Penetrate the hidden job market and you’ll find that six-figure job

By Sharon Graham, Canada’s Career Strategist
Principal Consultant, Graham Management Group

If you are targeting six-figure positions, you might have already heard about the importance of penetrating the hidden job market. However, the term itself seems quite elusive – cloaked in mystery and trepidation. The hidden job market is not a concept. It is an actual segment of the greater job market, where unadvertised positions are conceived, developed, and filled. For most six-figure professionals, it is a vast, virtually untapped source of job opportunities.

What is the hidden job market?

When it comes to finding opportunities, there are two places you can look – the open job market and the hidden job market. Most people focus on the open job market, relying on postings found in the paper and on internet job boards. If you are using this approach, you’ll soon find that you have a lot of competition. There are probably hundreds of people vying for the few good positions you’ll uncover.

These days, you’ll find a great deal of discussion around the hidden job market, but there is significant discrepancy in its reported percentage of the overall market. It appears that the hidden job market can account for anywhere between 50 and 90 percent of the total job market. This range seems very realistic. As you approach the more senior positions, the percentage is likely closer to 90 percent. The reason for this is quite clear – the higher the compensation offered, the more the company has to lose by hiring the wrong person. Consequently, the organization puts much more value on unearthing, attracting, and retaining the most qualified expert, rather than potentially wasting a lot of time and money weeding through excessively large numbers of possibly unqualified people who are frequenting the open job market.

If you are still not convinced that the hidden job market exists, here is another perspective that you should consider. There are three main reasons why most companies are not likely to publish their top opportunities:

• If a company needs to dismiss and replace the existing incumbent in a leadership role, it is certainly not going to post the position for the world (and their future ex-employee) to see.
• If the company is in trouble, it won’t want to alarm its employees or stakeholders. A better strategy would involve covertly searching for the right expert to be part of the turnaround venture that will reposition the company.
• If the company is opening up a new division or introducing a leading-edge product, it is doubtful that they will advertise the expansion and let their competitors know all about it before they ever get a chance to put the new leadership team in place.

If you are a six-figure professional, a large component of your hidden job market is in a more subtle “grey area” – your job may not already exist. If you are a subject-matter expert, the companies you are targeting probably are not currently employing another person just like you. If a company is struggling to resolve a particular issue or to attain a complex objective, you might be exactly the expert they are looking for – only they don’t know it yet. This gives you a superb entry point to create your own opening. If the company knew that you could solve their dilemma, they would establish a role specifically for you. This may be your ultimate opportunity to penetrate the hidden job market.

How you can tap into the hidden job market

It is undisputed that most six-figure opportunities are not found in the papers or online. If you focus all your energies on job boards and careers listings, you’ll quickly find that you’ll run out of appropriate postings for which you can apply. If you spend most of your time using this method, you are probably lengthening your overall job search.

Wouldn’t it make sense that if 90 percent of your top opportunities are buried in the hidden job market, then you should be spending 90 percent of your job search time doing things that are going to help you penetrate that market? Invest most of your valuable time on a targeted job search that focuses on the hidden job market rather than competing with hundreds of others in the open job market. A targeted job search is all about aggressively opening up constructive business connections with leaders, experts, and decision makers.

Targeted networking is a proactive, future focused career development strategy. It is not traditional social networking where you contact existing family and friends. Let’s face it – they probably already know that you are looking for a job. If they could, they already would have given you the “heads up” about an opportunity that came their way.

If you are blindly applying to posted jobs, more might seem better, but when it comes to targeted networking, quality is much more important than quantity. Select your network contacts based on their position, reputation, and industry stature.

Targeted networking has a huge benefit: not only do you gain insider information, but you also make long-term business contacts that will help you progress in your career path. Through the correct contacts, you’ll learn tons about yourself, your potential job, the companies that you are targeting, and the industry you are in. And, in the process, you’ll build trust and credibility within the circles that are meaningful to you and your career objectives.

