Tapping into the Hidden Job Market

Perhaps you’ve heard of “the secret employment market.” What does it entail, and how can job seekers get it?

Unpublicized employment postings are referred to as being in the “hidden job market.”

Why wouldn’t employers advertise job openings publicly?
• It can be expensive to advertise a position that is open.
• A new position is being created, and they are unsure of the qualities of the appropriate candidate. • They don’t want to be inundated with applications.
• They are taking the position of an existing worker (who is unaware they are being replaced).

The majority of these employment possibilities are discovered through recommendations from current company employees. According to estimates, networking is where between 60 and 80 percent of employment are found. Almost all job candidates who get interviews for unadvertised positions do so through networking, even though not all of the jobs found through networking are accessing the hidden job market (after all, your friends, family, and acquaintance network can help you access interviews for advertised opportunities too).

Candidates can be found very easily from current staff. Existing employees can help identify potential applicants, especially if the organization has a positive workplace culture, which can ensure that qualified candidates are motivated to apply. Some businesses will even give their staff members cash or gift cards for recommending an applicant who ends up getting the job.

Employee recommendations are advantageous to job seekers as well. Recommendations from coworkers can be very influential. Additionally, compared to possibilities that are publicly publicized, there is less competition for jobs that can be found through the underground job market. Being recommended by a current employee could also make your application stand out from the majority of job searchers’ applications, which must navigate standard internal procedures like using an applicant tracking system for online applications.

Another source of unlisted opportunities is recruiters. Instead of placing a job on the open market, an employer may decide to collaborate with a recruiter to fill it. A small number of carefully chosen prospects are forwarded to the hiring manager by the recruiter after they have sourced and screened potential hires. This helps the business save time and money. When working with a third-party recruiter, it’s common for the business to only pay the recruiter if a candidate is hired and if they remain for a predetermined amount of time (say, six months).

So how can you access the untapped labor market? You should cover both bases because openings are filled through employee referrals as well as recruiting.

When you have a precise target in mind, such as a specific job title or, even better, a specified list of organizations you’d like to work for, you may access the hidden job market more effectively.

Basically, there are three ways to enter the untapped labor market:
• Use your network to contact a company employee (either an employee who can refer you or a hiring manager or a recruiter who works for the company).
• Speak with the business directly to learn more about untapped prospects.
• Be visible enough in your field or industry to attract the attention of potential employers.

We will focus on particular strategies to access the untapped labor market the following week.