What is the difference between the published job market and the hidden job market?
What is the job market?
The other name for the job market is the labor market.
The term job market refers to how employers look for employees and the employees looking for a job.
The term job market does not represent a physical surrounding in the market.
The labor market is mainly affected positively or negatively depending on the demand and supply of labor in the market.
Most job markets are related to high unemployment rates. The unemployment rates are the maximum number of people in the labor force but are currently not employed and actively looking for jobs. Therefore, the higher the unemployment rate, the greater the supply of labor in the job market.
Factors affecting the job market are unemployment, discrimination, immigration, among others.
When employers have a huge number of applications to choose from, they become very selective. When the unemployment rate declines, employers have stiff competition to secure new workers leading to a massive increase in wages and salaries.
When the economy is adversely affected negatively, an employer may reduce some of his workers, creating fewer new vacancies making it harder for people to seek jobs.
A job market is closely tied to the demands and supply of commodities and services, making it an important economic component.
There are two major types of the job market. These are the published job market and the hidden job market.
Some of the ways which can be used to tap into the published job market are looking for professional publications and company websites. To tap into the hidden job market are working as volunteers and doing more research in the company where one is already working.
The published job market
What is the published job market?
The published job market is a type of job where companies advertise their job opportunities online, on websites, magazines.
The published job market helps one to identify opportunities and get more knowledge about other jobs.
The published job market helps people learn more about positions defined, developing companies, the changes in the market, among other things.
How to enter into a published job market.
1). Pick out published advertisement
2). Do more research about the companies or business websites to get more information and expand the knowledge.
3). Go through the advertisement keenly to sample the essential requirements needed focusing on one qualification.
4). Prepare curriculum vitae for applying for the job position and get a good understanding that no matter how smart your curriculum may look, it cannot define one’s character and the good attitudes you desire to bring into the company.
5). One can build a good rapport, make positive contributions, and inquire about the position you are applying for then highlight your skills and achievements. Interacting with some of the company staff can tell one if they can fit in the job well.
6). Avoid taking anything about salary.
Advantages of the published job market
1). Advertising jobs in magazines allow one to target a more specific geographical location and audience. Hence creating a room to employ more experienced personnel’s
2). Employer will be able to emphasize the requirements needed for hiring a new employee.
3). The advertisement offers a defined job role to the applicants.
Disadvantages of the published job market
1). It is time-consuming – there is a lot of time-wasting checking on the job resumes sent by candidates.
2). It is expensive – there is a lot of resources using in advertising the job positions, such as money used for printing advertisements.
3). Checking curriculum vitae and conducting the candidates’ interview is tiring since the process keeps repeating itself from one candidate to another.
The hidden job market
A hidden job market is a type of job where they don’t advertise their job online or on websites; instead, the advertisement is carried out internally since these jobs are not needed instantly.
A job market may be hidden, but still possible for people to know of the advertised jobs.
There are two parts to the job market. These are the visible job market and the hidden job market.
Under the visible job market, only a few positions undergo advertising, while on the hidden job market, most of the posts undergo advertising neither online nor in magazines.
Why do employers prefer the hidden job market?
Most employers prefer a hidden job market to avoid lengthy and expensive processes compared to the published job market. These companies will choose to hire or do the advertisement internally.
Tips to tap into the hidden job market
1). Being active on the social media platform
2). Not ignoring news alerts- checking on new signs in websites may bring you to the good news of job advertisements.
3). Attending conferences
4). Doing voluntary works- when one does voluntary work to different companies or organizations in case they job vacancies, some of the employees who already work there may refer you.
5). Always being attentive to job opportunities and having your curriculum vitae ready at all times. At times despite working in another organization, it’s good to have your resume ready.
6). Expounding one network connection by attending some networking functions, e.g., conferences. One can also inform friends and relatives about their job search.
Advantages of the hidden job market
1). It is cheaper since they can save money to advertise the job advert and printing of the adverts.
2). employers may want the news about job vacancies to be passed to candidates by their employees.
3). It helps save on time to check on job applications sent by possible candidates.
4). Employers may offer an added advantage to employees who refer candidates for the job.
5). It helps the company to maintain their hiring decision as a secret and quiet.
6). Employers try to evade the lengthy and expensive process of online application.
7). A company is more likely to get more skilled personnel from the already existing employees, who better understand the need for the job.
Disadvantages of the hidden job market.
1). Relying on recommendations and referrals from already existing employees is limiting.
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