7 tips for navigating the hidden job market

Covid-19, as we know, has hugely disrupted if not completely eliminated jobs in certain sectors of the economy in what has become - faster than many had envisaged - an increasingly remote job market. And even for those not displaced, surveys of industry professionals’ career intentions suggest in some cases that over 50 percent of responders are biding their time until the end of lockdowns before making a move.

Of the few positives to arise from Covid-19, companies with old ways of thinking have been exposed; employees have confirmed that 100% in-office face-time is as irrelevant as thought; commuting into cities with millions of others is emotionally and physically exhausting; and the entire world has had time to reflect on what they really want to do with their lives – the number of deaths only reinforces the ‘life is too short’ mantra of what really matters when society has, at times, not looked far from collapse – only in January did an armed insurrection happen in America.

The wider consequence is millions of employed and unemployed people around the world planning either their exit strategy or searching for work. In times such as now, firms should be far more forgiving and understanding of why people are moving on, particularly for career changers whether through desire or necessity. The ease of doing so, however, is far from the case.

Evidence from the world of investment management shows professionals unable to move from hedge funds to private equity despite the skills to do so. By extension communications professionals looking to escape agencies and in-house roles in tourism and aviation, can find themselves unable to land roles in corporate or luxury communications due to a pre-determined bias. This simply should not occur in functioning economies.

What these issues reinforce is the need to be effective in the hidden job market – the market for jobs not advertised that need fulling. Whilst there are clear meritocratic and economic arguments against it, the hidden job market is statistically the most likely way of landing a new role and the most interesting too.

Additionally, fixing the hidden job market in our tech-driven world, would, if you are normal human being who has applied for work in the past decade, further push candidates onto candidate application systems such as Workday that double as portals to an unknown universe. This type of applying, although functional and understood, is depressing and a riddled with cultural, economic and racial flaws.

In Canada it is believed that 80-85% of roles are hidden. In the UK that figure falls, but is still suggested to be 70%. Research by the Cademix Institute of Technology in Austria states that the hidden job market averages about 75% of all jobs that exist, and the bulk of which 45% are filled by networking. The remainder are filled by recruiters (15%) and internal hiring (15%).

Celebrate and embrace the hidden job market

The great thing about the hidden job market is that firstly people can control how they interact with it; who they speak to and the roles they undertake should theoretically be directed by interests and aspirations, otherwise there is no point in wasting other peoples’ time. Secondly, success will be determined by the ability match hard skills – languages, maths, English, degrees of education – with soft skills in order to build new relationships and understanding. Thirdly, the hidden job market is your friend – quite literally. To succeed individuals need friends, family, former colleagues or professional contacts to assist, it is as simple as that. Yet remember, what goes around comes around, so marking the hugs and the shrugs encountered – although do differentiate between those who could help but choose not to, and those who simply were not well placed to do so.

Moreover, the power of alumni to understand career journeys enabled greater understanding of the careers people have had, and the freedom and enjoyment (or not) that careers afford them.

Judgement

The use of professional judgement around approaching individuals who work in firms or industries you are interested in, but who you do not know is imperative. Never be afraid to make contact with the leaders of firms in most direct but and look to build out professional relationships. If possible, establish personal as well as professional interests, and do not be afraid to ask what those are – at worse you do not get a response. Non-executive directors and recently retired professionals too, are an immensely valuable source of understanding and fun, as they having nothing to lose. In fact, they are likely to enjoy assisting you if time allows.

Honesty

Being actively engaged in the hidden jobs market, whether through introductions, networking, or guidance, it is important to be honest about what you want for yourself. Similarly, the world can change very fast and the people who help you may find themselves looking for your advice and guidance in future, so it is not a zero-sum game.

This honesty though, also extends into what you are good at and what you are less good at, so one can plan accordingly and be able to communicate that. It equally removes a level of fear of any unknown around individuals and builds trust. What is more, if you know you only want a role for a year before you launch your own business; head to business school for your MBA; or circumnavigate the world, be clear about that as its valuable to your hidden job search and how firms view potential hires motivations and aspirations.

Listen

Whilst some may be willing to march to the CEOs office and make the case that their contact be the next person through the door, most will be fearful or unable to do so. In large organisations HR rule supreme, but any Managing Director or Divisional Director who understands what you can add to a firm (or the pain you can take away) will bring you in. Equally, listen to what industry professionals need at organisational levels and personally as it builds understanding on both sides.

Where the above is not applicable, seek advice and guidance, hints, tips, and informational interviews. In essence, gather as much information about a role, industry or firm as you can, including: the key players, career development, expectations, industry’s plans and problems so that when a call does come in you are ready.

Loyalty

Ask yourself this: when you last needed a tradesman did you find one on Google or get one who came recommended? We can all fall foul of those who come recommend as equally we can those who did not, but when a recommendation is made it has valuable. The point is, if you are qualified for a role – a misconception exists that the hidden job market does not place educated or suitably able candidates – and have the experience necessary, a recommendation alongside your name will go a long way. At the same time, that requires that those loyal to your hidden market job search are loyal to your search and remember you exist.

Never ask for a job

Unless you have no fear of rejection, or feel you have nothing to lose in asking as it was a unique situation that enabled it e.g. you bumped into Elon Musk in Starbucks or happen to be sat next to be sat next to an industry leader on the Eurostar, etc.

Virtual World Cabin Fever

Fortunately, some countries are reopening and the ability to meet for tea or more (it’s been one of those decades) is once again an option. Where that is not the case, if you ask for a call or video meeting then keep it shorter than 15 minutes. If the person likes you they will either give you more time or arrange a longer call to listen to you properly.

In conclusion, you are not alone and most people have been where you are at some point. For example, Larry Fink the Founder of BlackRock, the largest investment manager with $7 trillion of assets, was made redundant from prior to launching BlackRock; Steve Jobs was fired from his own company.

The fact remains: careers, like lives, are rarely linear, but making the hidden job market work for you will help. So too will doing things that excite and inspire you. Remember, it is not a hidden market but in plain sight, so navigate accordingly.

Good luck.