The Hidden Market
Many job seekers do not understand the “Hidden Market”. It’s nothing mystical. It refers to the non-advertised vacancies that exist all over the place. They may be filled by word of mouth, internal notice boards, asking staff if they know somebody, keeping a list of local applicants, using friends, relatives etc. Irrespective of good times or bad, it is by far the largest sector of the job market accounting for an estimated eighty five percent of all job opportunities. For every fifteen jobs advertised, it is estimated that eighty-five jobs exist in the hidden market.
Advertised jobs – that’s where the competition is!
Hidden market – that’s where the opportunity is!
Today, it’s very expensive to recruit to fill a vacancy – even a small advertisement can cost over a thousand dollars and if you factor in time taken to review applications, reply, arrange and conduct interviews, notify unsuccessful applicants, make the offer, run an induction program etc, then the cost can be stunning. If a recruiter is employed they will charge anywhere between ten percent and twenty five percent of the annual salary to do the recruitment, plus their costs.
On the other hand, if the employer asks around internally, they will nearly always get somebody’s mate to put up their hand. It’s quick; costs nothing and employees rarely recommend friends who they believe may let them down.
However, it is this fundamental fact that can make networking alone unproductive. Your friend may not want to work with you in the same business.
Successfully exploiting the hidden market involves a number of crucial steps.
You must identify the most likely problems that a potential employer faces and show how you can provide a solution at reasonable cost.
You must get the right information to the right decision maker for action to occur.
It is critical that you have the correct material to advertise your presence; otherwise the employer does not know where to shop for your services. You must also have the skills to market the product and you must be able to explain why this product is the best available.
It is critical that you put in place a public relations policy to ensure you achieve the expected results, the results are recognised and you are respected for your abilities.
None of this is difficult when you know how, and yes it does take some hard work and commitment.
Anybody who tells you that the key to the hidden market is “net working” does not understand the dynamics of job search techniques in today’s savage environment – it is now only a small part of the process and constantly losing significance.
Key Word Optimisation
Our social security system requires the unemployed to apply for a certain number of jobs each fortnight. It has nothing to do with suitability. Just get the applications out to satisfy government policies or your benefit may be cut off. Can you imagine what it’s like for the recruiters and employers who receive endless irrelevant applications – sometimes thousands per week? Would you spend your time reading them? Recruiters don’t! H.R. Managers don’t!
This is why key word optimisation is so important. Most applications will be scanned electronically looking for the key words and phrases that indicate this application is relevant. Only these applications will be examined. If you have missed the key words your application will not be considered and electronically, you don’t exist.
Never ever rely on luck and understand that with job search, no news is bad news. If it is going to be bad news insist on getting it right now so that you can move on. Every day you delay will cost you lost salary.
If you are unhappily employed, then every day will cost you penalties in terms of self-esteem and raise questions about why you made the mistake of accepting that job in the first place (lack of judgment/poor decision making?). It will create suspicion and everything you say and do will go under the microscope!
The results you get will be in proportion to the effort you put in. If you sit back and do nothing – you will get nothing. Nobody is going to find you a job. Only you can do that because only you will go to the interview. And I don’t know of any other way to get a job offer!
The Ten Commandments
- Become strategic about your career – set and maintain goals for yourself to measure your progress.
- Become focused – search for employability, not security – never rely on luck!
- Become self-aware and know your strengths.
- Get into the right job and focus on achieving.
- Extend your strengths and develop new ones.
- Comfortably stretch yourself to provide new and greater value.
- Accept change and embrace it for its benefits, otherwise it will aggressively embrace you.
- Get a mentor; become professional, proper preparation is the key.
- Develop your network and regularly record your achievements.
- Have a dream – and relate it to your goals.
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