Is There a Hidden Job Market and How Do I Explore It?

I recently wrote an article entitled, "Do you have a Job Search Strategy?" which touched briefly on the hidden job market. Many readers already know that networking is the best tool for uncovering jobs yet to be advertised or released to the public.

What is the hidden job market?

Hiring managers, decision makers and executives typically are tuned into potential positions being discussed but pending approval or specific roles that need to be filled when the right person can be identified. Many executives have the authority to create a position which satisfies a critical need within their group or their company. Additionally, a VP of Marketing may have a good friend at XYX Company who has discussed a new Senior Information Technology role that will soon be approved. Don't limit your network to decision makers in your field alone.

How do you tap these hidden opportunities?

Ask all your network contacts the following question. Do you know decision makers who know people willing to talk briefly about your job search? The question opens a broad field of potential contacts and is the first step to uncovering the hidden job market.

By using your existing contact list, your target companies, network contacts, schedule meetings and phone conversations to begin your search. You should have at least three major goals for each conversation:

1) Introduce yourself, highlighting your skills and experience and possible target positions and companies,
2) Seek out information about your contacts position within the company, responsibilities, challenges, hobbies etc. Always offer to provide assistance by way of network contacts, information, referrals etc. Demonstrate that you have a genuine interest in learning more about them.
3) Ask for referrals and additional network contacts that are willing to assist with your job search. Don't put them on the spot for contacts during your meeting, however, let them know you will follow up with them in a few days. Always make sure you write a thank you note or e-mail, thanking them for their time and contacts.

If you start with a list of 20 contacts and each one only provides one new referral, you have doubled my network. Asking all of your contacts for referrals will help you develop a viable network very quickly. I used this approach and asked an old friend for decision makers who might be able to help me. Two days later I received a list of 12 professional referrals. I scheduled meetings with each of them using my friend name as a referral. I don't recall exactly how many additional new contacts the meetings yielded, but believe it was in the neighborhood of 20 more contacts.

So what's the point of talking and meeting with all these people, most of which I am meeting for the first time?

Networking using this approach provides the opportunity to publicize your personal brand; present who you are, your skills and experience, successes and your added value. It builds a network of contacts through referrals and professionals who have shown an interest in assisting you with your job search. Lastly, you will be pleasantly surprised by the number of opportunities you will uncover in the hidden job market.

As I mention in my previous blog entry, log all your contacts and who referred you, note dates you met or talked as well as follow up requirements.