The Secret Job Market
What Employers Aren’t Telling You
I’m gonna start off this article by saying that it might frustrate you. It is a reality we all have to face when looking for jobs.
We need to be aware that not every job that you see online is up for grabs. There is a hidden job market exclusive only to insiders at the company — this is internal referrals.
Internal referrals are when a current employee refers a strong candidate to the recruiter. This is a very cost-effective way to hire, and research shows it leads to a higher retention rate.
Here’s what you need to know:
Internal referrals account for 30–50% of all hires.
In addition, internal referrals are 4x as likely to be hired.
So, while you are out there submitting hundreds of applications on LinkedIn, someone else in the company or with a close connection could be making headway for the job you are interested in.
This can be frustrating, but there is a way to use internal referrals to your advantage.
If you have a family, friend, or colleague who works for a company you are interested in working for, consider reaching out to them.
My advice is to leverage your connections to get the job you want. It might score you an interview for your dream job.
The good news is that most referral programs offer monetary incentives for employees who refer their friends. Essentially, it is a win-win.
So go out there and network your butt off. You got this.
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