There are several job searching strategies one could apply in order to get that dream job. Some people are lucky to apply a few of them while others just have to go through the hard way of mastering virtually all jobs searching strategies before finally getting the job of their dreams. For those who are yet to understand that application of job search techniques is continuous and innovative; in that, one does not give up after every unsuccessful trial.
As a job seeker, this article will reveal to you how most people find their jobs in the various job markets, it will also give you an understanding of the dynamics of the job market and how it can affect your job search. Before I go straight to subject of the article “Job Searching and the Job market dynamics” I will us to first explain the term “job market”.
According to investopedia, the job market is defined as a market in which employers (recruiters) search for employees (job seekers) and how the employees search for jobs. The job market is not a physical place as much as a concept demonstrating the competition and interplay between different labor forces. The job market can grow or shrink depending on the labor demand and supply within the overall economy, specific industries, for specific education levels or specific job functions.
The job market is directly related to the unemployment rate. The higher the unemployment rate, the greater the supply of labor in the overall job market. When employers have a larger pool of applicants to choose from, they can be pickier or force down wages. As the unemployment rate drops employers are forced to compete more heavily for available workers, which has the effect of increasing wage. Investopedia.com explains further.
From the above explaination, job market is refers to as the way and manner jobs are being sourced by job seekers, and also the way and manner employers seek for employees. The job market is not a physical place where people go to find jobs, but it is rather an abstract method which describes how jobs are be found or how employers carry out their recruitment processes.
The job market is devided into two parts, they are:
· The Public Job markets
When jobs are announced to the public, or brought to the awareness of the public via Newspapers, Magazines, Television or internet advertisement it is said to be a Public job market. You learn about them through adverts in Newspapers and Magazines or from Employment Agencies or Executive Search Firms.
· The Hidden job market
As the name implies, these jobs are hidden or are not yet identified. This market represents all jobs that are not announced publicly. Sometime these jobs haven’t even been identified yet by the prospective employer. This form of market is very vital and only a few people are lucky to have them.It is a key market because more than half of the jobs available comes from this area. Some of them are filled by the company’s own employees, some by the employer’s network, but many are filled by persons like you who appears at the right place at the right time.
As a job seeker, understanding these two job markets will go a long way in bringing you close to that job of your dream. These job markets should affect the way you search for jobs. Research has show that 70 percent of job seekers find jobs through networking (hidden job market), 15 percent find jobs through search firms/employment agencies (public job market), 10 percent find jobs through targeted letters (hidden job market), and 5 percent find jobs through answering adverts (public job market).
The amazing finding is that the highest percentage of these jobs are gotten via the hidden job market, yet only few people take advantage of it. So, while we can’t ignore advertisement and the public job market when we are seeking jobs, it is clear that our efforts should be more focused on the hidden market.
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Ugochukwu O. O
Writer & Publisher (NaijaOnlineJobs.com)