Job searching is exhausting and frustrating. It can take up a huge part of our time and energy. If you haven’t done it for a while, it’s also hard knowing where to start. Everyone talks about using your network, but what does that mean, and how can it help you? What is the hidden job market you are hearing about?
Research shows only around 30% of jobs are found through job adverts. Unfortunately, recruitment agencies cannot find a job for everyone they meet. Only one person gets the job in the job advert. Therefore, make sure this isn’t the sole focus of your job search. You might be missing out on potential job opportunities if it is.
The Hidden Job Market
What happens to the remaining 70% of jobs? This is what is often referred to as “the hidden job market” This is a term used to describe jobs that aren’t advertised or posted online. Many employers choose not to post jobs online for several reasons. For example, they might be trying to save money on advertising, or they might prefer hiring candidates through employee referrals. Most employers will trust a referral from an existing staff member, over an unknown person applying for their job advert.
Companies are more likely to get high-quality applicants from their current employees. They understand the needs of the job and have a vested interest in recommending good candidates. This is particularly true if they will be working with whoever gets the job! Many companies also offer a monetary bonus to employees who recommend the applicant who is hired.
The easiest way to tap into that hidden job market is to utilise your own network. Even if you don’t think you have a network, believe me, everyone does!
Step 1.
Before you start any job search, it is important your resume is up to date. If you need advice on how to improve your resume then this is something I can assist with. Once you are happy with your resume, then update your LinkedIn profile. Avoid cutting and pasting your resume into your LinkedIn profile. It is more effective to summarise each of your roles with a few lines of information. You can however use and adapt your career profile or career objective from your resume, and use this in your LinkedIn “About” section.
Creating a powerful headline on your LinkedIn profile tells people and employers who you are and what you can offer. Upload a professional head and shoulders photo onto your LinkedIn profile. Employers will visit your profile, and they will expect to see your photo. Ensure your LinkedIn profile is 100% complete before you reach out to your network. This all helps you access the hidden job market.
Step 2.
Create a list of contacts that you can approach to ask for advice. Do this by looking through your LinkedIn 1st contacts, or your email address book. Think about sorting them into “hot” and “warm” contacts. Be easy on yourself and contact the “hot” contacts first! Your “hot” contacts might be ex work colleagues, friends, people you went to Uni with or studied with. “Warm” contacts might be friends of your partner, parents from your kids’ school, people you meet through your sport, eg gym, running club, football team.
Then think about your second-degree contacts. These are the people your friends and 1st contacts know. Unless you ask them, you never know who your friends might know. Can they pass your details onto people that may be able to help you?
In a classic study, sociologist Mark Granovetter showed that people were 58% more likely to get a new job through weak ties than strong ties. How could acquaintances be more helpful than good friends? The intuitive answer is that we have more weak than strong ties, so the odds are just higher. Evidence supports a more powerful explanation: despite their good intentions, strong ties often give us “old” knowledge. Our closest contacts tend to know the same people and information as we do. Weak ties travel in different circles and learn different things. They can offer us more efficient access to new information. Think about the people with whom you’ve lost touch for a few years: a childhood neighbour, a college roommate, or a colleague from your first job. Then reach out to them.
Step 3.
Once you have created your contact list then you can either call them directly and ask them to catch up, or send them an email. Do not initially ask them if they have any jobs, just tell them you are looking for your next career move and would value their advice and any ideas. Ask if you can either have a quick chat with them over the phone or arrange a coffee catch up.
Step 4.
Track everything you do with your hidden job network. An easy way to do this is to create an Excel spreadsheet, or similar. Consider using the following headings: date, name of person, job title, company, contact details, how do you know this person, action taken, follow up, any other comments.
Doing this reminds you what you have done for the week and who you must follow up. It helps ensure you do not miss anything. It is also a nice way of reminding yourself of all the effort you have put in that week to find a new job!
Step 5.
Once you start to arrange meetings with people then ensure you ask about them first. Tell them what you are looking for in your next role, and that you would value their advice. It is easier for people to help you if you can tell them what you want. Never go into a meeting complaining about your boss or your current job. Give a lot of thought on what you want in your next career and be able to clearly articulate this, before you meet with your contacts. At the end of each meeting, ask them if there is anyone, they can refer you to that may be able to help you. This is how you build your existing network.
Remember to stay positive. Always follow up with the people you meet and thank them for their time. This is utilising the “hidden” job market. Doing all of this should take up around 60 to 70% of your job searching time. The rest of the time, you can focus on the job boards and recruitment agencies.
If you are unemployed then treat job searching as a full-time job, if you are working then ideally dedicate 1 to 2 hours per day. Create your daily job search routine and stick to it. Persistence and never giving in are crucial.
One Final Thing……..
Once you have created your contact list, as detailed in step 2, keep this spreadsheet. Next time you are looking for a new job, maybe in 2 or 3 years time, you can refer back to this list. Your hidden job network may have changed. Your contacts may have moved companies, and this can give you new ideas for your next job opportunity.
Also, ensure you live by the principle of “pay it forward” which is do things to help other people. You never know who will help you in return. Quite often you get the most help from the people you expect the least from, and often the least help from those you might have expected the most from!
Take control and decide what you want, create your plan and get started. It may take a few months to find your next job, or even longer, but this is something you control. Doing this can be a lot more rewarding than clicking “apply” on a job advert for the 20th time that week!
Good luck and if you would benefit from some tailored one on one career coaching then drop me a message angela@mindfulcareers.com.au or check out my career coaching services HERE
Whenever you’re ready, there are 3 ways I can help you:
- Career crossroads and need clarity? Click here
- Maximise your LinkedIn and Resume for a successful job search, click here
- Nail that job interview and get the job offer, click here
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