Wondering where the jobs went? Were some positions created off the record and never advertised? Maybe it's time to talk about the hidden job market. Hiring may be down due to the economic crisis, but lately we have noticed that the market is starting to open up while most positions are never advertised. It is estimated that only 25% of jobs are open and published to the general public (e.g. internet ads, newspapers, etc.). According to Philothei Matsigou, a career consultant from LeadCompass, the remaining 75% of positions are filled before they are advertised! I wonder what role the hidden job market plays in the successful job search by candidates?
What is the hidden labour market?
It is often said that personal recommendations are the best way of advertising and can open doors for us. But here we are going to talk about something completely different from the plug or the medium. When I am hired for a position by means, it means that someone who knows my father is putting me in a position with not so meritocratic criteria for which I am very likely not the right person. This usually happens in the public sector but the same phenomenon has been seen in some private companies as well, resulting in damage to either the organization/company itself or the people receiving these services.
The key to accessing the hidden labour market is the acquaintances , a process that is also facilitated by social media (LinkedIn, Facebook, etc.). In particular, the LinkedIn is the emerging means to create a professional network that will offer more opportunities to achieve your career goals and enjoy the benefits of the hidden job market. But let us keep in mind that contacts and access to the hidden job market do not guarantee us the job if we ourselves with our knowledge, experience and character have not proven ourselves worthy of it.
The 4 myths about networking
Myth 1: Networking is a collection of cards.
When you start to develop your network it is very appropriate to ask for the other person's business card but don't stop there. Networking not is the collection of cards. It is about "forming interpersonal relationships for business reasons", Philothei tells us. It doesn't mean that the other person will continue to remember you just because you simply asked for the card. If you don't continue to keep in touch, then the card loses its value.
Myth 2: The purpose of dating is to give us something.
When within a short period of time we go to ask for something without showing any real interest in the other person and without having invested our time in developing that relationship then it is most likely that this kind of communication will not continue for long. Who wants people with fake interest around them? Networking wants you to be there because you feel it.
Myth 3: Networking is only for extroverts.
Networking is a skill and you can develop it. People who are more social may have an advantage, but by putting in a little extra effort, you will start doing what you are afraid to do. And once you start, you will start to demystify it in your mind. In this phase of your life, you will come into contact with people who bring out the best in you and help you express your own unique truth.
Myth 4: Networking is only done in Events.
As you will have realised from your own personal experience, networking can happen anywhere: on the train, in a café, at a family dinner, etc. Remember that when you gain access to a contact you are not only gaining access to that person but to their entire network. If your goal is e.g. to change jobs then share it wherever you are. This way you increase your chances of achieving what you want.
In summary, it is common knowledge that 75% of jobs are filled by people who are introduced through their network. Therefore they are never published resulting in a smaller and smaller percentage of people having access to them and coincidentally they are the ones accessing the hidden job market. I wonder how one can find out about these hidden jobs? The most common way and usually the most effective is to create the right network of contacts. The friends and associates (current and future) you come into contact with may have valuable information and recommendations for jobs, but always remember to keep in touch with them, share knowledge and upgrade your relationships.