How often do you hear about someone landing a job because they knew someone who introduced them to an opportunity, which eventually led to an interview or job offer? This approach is a prime example of the hidden job market in action.
What is the hidden job market? Just as its name suggests, the hidden job market refers to job openings not publicly advertised through conventional channels, like online job boards or company websites. While some articles claim 80% of jobs are filled this way, many reputable studies show that networking and referrals account for 30鈥�60% of hires. However, just because a position is filled through a referral does not mean it was not posted publicly. With that in mind, we will now look at three of the common ways people are hired through the hidden job market.
- Employee referrals. Companies often prioritize referred candidates because they are perceived as less-risky hires. In fact, many organizations offer rewards and incentive programs to employees who successfully refer someone for a role. Not only does this approach reduce hiring costs, but it also increases the likelihood of a cultural and professional fit.
- Internal hiring/promotion. Many companies frequently fill roles internally, either by promoting existing employees or re-hiring former employees and contractors. This approach is often effective because internal candidates are...
Would you like to access the complete CEP Article?
No problem. You just have to complete the following steps.
You have completed 0 of 2 steps.
-
Log in
You must be logged in to view this content. Log in now.
-
AIChE Membership
You must be an AIChE member to view this article. Join now.
Copyright Permissions
Would you like to reuse content from CEP Magazine? It鈥檚 easy to request permission to reuse content. Simply to connect instantly to licensing services, where you can choose from a list of options regarding how you would like to reuse the desired content and complete the transaction.