Did you know that the traditional job market only covers about 30% of all jobs available at any given time? Some experts claim that this traditional labor market covers no more than 10% of available jobs. So where are the rest of the available jobs?
The unpublished job market, also known as the hidden job market, covers approximately 70% of all available jobs available on the market. But there is more; 80% of six-figure salary positions are filled in this unpublished job market. Because of its importance, it should be part of your overall job search efforts.
Let’s look at four strategies you can use to take advantage of the opportunities available in this hidden job market:
1. Have a list of companies that interest you.
Why is it important to spend time researching companies? Because if you’re just applying for any job you can find, you’re wasting your time and energy, even though you might feel like you’re accomplishing something by sending out tons of resumes.
The time you spend pre-researching the companies you’re interested in will pay off in the long run because you won’t waste time and energy applying to companies that aren’t a good fit for your career plans. Instead, you will apply for jobs at companies in the field you prefer and where you would like to work.
2. Information interview
The informational interview is one of the most effective tools when it comes to tapping into the unpublished job market. In an interview, you talk to a person from the company or field of interest to get information about the work environment, job opportunities, work ethics and other useful information, and to get feedback and advice on how you can improve your chances of getting the position you’re looking for. you’re looking for, in addition to expanding your network of contacts in your target company or industry.
3. Your network as a source of information and referrals
When it comes to finding your next job, the importance of career networking should never be underestimated. In fact, career networking should become part of your daily work and career-related endeavors. Your career network should be in place when you need it, for day-to-day business relationships, job searches, and moving up the career ladder. Since we never know when we might need it, it makes sense to have an active career network, even if you don’t think you need it right away.
4. Contacting employers directly
Sometimes you may want to contact a potential employer directly, in addition to or instead of applying for the position you are interested in on their website. Or maybe you didn’t find a position you’re interested in among those posted, and you want to contact the company and make yourself known when the time is right.
When asked what is the best method to get into the unpublished job market, the best answer I can give is that the best method is a combination of all of them. You should do your homework to research and filter your potential employers and see what combination of strategies will suit your purpose for a potential employer.
When compared to the traditional job market, you might think that the unpublished job market is not as easy or convenient as responding to published ads, but when we look at the number of options available, working in the unpublished job market is something you should include in your strategy job search when it comes to finding a job or career advancement.
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