What is the Hidden Job Market?

The hidden job market refers to where hiring happens internally. Specifically, the hidden job market is where hiring managers go to fill roles through relationships, employee referrals, or direct networking before publicly listing these opportunities online. The thing is, the only way to access the hidden job market is through networking. Without leveraging your relationships, you are missing out on 80% of the hiring landscape

Why Public Job Boards Don’t Work:

Public job boards may be easily accessible, but come with significant drawbacks:

• High Competition: Job listings will often have hundreds of applications within the first 24 hours, making it difficult for you to stand out

• Outdated or Misleading Listings: Many listings are often expired or already filled. Employers may also put out listings even if they have a preferred candidate in mind

• Generic Application Process: Standardized forms make it much harder to highlight your unique value and skills

• ATS Screening: Companies often use software to filter your resume, making it harder to get noticed or reviewed by the hiring manager

Why Do Employers Do This?

Employers prefer using the hidden job market for several reasons:

• Cost Effectiveness: Traditional recruitment can cost up to $18,000 per hire, while referrals cost roughly $1000

• Hiring Efficiency: Referral recruitment can speed up the hiring process by nearly 50%, and reduces turnover rates by 20%

• Better Cultural Fit: Referred candidates are often seen as better cultural fits, as employees will recommend people they believe fit well in their work environment

• Employee Engagement: Employee-based referral programs create a sense of involvement in company growth which boosts morale and culture

How to Access the Hidden Job Market (Actionable Steps)

Build and Leverage Your Network

• Start with who you already know, such as friends, coworkers, and classmates

• Attend industry events and join relevant LinkedIn groups

• Form genuine relationships instead of a contact list

• Keep your contacts informed about the type of role you’re looking for

• Offer value in return by sharing resources, advice, or offering your expertise

2. Stay Proactive and Consistent

• Create a habit of following up with contacts and recruiters

• Keep a log of outreach and responses to stay organized

• Treat the process as an ongoing effort instead of a one-time task

• Use networking assistant tools like Timing to automate this process and make sure you never forget anyone

3. Personal Branding and Online Presence

• Keep your LinkedIn profile up to date, showing off relevant skills, experience, projects, and accomplishments

• Remove unprofessional content and manage privacy settings on all social media platforms

• Share thought leadership content and insights to show expertise