Hidden Job Market - What is it?
There are only two ways to look for a job.
The Employer looks for you.
ADVERTISED Job Market
Where is the ADVERTISED Job Market?
These unadvertised jobs are often referred to as the hidden job market. Imagine, almost 90% of the labor pool targets less than 25% of available jobs. Is it any surprise, most job seekers never receive a response from potential employers? So how are these 75% jobs filled? The answer is networking.
Hidden Job Market -- Only about 5-20 percent of all job openings are ever publicly known, which results in about four-fifths of the job market being "closed," meaning you can't find out about any new openings unless you do some digging.
Hidden Job Market
Vacancies that are not advertised publicly - companies recruit from within their own organisation.
Careers that be organised by working from home either full-time or while on holiday from your main job.
Hidden Job Market
Employers prefer to fill jobs without the expensive and time consuming advertisement and interview process, where possible. No more than around 5-20% of job openings are ever publicly announced; the hidden job market therefore covers 80-95% of the total employment market.
You are probably aware of the uncertainty of the job market. The economy, the demand for goods and services and many other factors determine the stability of certain industries and the availability of positions.
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The ~ includes all positions that have not yet been communicated through visible channels, such as newspapers.
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Especially when you take into account that a posted job can generate over 1,000 responses, your best bet is to find jobs in the "hidden job market.
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The ABCs of Networking
Networking opens the doors to the hidden job market, and if you've not learned this art, many opportunities may be passing you by. This list of networking ABCs can help you move your career forward.
See also: What is the meaning of Job, Employer, Job search, Career, Experience?