It makes sense that you should start to make in-roads with people in a position of authority who can speak well of you and will be taken at their word. By nurturing the relationship with your targeted contact, you almost always gain better referrals than just counting on your social network. Employers want to hire people that are referred to them from someone they trust. Think about it: if you have had someone referred to you, you are likely to trust that the person doing the referring would not send “just anyone.” Their good name is on the line too.

Start a targeted job search (your step-by-step guide)

The first step in your targeted job search is to select a few companies that you feel are a very good match for you. Google these companies to find out as much as you can about them. Rather than focusing on the recruiter or HR department, figure out a way to get to the person who is ultimately in charge of the area in which you specialize. These will be your primary key contacts and the people you want to access.

Next, start finding leaders, experts, and decision makers that are a good fit for you. These will be your secondary key contacts – your connections. Begin by looking at industry association lists, conference lists, directories of companies, publication bibliographies, and other such lists relevant to the specific industry you are targeting. Your goal is to uncover and collect the names of highly respected authorities.

Identify the name and contact details for all your key contacts. If you can’t find the contact details right on the company’s website, use other techniques to find the person you are looking for. Try Googling the company name and job title for the person you want to approach and see what comes up. Often, the person can be found in other ways. Social networking and research sites such as Linked-In, Ryze, and ZoomInfo can help too.

Find out as much as you can about the key contact that you are targeting. If you find a snippet of interesting information about this person, quote it in your first contact with the person. People love hearing about themselves. This is a great way to make a connection.

Keep all your contact information as strictly organized. Collect your contact information, internet intelligence, meeting notes, copies of correspondence and keep it in an on-line or hardcopy file. If you do keep your information on your computer, make sure that you diligently backup your files so that you never lose the wonderful wealth of information you have gathered.

When you are ready to approach your target, do it cleverly. It is best to speak with your key contact directly and schedule a meeting. The most effective way to get past the gatekeeper is by asking for the person you want to contact by name. If the gatekeeper asks for a reason for the call, indicate that the call is confidential in nature. In most cases, you will be forwarded directly to your key contact’s phone extension. Introduce yourself clearly, explain the purpose of your call, and ask for a networking meeting.

People generally don’t like aggressive approaches. Never meet with a key contact expecting that they will offer you a job. If you requested a meeting to network and share information, keep to your word. Nobody likes being put “on the spot” with a “bait and switch” tactic. In any case, your colleague is probably not in a position to immediately offer you a job.

An informational meeting is a “give and take” process. For you to be most effective in developing your relationship, focus on the giving. Make some effort in learning as much as you can about your new contact and flatter him. Offer ideas on how your colleague can address and attain his own objectives. If you have done your research, you’ll also be able to impress your contact with the information you have and give him some tangible and valuable information that will help him to achieve his goals.

Work on developing a peer-to-peer relationship. Talk about the nature of the business you both are in. Discuss issues and concerns that the industry as a whole is dealing with and how you can help to resolve them. During the conversation, you can express your value proposition. You can also delicately ask for referrals so that you can expand your own network. This subtle approach is much more effective than directly asking for a job.

Always close every meeting with a genuine thank you for the time your colleague has given to you. Be sure to send a thank-you letter to show your sincere appreciation. If you use this strategy to keep in touch, you’ll find that you will open a Pandora’s Box of opportunities. Even if your contact doesn’t end up giving you a job, you will have started to a develop an ongoing, mutually gratifying relationship.

Developing a rich, targeted network takes effort, but there is no better time than now to start working on it. You’ll quickly find that it can be very fulfilling. Even after you have found that dream job, continue to keep in touch. Strong business relationships are critical to your long-term career success. As you develop relationships, nurture them. Whenever you are able, provide useful information, resources, and assistance to your network of key contacts. What a great way to create a career filled with generous, positive, and satisfying relationships!

Sharon Graham is Canada’s Career Strategist. A recognized career transition expert, she is president and principal consultant for Graham Management Group, founder and executive director of Career Professionals of Canada, and author of Best Canadian Resumes. Graham Management Group is known for excellence and innovation in resume, interview, and career strategy. Sharon assists executives, managers, and experienced professionals through this leading career firm. You can find further information and articles directly at www.GrahamManagement.com.

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