What’s The Hidden Job Market?
The hidden job market are jobs that aren’t advertised on job boards or newspapers. Some of these jobs haven’t been advertised … yet. Others won’t ever be advertised – Some companies aren’t advertising for jobs in today’s job market.
Robyn Greenspan of Execunet commented on the hidden job market, responding to a recent JibberJobber.com post:
- Just 11% of $200k jobs are publicly posted, companies told us earlier this year. This figure has been roughly the same the past few years.
- Recruiters publicly posted 32% of $200k positions, and this has been steadily dropping over the years.
- Our findings concur with Robert Williams in Kathy’s article: “The employer needs to confidentially replace a non-performer.” Consistently in our monthly surveys, we find more than half of companies are expected to “trade up” executive talent. Therefore, those searches stay under the radar.
- 68% of our recently surveyed executives find career options through networking, compared to 13% who responded to job postings.
These are the most recent stats from our market intelligence report (excerpt here: http://bit.ly/abPo2T) and while the numbers have changed over the years, the trends point to that the unpublished executive job market not only exists, it is the primary method for finding opportunity.
While Robyn’s statistics are based on management and executive jobs, the percentage of the hidden job market for staff level positions isn’t very different, based on CareerBuilder’s study.
Just like passive job seekers don’t post resumes on job boards, there are passive hiring managers who search quietly through their networks (including social networks), supplemented by recruiters. Robyn’s comments about confidentially replacing non-performers explains some of the reasons for a hidden job market for both management/executive positions as well as staff.
Other reasons include smaller companies lacking a job advertising budget, companies seeking to avoid a flood of resumes, and the natural inclination to trust personal referrals more than unknown applicants.
But the most interesting reason for the hidden job market are jobs that are created by the candidate. Just like consultants identify clients with problems, estimate the implication of leaving the problem unresolved (the cost and size of the problem), and provide a solution – some job seekers harness the hidden job market by creating jobs. Most of us have friends, contacts, or family members who have found jobs by finding a problem and offering themselves as the solution.
So the hidden job market is comprised of:
- Confidential employee searches
- Passive job searches
- Jobs that haven’t yet been advertised (or maybe even approved) … but will be
- Companies who want to cut their advertising budget
- Employers who don’t want to manage a flood of resumes
- Managers who want to hire people who have been personally referred
- Unresolved company problems, awaiting a solution
For access to more information:
Become a fan of reCareered on Facebook: http://www.facebook.com/pages/Chicago-IL/reCareered/21126045429
Join Career Change Central on Linkedin: http://www.linkedin.com/e/gis/1800872
Email your request to phil.reCareered@gmail.com to enroll in a free group teleseminar “Accelerate Your Job Search – tools you can use”.
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