The “Advertised” (or “Organized”) Job Market Represents only about 15-20% of available jobs.
In the “Advertised” Job Market:
-Jobs are found on Internet job boards, organizations’ job pages, and jobs listed with employment agencies.
-Many employers use the advertised job market only as a last resort. Positions advertised may be challenging to fill or have high turnover. When employers advertise on job boards, they can receive more than 200 applicants depending on the job. Applying on job boards is very easy, and thus, many unqualified applicants apply. Unqualified applicants create a lot of work for employers or require employers to use applicant tracking software to screen applicants’ resumes. Also, a cover letter and resume provide limited information for the employer when making decisions.
The process involves formal emailing your resume and cover letter to the company (usually the Human Resources department). Your resume is the key to the next step, and you have little power in obtaining an interview.
-The person with the power to hire you may never see your resume. Instead, as noted above, applicant tracking software is often used to screen your resume for keywords or specific information.
-Most job hunters use the advertised job market as their only source for finding job openings. Therefore, 95% of job hunters are applying for only 15-20% of the available jobs. As you can imagine, the competition can be high.
-While it is easy to use this approach, it is also easy to end up underemployed or discouraged by thinking there are no desirable jobs “out there.” The adverted job market is a passive approach in which you have little power. To find a good job as quickly as possible, spend at most 25% of your job search searching for employment in the advertised job market.
The “Hidden” (or “Disorganized”) Job Market Represents about 80-85% of available jobs.
In the “Hidden” Job Market:
-This job market consists of job openings not advertised on job boards or the Internet.
-Finding jobs in the “hidden” job market involves adhering to the most critical job search rule: Don’t wait until the job opens! Many employers fill positions with people they meet before they officially have an open position. You can tap into the “hidden” job market by utilizing two primary strategies: personal contacts and contacting employers directly.
-Phone calls, referrals, and interviews (often informal ones) are the keys to success in the hidden job market. You frequently will interact directly with the person who has the power to hire you.
-While having a good resume is essential, your chances of getting hired decrease when you are only an electronic document (resume). You are not in control and are hoping for an interview. In the “hidden” job market, you have more power and control as you use strategies to meet with the person who can hire you. When this happens, your chances of getting hired go up dramatically. Your job success does not depend on a piece of paper!
-Success in the “hidden” job market requires having a clear job objective and actively searching for job openings. It requires more initiative and perseverance but can significantly reduce your job search time (you may be the ONLY applicant for a position) and usually results in a more satisfying position. You may even have an employer create a job tailored to your talents. A Harvard University study found that 75% of job hunters found jobs through personal and employer contacts, and 44% had new positions created just for them.