

  • Jobs that are still in the planning stages;
  • Jobs that will arise due to corporate reorganization or restructuring;
  • Jobs that will open up due to retirements, resignations, promotions, or transfers;
  • Jobs that arise because someone has been dismissed suddenly;
  • Jobs that will arise due to expansion plans or acquisitions;
  • Jobs that have been sent to a search firm but have yet to “hit the street”;
  • Jobs that are intended to be advertised in the future; and
  • Jobs that will never be advertised because the employer prefers to hire by word of mouth.

No one knows exactly how large the “hidden job market” is but most career experts suggest it is large: some say it is around 40% of total job vacancies; others estimate it as high as 80%.

Regardless, it is a big number and you should focus a lot of your time and attention trying to tap it.

The reason there is such a large hidden job market is that most employers, all things being equal, still prefer to hire someone who is known to them. If you are an employer looking to hire someone and an employee, supplier, customer or close friend recommends a candidate to you, you (the employer) will see this as lower risk than hiring a stranger.

And there’s another benefit to the employer: if they can successfully hire this way, they avoid the hassle of advertising the job, handling telephone inquiries, screening resumes, and interviewing dozens of candidates.

That is why you must access your connections to tap the hidden job market. The more people you connect with, the more career opportunities you will see. For that reason alone, you should do everything you can to build your personal connections and increase the number of people who might be willing to help you in your search efforts.

But remember: You still have to be good at what you do.

That’s because if a personal connection – even your favourite cousin – is recommending you for a job, they are putting their own reputation at risk. By helping you and passing your name along to someone else, they are in fact saying you are a good person and capable of doing the job. If you get hired and somehow screw up down the road, they will look bad and their own reputation will be damaged.

 

Related:

You’ll Never Find a Job Wearing Pyjamas

What Successful Job Seekers Do Well

 

To share your thoughts on this blog post, please write me at walsh@geraldwalsh.com.


Gerald Walsh is an executive recruiter, career coach, public speaker and author. During a 25+ year career, he has interviewed more than 10,000 job candidates, completed hundreds of successful searches for a range of organizations and guided many individuals – from young professionals to senior executives – to successful career change. He is the author of “PINNACLE: How to Land the Right Job and Find Fulfillment in Your Career.” You can follow Gerry on Twitter @@Gerald_Walsh and LinkedIn.