Understanding the hidden job market

Understanding the hidden job market 70% of all vacancies are never advertised, or so the story goes. This figure has been quoted for as long as Ive worked in careers and Im not sure anyone knows exactly where it comes from. In many ways it doesnt really matter whether its 7% or 70% as long as you factor this hidden side of the job market into your job search strategy. If  youre spending all your time on job portals (good as they are) youre potentially missing out. By dedicating a small fraction of your time to unearthing unadvertised vacancies you may well find a wider range of opportunities than advertised vacancies alone. And this is even more true when you expand the parameters to include internships and other work placements. Heres an interesting anecdote: when the economy is thriving and employers are hiring like gangbusters  the hidden job market shrinks. What does this mean?  Well, in the current economic climate it means you need to look beyond the surface. Only the most determined, resourceful and proactive job-seeker will prevail. Why dont employers advertise their vacancies? By far the majority of hidden opportunities are concentrated within the SME sector, which to many students and graduate is equally hidden, despite accounting for 99% of all British businesses. SMEs small or medium sized enterprises employ fewer than 250 employees and dont have the finances or infrastructure to compete with the big graduate recruiters, so theyre often invisible to graduates as a source of jobs or work placements. Understanding how  they operate will give you the ammo needed to tap into the sector and widen your job search. They dont need to Organisations and sectors which have more interested people than the number of vacancies available can fill these pretty quickly from direct approaches, or internal networks. If you’re the lucky intern or work experience student who is doing a really impressive job, why would they bother to advertise when the time comes to fill a vacancy? They already have you, so  no need to spend time and money on a recruitment campaign and selection process. Its a win-win. Limiting factors These may include time or money. Many small organisations, across a range of sectors media, charity, niche engineering firms simply dont have the resources human or financial required to process the volume of applications generated by job ads. Factor in the cost of ads and glossy recruitment campaigns, and they may just decide that an extra pair of hands is not worth the additional expense. But a direct approach from someone who understands the organisation, and can persuasively plead their case, may be viewed more positively.  Some companies and organisations dont know what theyre missing..until you tell them! How to find these hidden opportunities If employers sometimes have (or might create) vacancies which they are not advertising, what are the tips for finding and securing these opportunities? Do your research Youre more likely to be taken seriously if you understand what the organisation is doing, what differentiates it from similar organisations, and what jobs there are likely to be. Let’s say you want a newspaper internship (or work placement) in Oxford â€" if you don’t know what differentiates the Oxford Mail from the Oxford Times from the Oxford Journal and what implications this has for the people working there, then youd better make sure you find out. Read widely and use all the information sources at your disposal news articles, press releases, social media. Leave no stone unturned. Tell people youre looking (aka networking!) You get a job by talking to people. Tell everyone and anyone who will listen what youre looking for.  There may be some surprising connections, like the student who got her first political placement because her Mum belonged to the same social group as the MP’s secretary! Of course some people are blessed with better networks than others â€" but networks can be developed, and if youre on the shy side, then take refuge in social networks to help you build confidence (and contacts). Its important to get your LinkedIn profile up to scratch and use this vast professional network to identify possible leads and contacts.   Maybe you could set up an  Informational interview    a great way to gain information, insight and intelligence. Give it a try. Work out your strategy Just as in the open job market, a targeted approach is more likely to bear fruit.  Dont send out 100 generic CVs hoping to strike it lucky. Draw up a list of potential organisations and work out who is the best person to contact.  This is where LinkedIn come in to its own: use the company info to help you identify key personnel. Its easier to ignore an email than it is a phone call, but you will need to be both confident and persistence if you decide to ring. Dont stop at the HR or admin dept. if you can help it they may not be in the best position to make or influence the decision. Get your CV in order Use your research to help structure and tailor your CV/cover letter/email. Youll have to work just as hard with speculative applications    in some ways more so because you need to present a compelling case. Why should employers spend time looking at your CV? Whats in it for them? If youre not sure how or where to start, then come and have a chat with our job search advisers. The 3 Ps Be persuasive. You could have interests, skills or prior experience which may be really attractive to your target organisation  its about finding the hook. Think of yourself as a product you need to sell. Make it hard for the employer to resist your approach. Be persistent.  If you get a clear ‘no’ it may be time to move on to the next organisation/company on your list. But you can convert a reluctant ‘maybe’ into a potential or even definite offer, with a good amount of time and effort.  An email is easy to ignore, a phone call is harder a second or third phone call or perhaps a visit shows that youre really keen. And determined. I once met the director of an organisation in a popular sector who routinely ignored first requests for any kind of work experience â€" it was those who came back a second time that he knew were serious. He also told a story which demonstrates the value of persistence and persuasiveness. Someone with no experience kept getting in touch insisting that they had the skills for the job and begging for the chance to prove it.  The company arranged a short work trial, which turned into a permanent  job. His approach and self-belief were both vindicated. Be philosophical. There are no guarantees your efforts will be rewarded but the worst that can happen is that  you hear no when youre hoping for  yes. Surely its worth the risk, when a good result could mean the start of your dream career?