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Looking for your next career move in today’s job market may feel quite challenging as competition for advertised roles is extremely high. You may also become frustrated if you are receiving little or no acknowledgement of your applications. It is estimated that over 70% of job roles are not advertised, so understanding more about these key techniques will help you to secure your next role.
‘The hidden job market’ is a term used to describe opportunities that are filled before they are advertised. You can access the hidden job market by using your network/connections to help find unadvertised job openings or through a more proactive approach targeting companies who may be of interest or who are going through change or growth and may be recruiting in the future
Many employers choose not to advertise vacancies initially, preferring to utilise other methods of recruitment where possible in order to save time and money. They may have an internal referral scheme or redeployment programme. Additionally, well-known organisations may have their own careers portal on their websites allowing you to upload your CV for future vacancies, which demonstrates interest in their organisation. Hiring Managers are also using LinkedIn to carry out their own candidate searching as recruitment agency fees can be high. Most companies advertise online as a last resort.
There are two main approaches within the hidden job market that you need to consider:
In business terms, networking is the process of speaking to professional contacts and sharing information with them. Networking can be formal or informal, it involves building relationships with others in order to identify leads and take advantage of potential opportunities. Developing contacts with other professionals can include friends, family, neighbours, graduate alumni - anyone who might help generate information and job leads. Networking really is all about opening up and having conversations.
Here are some tips to help you develop and get the most from your network:
Networking is a two-way process so consider how you can help them in the near future, from liking their social media posts to introducing them to someone in your network.
A speculative application involves proactively approaching an employer who is not in your network to seek out opportunities that have not been advertised. Organisations are more open to proactive approaches as it demonstrates initiative and motivation. If you have a clear idea of the type of role and organisation you are looking for, you can put together a targeted plan of companies to approach with an introductory email and CV. With a bit of online research, you should be able to identify decision makers you would be reporting into, therefore, who to make contact with.
Here are some tips to help you with your speculative approach:
The hidden job market represents over 70% of the entire job market, so incorporate it into your job search today to maximise your chances of securing your next career move. Good luck!
Renovo is the UK’s leading outplacement and career transition specialist. We work with both organisations and individuals to support all their career transition requirements. If you would like to understand how Renovo can help you please email firstname.lastname@example.org