The Hidden Job Market

As a headhunter, I’m approached by jobhunters every day. Jobhunters believe that I can offer them a job as I have a good grasp of what is happening in the job market. Somehow, there is a belief that headhunters can easily help jobhunters to find a job.?

The reality is very different. I have to disappoint most of the people who send their CVs to me. I also don’t have the capacity to meet everyone for coffee.?

Most people are not aware of the “hidden job market”.?

Here is a simple overview of what happens when there is a job vacancy:?

• A job vacancy appears for several reasons. Someone left the job or is about to leave. There is a need to run a confidential process. The management knew about the vacancy and they started to think.?

• The management will first think about who can take over the role internally. For larger companies, there will be an internal job posting – and that is after the management has identified 2 to 3 potential candidates.?

• For many small and medium enterprises (SMEs), there are often no internal candidates. Therefore, there is a need to look outside.?

• So, the management will activate their network. They will ask around for potential candidates. Besides family and friends, it will be ex-colleagues, suppliers or customers.?

• Once that source is exhausted, which may take 2-3 months, the management might ask the HR department to source for candidates. Most HR departments today have some form of talent acquisition capabilities, i.e. they can put up a job ad easily on LinkedIn and another job portal.?

• After 2-3 weeks, there will be more than 100 applicants. The HR department will process the applicants and shortlist some candidates for the management to consider. Interviews will take place.?

• If none of the applicants are suitable, then there is a possibility of engaging an external headhunter. In the market, the possibilities of finding a headhunter are many. Either the Management or HR will contact the headhunter. Often, they will call a few and ask for a competitive quote.?

• There are typically two options: the contingency approach, i.e. more than one headhunter. Or the retained approach, only one headhunter and there is a retainer fee.?

• When the headhunter is activated, the vacancy may already be there for 3 to 6 months.?

Now, as a jobhunter, you can send applications when you see a job ad or you can wait for a headhunter to contact you. If you are not in a hurry, it doesn’t really affect you.?

But if you are in an active job search process, you want to be ahead of the queue.?

This is when the hidden job market is important to you.?

Hidden doesn’t mean unknown. Hidden simply means not publicly available. A few people know about the job vacancy.?

How can you find out??

1. You need to actively engage the right people in your network, especially the senior executives who are often the hiring managers.?
2. You need to build your network way before you need a job.?
3. You need to stay in touch with your network regularly. It’s not about sending your CVs to 50 people or even 20. It is about engaging your network by offering something regularly.?
4. Being active on LinkedIn is good but insufficient. You need to meet people regularly even when you don’t need a job. A pure digital and social media approach is insufficient.?

Here are 4 things that you can do:?

1. Check in your current company. Let others know that you are open to exploring a new role. Connect with people that you don’t normally interact with. The person might be sitting in a different country or at HQ.?
2. Update your CV every 6 months. Remove the old stuff and add in the new achievements.?
3. Sharpen your elevator pitch. Who are you, who do you want to be, what are you focusing on?
4. Share your insights regularly on LinkedIn and in F2F meetings. Share generously before you ask for something.?

And if you really have the conviction to build something, you can create a pitch deck. One of my clients recently got himself a Regional Business Development job in Asia after he presented a 30-page deck to the CEO. In his deck, he showcased the opportunities and go-to-market channels in Asia. The management was convinced that there are untapped opportunities in Asia and he is the right person to do the job.?

So, be ready to put yourself out there to explore the hidden job market. When you talk to enough people, you will start to see opportunities that are not publicly available!

#jobhunting