The Open and Hidden Job Markets

Have you ever heard of the terms ‘Open’ and ‘Hidden’ job markets?

No? You might be surprised to learn that research shows around 70% of jobs in Australia are not advertised. These unadvertised positions form part of what’s called the hidden job market.

What exactly are these markets, and how do you access them?

The Open Job Market

The open job market, also known as the advertised job market, includes vacancies that are publicly listed. These are the positions you’ll find on:

• Newspapers
• Online job platforms (Seek, Indeed, etc.)
• Employer websites
• Industry publications
• Social media job posts

With advancements in technology, there has been a shift away from print-based job listings. Today, almost all vacancies in the open market are posted online, either directly on employer websites or via platforms like Seek and Indeed.

While it might seem convenient to focus your job search here, research indicates that the open job market accounts for only 20-40% of total vacancies.

So where are the other 60-80% of jobs?

The Hidden Job Market

The hidden job market consists of job opportunities that aren’t advertised publicly. Instead, these jobs are often filled through:

• Personal networks and social media groups
• Networking at conferences and industry events
• Word of mouth
• Recommendations from friends and family
• Referrals from current employees
• Direct approaches to employers

With up to 80% of jobs in Australia hidden from public listings, becoming skilled in tapping into this market is critical to your job search strategy.

Cold Canvassing (Speculative) Letters

Unlike a traditional cover letter, which responds to a specific job ad, a cold canvassing letter is proactive, exploring opportunities with employers who may not be actively hiring. Since over 70% of job opportunities are in the hidden market, mastering the art of cold canvassing can significantly improve your chances of landing a job.

Here’s what a typical cold canvassing letter should include:

• A compelling introduction to catch the employer’s attention
• A few sentences demonstrating your understanding of the company and the industry
• A mention of a key challenge the company may face, paired with a solution you can offer through your skills and experience
• Examples of how you can add value to the company
• Evidence of your relevant skills, achievements, and personal attributes
• A clear call to action, encouraging the employer to contact you

Our Employer Partners are always on the lookout for great candidates.

If the jobs that we post are not quite right for you, reach out to discuss what you’re looking for. Who knows what opportunities are waiting for you within the hidden job market!

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