95% of job seekers make online applications primarily through job portals or online platforms which means they are exploring only a small portion of the job market. Whereas there is a hidden job market (75%) which comprises those positions which companies do not advertise or post on public platforms at large. These vacancies are publicised internally within the employees of companies and on their own company website and their company pages on social media. For which companies receive referrals which also translates into saving of recruitment costs. Some jobs are also outsourced to recruitment agencies however they can be simultaneously posted on job portals too. And senior positions in any case are only through the referral route or the headhunting channel.
More so with the current market environment, the companies are preferring to source candidates directly by reaching out to them through platforms like LinkedIn.
So what does all this mean for you as a job seeker? It means that if you as a job seeker apply only to jobs posted online through job portals you are losing out as it has the following limitations:
1] There are chances that if your resume is not ATS friendly (most companies use a software as an application tracking system to shortlist resumes on basis of key words), it may not even reach a human eye. As per job scan over 98% of Fortune 500 companies use ATS.
2] The competition for the same job has increased multifold as there are many more job seekers today than earlier times. So you may not necessarily reach the recruiters in the initial stage and your resume, even if it is professionally written, may not be considered as the employer would have ample options to choose from.
3] It is very difficult for your application to stand out as there are thousands of applicants.
So what is a good strategy for you as a job seeker to follow?
The answer is networking and gaining conversational interviews. You need to make a target list of employer companies and start networking with the individuals using LinkedIn to establish a connection, build rapport by adding value and then start having meaningful conversations. That will give you a competitive edge because you will be directly in touch with employers and can present yourself as a solution provider. You will be talking one to one creating a positive impression on the recruiters. It is important to note that you need to have a well written LinkedIn profile which will help you improve your online branding and also visibility. Here are 8 Tips to Getting Your LinkedIn Profile to All-Star Rating.
Start using the networking route as a strategy for your job search and you will experience a dramatic improvement in your job search pace.
Happy networking!
Sarabjeet Sachar
Founder & CEO, Aspiration,
Experienced Career Coach