Welcome back to the second part of my series on competing in all segments of the job market! In the first portion, I covered how to identify six-figure positions in the highly-competitive published job market by exploring the five segments of the job market. Today, I’m covering the 3 segments of the unpublished or hidden job market.
Some people doubt the existence of the unpublished job market or wonder why companies would not want to post their six-figure positions more publicly. Simply put, companies do not have the time to sift through the 600-1,000 resumes they’d receive if they posted their six-figure openings online in the public job market. The process would be too overwhelming, making it difficult for them to identify a qualified applicant. As a company’s decision-maker, it’s much easier to ask industry colleagues, coworkers, and employees for qualified referrals and then narrow it down to the best fit.
85% of six-figure positions are in the unpublished job market, meaning they can’t be found easily. Since the companies hiring will receive fewer applicants, the positions will likely be filled more quickly. As someone seeking a six-figure job, you should dedicate a good portion of your job search to the following portions of the unpublished job market.
Competing in the Unpublished Job Market
Targeting the 3 Segments
1. Growth Companies
In the current job market, growth companies are your ideal targets for unpublished six-figure positions. These companies are actually creating jobs, not just filling positions due to employees leaving.
2. Jobs Requiring Contacts
In the unpublished job market, networking is key to getting a six-figure position. Industry contacts may recommend you when an unpublished opening comes up, or you can go to them and ask for any leads.
3. Non-Web Recruiters
Recruiting firms that don’t post open positions online are also a vital segment of the unpublished job market to target. Since these recruiters are still actively filling positions but not making them widely-known, they will be less bogged down by applicants contacting them.
7 Ways to Tap Into the Hidden Job Market
Now that you know the 3 areas of the unpublished job market to focus on, here are some strategies for effectively targeting these segments.
1. Consult Business Journals
Look at your local business journals (in print or online) and use them to identify growth companies in the current job market. Try looking back a few months to see what companies are highlighted for accomplishments, such as receiving a grant or funding, acquiring a new high-level executive, moving to a larger or updated office space, or landing a big contract. These are all signs that the company is growing and thus hiring.
2. Contact Decision-Makers
Next up to target the hidden job market? Contact the decision-makers at the growth companies you’ve identified. Mail them a hard copy of your resume along with a note congratulating them on their recent success and stating that you’d love to join their firm in some capacity. To really tap into the job market, I recommend sending 40-50 resumes a week if you’re unemployed, and 20-25 if you have a job but are actively seeking employment.
3. Contact Industry Associations
Another way to tap into the unpublished job market? Contact industry associations who can recommend unpublished six-figure positions to you. These “centers of influence” will be connected to the key employers in the hidden job market.
4. Contact the Board of Directors
When seeking a six-figure position in the hidden job market, it’s key to contact the company’s Board of Directors. Perform a simple online search to find out who’s on the board, and then send them your materials directly.
5. Contact Non-Web Recruiters
Next up in targeting the unpublished job market is contacting non-web recruiters. Simply search for recruiting firms online by industry, then find the appropriate firm for you. Again, send hard copy materials whenever possible.
6. Conduct Informational Interviews
Informational interviewing can be a useful process when tapping into the hidden job market. Use LinkedIn to connect with the right people in the companies you’re targeting, then follow our suggestions for conducting informational interviews.
7. Contact Venture Capital Firms
Following the money trail is a great way to identify growth companies as you target the unpublished job market. If a company receives funding from a venture capital firm, they’re growing. Contact these firms and ask them about their recent investments -- they might put you into contact with a company looking to hire someone like you!
Get Help With the Hidden Job Market
At Career Resume Consulting, we land our clients six figure jobs in weeks, not months. Competing in the unpublished job market can be tough, but we can help. If you want to begin your six-figure job search in the unpublished job market, contact me directly at (816) 600-2478.
