What is Hidden Job Market?
The phrase "hidden job market" refers to jobs not publicised or placed online. Some businesses may not post positions for various reasons, including a desire to save money on advertising or a preference for obtaining applicants through employee recommendations.
However, some firms make the intentional decision not to list the vacancies. Many firms utilise the underground job market to circumvent the costly and time-consuming procedure of accepting open web applications.
Instead of publicising a position, firms might opt to hire internally, use a reference from a partner company or recruitment service, or depend on referrals from current workers.
You may also know that specific job posting may divulge corporate and trade secrets. It may also indicate the direction in which a firm is moving, as well as its strengths and weaknesses. As a result, some firms opt not to publish certain positions to safeguard their reputation.
The real benefits of the hidden employment market for businesses
The main reason is that it is less expensive than listing jobs online or in print through a paid service.
Some businesses prefer to make recruiting choices as private as possible, so they avoid advertising job openings online. Perhaps the corporation is about to build a new branch but does not want to share this information with the public.
Companies are more likely to acquire high-quality applications from present workers because they understand the position's requirements and are vested in recommending strong candidates - especially if they'll be working with whoever wins the job.
Employees are additionally driven to provide strong recommendations if the organisation rewards employees who recommend the hired candidate with a bonus.
How big is the hidden job market?
Some estimates say more than two-thirds of European jobs are hidden or never advertised openly on major job boards. By 2020, less than 20% of computer and engineering jobs may be available on major job boards such as LinkedIn, Indeed, Glassdoor, and CareerBuilder.
As a result, applying through such large payers is both competitive and inefficient. The success rate is relatively low, and even highly employable persons may only receive 5% favourable responses to interviews.