Looking for a new job can be an emotional roller coaster! Clicking “apply” on yet another job advert and waiting to hear back………Most of us can relate to the frustrations of that process! However, unfortunately, recruitment agencies cannot find a job for everyone they meet. Only one person gets the job in the job advert. In reality, research shows only around 30% of jobs are actually found this way. Therefore, you might be missing out on potential job opportunities if this is the sole focus of your job search.
The Hidden Job Market
So what happens to the remaining 70% of jobs? This is what is often referred to as “the hidden job market” Essentially, this is a term used to describe jobs that aren’t actually advertised or posted online. Many employers choose not to post jobs online for a number of reasons. For example, they might be trying to save money on advertising, or they might prefer hiring candidates through employee referrals. The majority of 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 also have a vested interest in recommending good candidates. This is particularly true if they will be working with whoever gets the job! A lot of 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, and even if you don’t think you have a network, believe me, everyone does!
Before you start looking for your own, hidden job market, it is very important that you have a plan. Success is much more likely if you know what steps you will take. Creating a plan and goals, with time frames, will go a long way in assisting you. So, what is the best way to create a useful plan and access that hidden job market?
Step 1.
Before you start any job search, it is important your resume is up to date and that you are happy with it. 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 ensure you also update your LinkedIn profile. Do not just cut and paste 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 and opening summary on your LinkedIn profile is very important and tells people and employers who you are and what you can offer. Then 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.
Step 2.
Create a list of contacts that you can approach to ask for advice. The easiest way to start this list is to look through your LinkedIn 1st contacts, or your email address book and also your old business cards. 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, soccer team.
Additionally, also 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, so 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 really value their advice and any ideas. Ask if you can either have a quick chat with them over the phone or arrange a coffee or an online catch up.
Step 4.
It is important to then track everything you are doing. An easy way to do this is to create an Excel spreadsheet, or use a paper notebook or something 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 also 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 try and 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 much 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. You must have given a lot of thought on what you want in your next career move and be able to clearly articulate this, before you meet with your contacts. At the end of each meeting, ask them if there is any one they can refer you to that may be able to help you. This is how you build your existing network.
Remember to stay positive and always follow up with the people you have met and thank them for their time. This is utilising the “hidden” job market and 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, then ensure you keep this spreadsheet. Next time you are looking for a new job, maybe in 2 or 3 years time, then you can refer back to this list. 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 then get started. It may take a few months to find your next job, or even longer, but this is something you control and doing this can be a lot more rewarding than clicking “apply” on a job advert for the 20th time that week!
I hope these tips on accessing the hidden job market are helpful.
Good luck and if you would benefit from some tailored one on one career coaching then drop me a message angela@mindfulcareers.com.au
