The hidden job market refers to unadvertised positions. They’re normally found only through networking with your contacts until you locate decision makers either contemplating hiring an executive, or companies with an existing opening they prefer to fill through personal contacts rather than through the traditional routes of hiring recruiters or running ads in trade papers and online.
This underground market is extensive, but it’s difficult to put a number on it because the positions are not advertised, not filled through recruiters, nor posted on job boards online. And most of those positions are for executives.
The number of positions available through the hidden job market has been increasing recently. A few of the reasons why such positions may not be posted and thus classified as hidden include:
- People resign, retire, pass away, are fired for illegal or immoral behavior, or may be deemed inadequate and flagged for replacement.
- Staff reductions have left many human resource (HR) departments operating with minimum staff.
- In an effort to cut costs, many companies that regularly contract with executive search firms have decided to eliminate this expense.
- Employed executives may have submitted their resignations but agreed to stay on until replacements arrive.
- Company decision makers may be formulating new positions, but have not yet developed job descriptions, skill requirements