Discovering the Hidden Opportunities of the Unpublished Job Market – To better understand the unpublished job market, first take a moment to review the more traditional published job market to better understand the difference between the two.
The published job market is where we usually look for available published opportunities, you know, newspaper ads, Job Banks, offers from staffing or staffing agencies and job fairs.
But did you know that published jobs represent only about 30% of all jobs available at any given time? Some industry experts even claim that this job market represents only about 10% of all available jobs.
So the logical question is where are the rest of the available jobs?
Unpublished labor market
The unpublished job market, also known as the hidden job market, is where vacancies are filled without being advertised, or at least not in the way we’re used to, as we’ll see in a moment.
The unpublished job market accounts for about 70% of available jobs at any given time. But there is more; 85% of six-figure salary positions are filled through this unpublished job market. This means that the executive job listings we see in top publications like The Wall Street Journal, Barron’s, or The Financial Times, to name a few, represent only about 15% of the six-figure salary positions available.
Then the question is, why does this hidden market even exist?
Why isn’t there just one place we can go to find all the available jobs on the market?
To help answer these questions, let’s take a quick look at the mechanics of both labor markets.
How the published labor market works
In the case of a more traditional job market, we search available jobs to find out what positions we want to fill. We then send your CV to either an employer, recruitment agency or headhunter, depending on who posted the ad.
Once your CV is received, the recruitment team will carry out an initial review of the CVs received. The surviving resumes are then sent to the hiring manager for review and the actual interview process begins.
First, the recruiter or recruiting agency conducts the first round of interviews to determine if the candidate fits the company culture and to verify the information on the resume. Then the hiring manager interviews the screened candidates to select the best fit. Once the interviews are conducted and the best candidate is selected, the job offer process begins.
If the hiring company is doing the process, the HR team will submit an offer, the HR team will submit an offer. In the case of a head hunter, he will act as a kind of intermediary between the recruiting company and the candidate, ensuring that the candidate receives a good offer as his commission, usually a percentage of the final salary.
How the unpublished job market works
In the case of the hidden labor market, the process is a bit simpler and or even more discreet.
The process of filling jobs in this market is more controlled by the company, sometimes using external resources, but in a slightly different way than in the traditional labor market. Job referrals are more common in this market, as companies looking for good candidates ask business partners, suppliers, contacts in other companies or even their own employees for referrals.
Some companies even have employee referral programs; after all, who better than an employee to know if a recommended candidate fits into the company culture as they live it every day. At one Fortune 500 company I worked for, an employee referral program actually paid a cash incentive for each referred candidate who was hired and completed their first three months on the job.
When you compare how the two markets work, you might think that the unpublished job market is not as easy or convenient as responding to published job ads. But when you look at the number of options available, the hidden job market is definitely something you should consider as part of your overall job search strategy More.