To better understand the market for jobs that are not published, Let’s take a few minutes to look over the more traditional job market that is published in order to discern the differences between the two.
The job market that is published is the place we typically look to find published job opportunities, such as newspaper advertisements Jobs Banks, staffing and recruiting agency advertisements along with Job Fairs.
Did you know that published jobs are only about 30% of the available jobs available at any time? A few professionals in the industry claim that the job market is only 10% of all the available jobs.
The next question to ask is, where are all the other available jobs?
It is the Unpublished Job Market
The job market that is not published, often referred to as the hidden job market, is the place where jobs are advertised, not advertised, or at the very least, not in the manner we’re used to, as we will discover in a second.
The job market that is not published represents approximately 70% of the jobs available at any given moment. However, 88% of the positions with six figures are filled by the unpublished job market. This means that the top executive job listings we find in top-quality publications like The Wall Street Journal, Barron’s or The Financial Times, just a few, only makes up about 15 percent of the salary jobs open.
The question is, then, what is the reason behind this market in the first?
Why is there not one spot we can go and search for all jobs on the market?
To help us to answer these questions, we’ll have a look at the workings of both the employment and labor markets.
How the Job Market How Works
For the traditional job market in the traditional job market, we conduct our searches through the job listings to find out what jobs we would like to pursue. We then send your resume to the employer, the placement agency or the headhunter based on the person who posted the job listing.
When your resume is received, the team responsible for recruiting conducts the first screening of resumes that are received. The resumes that pass must be delivered to the hiring manager for examination, and then the interview process begins.
In the beginning, HR or the agency hiring will conduct a series of interviews to determine whether the candidate is a part of the corporate culture and also to verify the information on their resume. The hiring manager then interviews the candidates screened for selection to choose the most appropriate one. After the interview process is completed and the most suitable candidate is chosen, the job offer process starts.
If the hiring firm is conducting the process, the HR department will make the offer. The HR team will make the proposal. If it is an executive searcher, they will function as of intermediary between the hiring firm with the prospective candidate ensuring that the candidate gets a fair offer as its commission is typically a percentage of the pay.
How the Unpublished Market for Jobs Market Works
In the situation of the hidden jobs market, the procedure is more efficient and even more discreet.
The process for completing job applications in the market tends to be more business-driven and sometimes relies on external sources, but differently from typical job marketplaces. In this market, job referrals are more frequent since companies seeking good candidates approach suppliers, business partners and contacts from other companies and even employees of their own for recommendations.
Certain companies have even implemented employee referral programs. After all, who is better than a person who is the employee to determine which candidate is a good fit for the corporate culture in the way they experience every day? In the case of a Fortune 500 company I used to be employed at, the employee referral program actually gave an incentive of cash for each recommended candidate who got hired and completed their initial three months of employment.
If you take a look at how each of the markets operates, you may be thinking that the non-published job market isn’t as straightforward or as convenient as responding to advertised job advertisements. If you take a look at the possibilities and the possibilities for hidden jobs, the market is one you must consider as a part of your overall job search strategy.