Most of us have heard the term the ‘hidden’ job market but few understand the term. The ‘hidden’ job market is three measurable phenomena:
In this economy, most companies are not posting their needs on the Web, therefore their needs are ‘hidden’ from your view. Why is this so? Companies are receiving sufficient referrals and unsolicited resumes that they don’t need to spend money on employment advertising. And, unless they have applicant tracking systems that have applicants submit to a website without identifying an e-mail address, fax number or mailing address, the enormity of the response to a posting will be disruptive to the day-to-day operations of a small to midsize company. Third, large companies are still widely posting positions but are doing so more to attract a diverse applicant base them to generate applicant traffic; and the size of the response is a nonissue since they have the systems in place. So, if you could get a meeting with an appropriate company, you may be pleasantly surprised to find they have an opening just right for you!
The next phenomenon is the concept of having a bench. Every athletic team has players on the bench in case a first-rate player is injured, and every Broadway lead has an understudy. So many executives are willing to take meetings with someone they would hire if once the need developed due to growth or resignation, or because they have concerns about the incumbent. Every job will eventually vacate. If you are a known entity, the hiring manager will bring you in and hire you without any job posting or need to interview multiple candidates or go through a process that commonly takes 3 to 4 months. So where this may intuitively sound like a slower process than responding to a known opening, the data suggests it is a quicker process because there no review of hundreds of applicants and none of the weeks spent scheduling interviews with a number of candidates.
The third phenomenon is that the company has a need. The need has not yet been articulated as a specific role with a written job description but there is a problem that needs to be solved. And, in reading your resume and/or cover letter it becomes apparent that you are the person who can solve the problem. Therefore, after meeting you, the role is created around you versus comparing you to rigid requirements. And again, no posting, no other applicants, therefore no competition, and no bureaucratic process.
Studies point to 80% of executive and professional roles are being filled as a result of the above phenomena. Therefore clearly 80% of your job search campaign must be aimed at cracking the ‘hidden’ job market!
Fortunately, there are professional career management and marketing firms that can assist you in ‘cracking’ the ‘hidden’ job market. So, consult a professional. ExecuJobs has helped thousands of job seekers achieve their goals – not simply a job but a great match. Give them an opportunity to help you. To start on the path to the solution to your career questions, contact us @PR@execujobs.net or go to www.execujobs.net today!