Tap Into the Hidden Job Market

The last year has been one of twists and turns in the life sciences. Where investment had skyrocketed to historic levels in 2020 and 2021, macroeconomic factors have created a time of reckoning. At least 30,000 layoffs in our industry, and many of those affected have not had to "search for a job" before. If there is light to be found in this situation, there has never been a more empowering time to drive your own career search.

The talent acquisition landscape has changed, and you can leverage it to your advantage.?Relying on applications to job postings, especially at the executive level, will lead you to miss the majority of opportunities that are never advertised.?Recruiters, like our firm, are no longer paid simply to “find people”.?Through a media rich and technology centric environment, people aren’t that tough to find.?

The challenge today is getting the attention of those of interest to you.?Engagement is key, and the same can be said for the individual looking for a job. Working with quality search firms like ours is of high importance, but you will also want to tap into the Hidden Job Market (these roles that are not advertised).?

Here are a few steps to get you started:?

1.???Make a plan.?You are the product and service that you are looking to brand and sell.?Who is your target audience??What companies? Geographies? Technologies??Investors? You should have a working spreadsheet of everyone you intend to market yourself to and why.

2.???Build your online profile.?Your profile should include a professional picture and all details your resume entails.?Remember a profile is searchable, use words that will capture attention. Resumes are important, but ensure you are aligned in the way you are represented across media channels.

3.???Build your network.?LinkedIn is the professional party, there is no question.?You should connect with as many individuals in your field as possible.?Invite leaders within your target companies of interest to connect with a meaningful note.?For example- “I am following your company with interest based on your technology in neuromodulation.?In my last two companies, I led products to market in that space.?I welcome a connection.”

4.???Reach out with value.?After connecting, you have access to a direct email address through contact information in LinkedIn.?You can reach out with a well-crafted email of why you are interested in their company, and what value you can offer.?Do not get too specific on titles or geography or anything that puts parameters on what you will consider, you don’t want to give reason for the person hearing or reading the message to rule you out.

5.???Follow up.?Like any consummate salesperson, the actual sale doesn’t typically happen until you have called on the customer at least three times.?Get news alerts on happenings at their company and reach out.?“I see you received 510k approval, congratulations!?I continue to have great interest in the work being done at ABC company.”

6.???Look for local meetups.?In most major cities, there will be meetings that host business in your industry.?If the cost for admission is prohibitive, try setting up meetings around the convention.?I had a gentleman show up at a convention and secure a day pass for free after he told the registration desk he was in between jobs.?There are no guarantees, but worst case you can meet around the exhibit hall and introduce yourself to new people.?

7.???Follow the Money.?At the executive band, investors and the board of directors are the decision makers.?They are most interested in individuals with a demonstrated track record in similar technologies and company sizes to their investment companies.?Introduce yourself, through email and call, and include reference to what experience you have that may be of value to any of their portfolio companies.?Again, your outreach should be targeted to them, confirming you know what they do and where your experience may benefit them.?

8.???Think unconventionally.?When we are in our 20’s and 30’s, success is often gauged by growth in title and responsibility.?In the later part of career, growth can be defined differently.?Where will I do something new and be challenged in a different way??Where can I leverage my expertise built over these three decades??Consulting firms and contractual roles are great ways to get exposure to diverse challenges while leveraging your skills. Don't be as hung up on title if you will have meaningful work where you can contribute.

9.?Keep yourself healthy. Working a job search will take 4-5 hours a day on average. This time is used planning target companies, reaching out to individuals, follow up, meetings, etc. Outside of these controllable actions and interviews, there are diminishing returns by sitting and staring at your home computer. It can be emotionally damaging. Take the time and do something positive for yourself. Whether exercise, spirituality, volunteering, spending time with family or others in need, use the time to build yourself up. Losing a job can send individuals into a bad mental state, and that can spiral into poor interview results. Keep yourself balanced and remember, you WILL get back to work, and this time will be gone.

As your drive your career over a lifetime, chances are you will find yourself in a job search at some point.??Create a brand and market yourself in the hidden job market and you will see results. If you have a well thought out plan and execute against it on a daily basis, you will gain back control and confidence needed that are often lost in this difficult time.?Stay focused, stay positive, and keep driving.??