In order to better understand the unprecedented job market, let’s take a minute to first review the more traditional published job market to better understand the difference between the two.
The published job market is where we usually go for available published opportunities, you know, newspaper ads, job banks, recruiting or recruiting agency vacancies and trade fairs. ’employment.
But did you know that published jobs represent only about 30% of all available jobs at any given time? Some experts in the field even claim that this job market represents only about 10% of all available jobs.
The logical question is therefore: where are the other jobs available?
The unpublished labor market
The unpublished job market, also known as the hidden job market, is where vacancies are filled without being advertised, or at least not in the way we’re used to, as we are. will see in a moment.
The unpublished job market represents around 70% of the jobs available at any given time. But there is more; 85% of six-figure salary positions are filled through this unprecedented job market. This means that the list of executive positions that we see in high-end publications such as the Wall Street Journal, Barron’s or the Financial Times, to name a few, only represents about 15% of the positions. six-figure wages available.
Then the question is, why does this hidden market exist in the first place?
Why isn’t there just one place to go and find all the jobs out there?
To help us answer these questions, let’s take a quick look at the mechanisms of the two labor markets.
How the published job market works
In the case of the more traditional job market, we do our research on available job openings to determine what positions we want to fill. Then we send our CV to the employer, employment agency or head hunter, depending on who is posting the ad.
Once your CV is received, the recruiting team proceeds with the initial selection of CVs received. The surviving resumes are then sent to the hiring manager for review and the actual interview process begins.
First of all, the HR or the recruitment agency do a first series of interviews to see if the candidate fits into the corporate culture and to validate the information on the CV. Then, the hiring manager interviews the shortlisted candidates to select the most suitable one. Once the interviews have been completed and the best candidate selected, the job posting process begins.
If the recruiting company performs the process, the HR team will present the offer, the HR team will present the offer. In the case of a headhunter, he will serve as a sort of intermediary between the hiring company and the candidate, making sure that the candidate receives a good offer as his commission if it is usually about ‘a percentage of the final salary.
How the unpublished job market works
In the case of the hidden job market, the process is a bit more streamlined and even more low-key.
The process of achieving jobs in this market is more business-driven, sometimes using external resources, but in a rather different way than in the traditional labor market. In this market, job referrals are more common as companies looking for good candidates ask for referrals from business partners, suppliers, contacts in other companies or even their own employees.
Some companies even have employee referral programs; after all, who better than the employee to know if the referred candidate corresponds to the corporate culture as he experiences it on a daily basis. At a Fortune 500 company I previously worked for, the employee referral program actually paid a cash bonus for each referred candidate who got a job and completed their first three months on the job.
When you compare how the two markets work, you might think that the unpublished job market is not as easy or convenient as responding to posted jobs. But when you look at the number of opportunities available, the hidden job market is definitely something you should consider as part of your overall job search strategy.