Job Markets
The first thing to know about looking for a job is where to look.
Job Markets There are essentially two major job markets: the open job market, and the hidden job market. The public job market consists of those jobs which are listed on job boards and other public forums. These jobs have the most eyes on them because they are public, so it is important to be aware that these jobs may be more competitive. The hidden job market consists of those positions which are not listed on public forums and job boards.
The Hidden Job Market: The hidden job market accounts for a very large percentage of job openings. The hidden job market consists of all job openings which are not publicly listed. This means that they are filled either by people already within the organization, or by people referred directly to the position.
The purpose of keeping a job opening on the hidden job market is to ensure that those candidates who do become aware of the job are already a part of the professional network, and have a known reputation, and to simply minimize the volume of candidates.
One way to access the hidden job market is by making cold calls, beginning correspondence with employers that you are interested in who do not necessarily have any publicly listed job openings. By sending a cold contact cover letter, you may be given information about jobs which are not publicly listed, or may be alerted when one comes up.
This is also a reason to stay engaged with your professional network, in order to be tuned into the positions circulating in the hidden market within your network. Word of mouth is always a good tool for your job search and it is one of the best ways to access the hidden job market.
The Open Job Market: This consists of those jobs which are listed on public job boards and forums. However, because these jobs are listed so publicly, there are more eyes on the positions, meaning that these jobs are more competitive than those circulating on the hidden market.
It also means that these jobs are often gone in a matter of days, while the listing may remain listed, so not only are these jobs more competitive, but they often aren’t even available by the time applicants get around to applying for them.