The 4 Job Markets
Have you heard the term "invisible job market"? Well, it refers to the market of unadvertised positions.
I have a model that I wanted to outline for you that might help clarify the world of work opportunities. (I really need to show this to you as a graph, but can't do that here.)
There are 4 job markets, or categories of job/work opportunity (from an employment, vs. self-employment perspective.)
1. Public / Defined: This is the world of jobs on Monster and other advertised openings. They are public, meaning everyone can see them. They are defined, meaning the job has been defined, and there is likely a deadline to fill the position.
2. Private / Defined: In this category, the jobs are similar to bucket #1, but you don't see them on Monster and other sources of jobs. The hiring company may be using headhunting agencies to quietly call around and source the best candidates. The hiring team may be reaching out to their own networks via phone, email and personal meetings. This is where your network, your visibility and reputation come into play. As well, if you have included the recruiting / search firms as part of your job search campaign, that might get you access to a private opportunity.
3. Private / Up & Coming: Bucket #3 is interesting. Here we see job opportunities that have not entirely been defined yet. They may know what they want, but not when. Or be working out what it is they want. There is an acknowledgement that a person is needed, but it isn't on the immediate to do list.
The wonderful thing about this category is that companies hate to spend money and time on the recruitment process. I have seen time and time again, people being at the right place and time become a short list of 1, or perhaps 2 or 3 candidates, rather than have the job opened up to a broader market. And, sometimes, the job gets shaped for the right person. Pretty cool!
4. Private / Organizational, Business Need/Pain: Here, in bucket 4 is the least defined and most nebulous of the opportunities. And yet, it has the most flexibility. The organization has a problem. They have an opportunity to follow-up on, but no one to work on it. They have upcoming capacity issues. Jobs get created around talent here.
All jobs fall into one of these 4 buckets. (I will say that the more entry level the job, the less buckets 3/4 apply.)
1. Which bucket has the most competition? In other words, the most applicants per opportunity?
You got it. #1.
2. Which bucket has the least competition?
3. In which bucket do you have the highest probability of success per contact?
Every job you apply to, every person you touch in your network, every company you contact is a touch point. Assuming that you are networking with people who have the potential to recommend you, refer you, hire you, or give you good information, on a per contact basis, you probably have a higher probability of success in buckets 3/4 than you do in 1.
4. What about for career changers? Where should you invest some time?
The problem with bucket #1, is that the job has been fully defined, and they are in a hurry (typically). Not the ideal spot for someone who is an out of the box candidate. (I am NOT saying that you shouldn't apply to jobs as a career changer. Of course you should.) I hope what you see is that it needs to be part of your strategy, but not your whole strategy.
Make sense?
Ian Christie
Career Changers Coach
I have a model that I wanted to outline for you that might help clarify the world of work opportunities. (I really need to show this to you as a graph, but can't do that here.)
There are 4 job markets, or categories of job/work opportunity (from an employment, vs. self-employment perspective.)
1. Public / Defined: This is the world of jobs on Monster and other advertised openings. They are public, meaning everyone can see them. They are defined, meaning the job has been defined, and there is likely a deadline to fill the position.
2. Private / Defined: In this category, the jobs are similar to bucket #1, but you don't see them on Monster and other sources of jobs. The hiring company may be using headhunting agencies to quietly call around and source the best candidates. The hiring team may be reaching out to their own networks via phone, email and personal meetings. This is where your network, your visibility and reputation come into play. As well, if you have included the recruiting / search firms as part of your job search campaign, that might get you access to a private opportunity.
3. Private / Up & Coming: Bucket #3 is interesting. Here we see job opportunities that have not entirely been defined yet. They may know what they want, but not when. Or be working out what it is they want. There is an acknowledgement that a person is needed, but it isn't on the immediate to do list.
The wonderful thing about this category is that companies hate to spend money and time on the recruitment process. I have seen time and time again, people being at the right place and time become a short list of 1, or perhaps 2 or 3 candidates, rather than have the job opened up to a broader market. And, sometimes, the job gets shaped for the right person. Pretty cool!
4. Private / Organizational, Business Need/Pain: Here, in bucket 4 is the least defined and most nebulous of the opportunities. And yet, it has the most flexibility. The organization has a problem. They have an opportunity to follow-up on, but no one to work on it. They have upcoming capacity issues. Jobs get created around talent here.
All jobs fall into one of these 4 buckets. (I will say that the more entry level the job, the less buckets 3/4 apply.)
1. Which bucket has the most competition? In other words, the most applicants per opportunity?
You got it. #1.
2. Which bucket has the least competition?
3. In which bucket do you have the highest probability of success per contact?
Every job you apply to, every person you touch in your network, every company you contact is a touch point. Assuming that you are networking with people who have the potential to recommend you, refer you, hire you, or give you good information, on a per contact basis, you probably have a higher probability of success in buckets 3/4 than you do in 1.
4. What about for career changers? Where should you invest some time?
The problem with bucket #1, is that the job has been fully defined, and they are in a hurry (typically). Not the ideal spot for someone who is an out of the box candidate. (I am NOT saying that you shouldn't apply to jobs as a career changer. Of course you should.) I hope what you see is that it needs to be part of your strategy, but not your whole strategy.
Make sense?
Ian Christie
Career Changers Coach
How do you locate buckets 3 and 4?
That is a good question. The basic answer is Networking.
Which means conversations. Referrals. Introductions.
But to be more effective, have a focus. A type of target and in advance give serious analysis as to Why You. Why should someone in your target market hire you. What do you bring to their organization and the role?
I recommend developing a Campaign - like poltical strategists, advertising gurus and military genius', concentrate your efforts on a category of opportunity. Do you homework. Map out the players in your market (literally create a list of organizations and people). Develop your network. Approach companies directly if you can't get referred. Do informational interviews when possible. Demonstrate your commitment to this space.
Buckets 3 and 4 appear when you get exposed to or have conversations with people who have enough authority to shape jobs or hire, or people who reports to those more senior people.
Tools like LinkedIn.com are incredibly useful for researching your target market.
Ian Christie
Career Changers Coach
Which means conversations. Referrals. Introductions.
But to be more effective, have a focus. A type of target and in advance give serious analysis as to Why You. Why should someone in your target market hire you. What do you bring to their organization and the role?
I recommend developing a Campaign - like poltical strategists, advertising gurus and military genius', concentrate your efforts on a category of opportunity. Do you homework. Map out the players in your market (literally create a list of organizations and people). Develop your network. Approach companies directly if you can't get referred. Do informational interviews when possible. Demonstrate your commitment to this space.
Buckets 3 and 4 appear when you get exposed to or have conversations with people who have enough authority to shape jobs or hire, or people who reports to those more senior people.
Tools like LinkedIn.com are incredibly useful for researching your target market.
Ian Christie
Career Changers Coach
Ian,
Thanks so much that was very helpful.
Thanks so much that was very helpful.