COLUMN: Yes, the hidden job market does exist

Social media amplifies the fact that people will quibble over anything. LinkedIn isn't immune to this type of, for lack of a better word, "engagement." The latest quarrelling is over whether or not 80% of all jobs aren't advertised, the estimated (keyword) size of the hidden job market, an estimate that's been tossed around for as long as I can remember.

Since no empirical evidence has ever been given, nor can it ever be given—what's hidden is inherently unmeasurable—I assume that 80% was suggested by a Pareto Principle fan club member.

From my conversations with hiring managers, I suspect the hidden job market is larger than ever, especially for critical management roles at the Director, VP, and C-level. Today, thanks to the Internet making applying to jobs "too easy," posting a job, particularly for a coveted position, attracts unqualified applicants and recruiters claiming to have the "perfect candidate."

The ease with which job seekers can 'spray and pray' their resumes is overwhelming recruiters and employers with misaligned applications, thus forcing them to adjust their hiring strategies. Remember the days of scouring newspaper help-wanted ads, photocopying resumes, and mailing applications? Picture how many applications a newspaper job posting received back in the day compared to today's 'hit apply.' Employers are inundated with applications, which has made it necessary for employers to rely on ATS and AI technology to sort through incoming applications and evaluate candidates.

Another option for employers to not having to deal with applications is not to advertise their job openings, especially those they know will be popular, and reach out to their inner circle and their employees (referrals), who in turn reach out to their inner circles and so forth. "I know of a job opening" knowledge spreads quickly. Well-connected job seekers then make their interest known, get hired, and everyone is happy. Well, not everybody, not the job seeker, applying to jobs on job boards, which is equivalent to playing the lottery.

Posting on LinkedIn, "I applied to 500 jobs in the past 3 months," isn't the brag the poster thinks it is. They're publicly stating that they're applying for jobs for which they don't meet at least 80% of the qualifications. (There's that percentage again; damn, Vilfredo Pareto, for stating that 80% of consequences come from 20% of causes.)

Competent recruiters and employers know job boards don't hire great people; they attract people who are looking. Consider the inefficiency of:

• Posting a job, say, for example, for a Senior Product Designer - Mobile Apps ($140K, remote)
• Waiting for applications
• Fielding calls from recruiters claiming they have the "perfect candidate"
• Reviewing resumes, hoping the right candidate will appear.

All the while, the best candidates aren't applying to your job posting because they aren't actively looking; they're working, busy delivering results for their current employer, not scrolling job boards. Moreover, the fear of making a hiring mistake is pervasive. Right or wrong, many hiring managers judge job applicants by their employment status. The common belief is that someone willing to leave their current employer—make a strategic career move—is a low-risk recruitment strategy compared to hiring someone who needs/wants a job.

Given what I outlined and having been hired several times via direct reachouts, there's no doubt the hidden job market exists. Whether it constitutes 80% or some other figure isn't worth debating; what matters is recognizing its existence and understanding how to access it.

So, how do you tap into this hidden job market? Self-proclaimed career coaches will predictably tell you that networking, cold calling, value proposition letters, and informational interviews are the ways to access the hidden job market. While these methods, especially networking, have merit, you must compete with others for attention.

Being visible, which most job seekers aren't, is how you gain access to the hidden job market. Although who you know is still important, who knows you is more important today when it comes to job search success.

Being visible starts with:

• A crisp profile picture, a banner that conveys your personality and what you do, and a bio that's not just words but gives a clear overview of your career and the results—numbers are the language of business—you've achieved for your employers.
• Spending time understanding, commenting, and interacting with others' content, thereby attracting curiosity back to your digital doorstep, such as your LinkedIn profile.
• Creating digestible bites content that reflects your voice and story and, more importantly, speaks to the value proposition you offer employers. Share insights, tips, and stories that move you. Don't vent or bash employers, as this'll cost you job opportunities; instead, aim to contribute positively. Your objective is to be remembered for the "right things."

Accessing the hidden job market requires a proactive approach to visibility, especially within your profession and industry. I've been in meetings where someone casually mentioned, "Bob, in accounting, just handed me his resignation," and someone replied, "I happen to know of an excellent accountant." You want to be that "I happen to know of" person. The more people know who you are and the value you can offer, the more unadvertised job opportunities will come your way.

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Nick Kossovan, a well-seasoned corporate veteran, offers “unsweetened” job search advice. Send Nick your job search questions to artoffindingwork@gmail.com.