Thursday, December 2, 2010
More importantly, which "statistic" do you want to be?
In the beginning of my workshops, we first look at some statistics.The statistics provide a reality check. They are the facts of the job-seeking/career management world. Like them or not, they are what they are. All job seekers have a choice about which statistic they become...including you.
Think of the job market in terms of advertised jobs and unadvertised jobs. Going forward, I will refer to the AJM—the Advertised Job Market—and the HJM—the Hidden Job Market. Next, think of job seekers—people who are looking for a job—in two categories: the unemployed, and the employed who are looking, for whatever reason. Now consider the following statistics:
• The AJM comprises 20% or fewer of all available jobs in the US*
• The HJM comprises 80% or more of all available jobs in the US
• 95% of all job seekers—employed or not—compete for jobs only in the AJM
• Only 5% or less of all job seekers pro-actively look for jobs in the HJM
So what meaningful conclusions can we draw from these statistics? If you are like 95% of those people looking for a job, you are competing for jobs only in the AJM, where 20% or fewer of all available jobs exist.Conversely, 5% or fewer of all those looking for a job are pro-actively looking in the HJM, where 80% or more of all available jobs exist.Which job market do you think offers you a better chance of finding your next job? Now let’s look at the actual numbers these percentages represent.
• The AJM represents 3-5 million advertised jobs in the United States at any given time, depending on the economy
• The HJM represents 25-30 million unadvertised jobs in the United States at any given time, also depending on the economy
• The world of job seekers represents 47-72 million people, including the employed and unemployed
• Approximately 44.7-68.4 million job seekers are competing for 3-5 million advertised jobs in the AJM
• Approximately 2.3-3.6 million job seekers are competing for 25-30 million unadvertised jobs in the HJM
Think about these numbers. If you are looking for a job only among advertised jobs, you are one of 44.7 million to 68.4 million people competing for 3 to 5 million jobs. Good odds? Good luck.
However, if you are pro-actively looking for jobs in the Hidden Job Market you are one of 2.3-3.6 million competing for 25 million to 30 million jobs. Good odds. Good choice.
Over the years, I have consistently surveyed my workshop participants about their job-seeking experiences.In addition to finding better odds in the HJM participants also reported dramatically better experiences and results with jobs they found in the HJM vs the AJM. Here is what the participants reported.
Job Seekers Who Found Jobs in the Advertised Job Market
• 75% found a job that was not as good as their last one.
• 70% earned less than before.
• 50% of the time the jobs lasted 18—24 months.
• 50% were unemployed every 3—5 years.
• Unemployment lasted 4—11 months.
Job Seekers Who Found Jobs in the Hidden Job Market
• 90% found a better job than the last one.
• 80% saw a 10—40% increase in earnings.
• They had little if any competition for the job.
• Candidates were often pursued for the job
• They were rarely unemployed.
The key to taking control of your career is to learn how to proactively create multiple opportunities in the hidden job market. Then you can choose—what you want to do and where you want to do it—rather than letting your employer or the economy determine your future for you. Remember, everyone has a choice about which statistic they become...including you!
* In 2009 job boards represented only 13.2 % of companies’ external, full time hires.