If you’ve ever felt like job opportunities seem to appear out of nowhere for other people, you’re not imagining things. While job boards and sites like LinkedIn make it easy to browse available roles, many roles are filled before they’re ever advertised, and this is no different in the fintech and financial services sectors. This phenomenon is known as the hidden job market, and understanding how it works can give you the major advantage in your job search you’ve been missing.
What Is the Hidden Job Market?
The hidden job market refers to roles that are never actually publicly advertised on any job board or recruitment site. Instead, these roles are filled behind-the-scenes in a number of ways.
- Referrals: This is when existing employees recommend someone in their network for a role, typically someone they have worked with before and whose skills, experience, and work style they can confidently vouch for.
- Internal promotions: Businesses might promote from within, filling key roles with employees who already understand their systems, values, and ways of working. This makes for a more seamless transition into their new role as both parties already have a strong working relationship.
- Direct headhunting: Companies, especially in competitive sectors like fintech, often engage recruiters to proactively source top talent rather than waiting for applications. In this situation, a recruiter would have a job specification presented to them to start with. They then go out and identify professionals who could be the right fit and approach them directly, even if they’re not actively job searching.
- Recruiter talent networks: Similarly, a good recruiter will continuously maintain strong relationships with candidates who have skills and experience relevant to their clients. They will take the time to understand their candidates’ current situation and what they would potentially move for and build a hotlist of candidates who are primed for a new opportunity. That way, as soon as a suitable role becomes available, the recruiter can reach out to those candidates first.
Why Does the Hidden Job Market Exist?
The hidden job market might seem counterintuitive for an employer. You could argue that in order to find the right candidate for the job, you would need to attract as large an applicant pool as possible. But there are several reasons why companies opt to hire using the hidden job market instead.
- Cost Savings: Hiring is expensive. Think about it – to post vacancies, you need to run a recruitment site or purchase licenses and credits to be able to use job boards. You need dedicated employees and the right tools to filter through and screen applications. These things all come at a cost.
- Time efficiency: Most hiring managers just don’t have the time to wait for applications to come in and then sift through hundreds of them. It’s much more efficient to tap into existing networks and expedite the process.
- Confidentiality: Some positions, especially leadership or strategic roles, represent huge shifts to the company and might involve some high-profile talent moving firms. These roles are often filled quietly to avoid disrupting business operations, signalling internal issues to competitors, or drawing any unwanted attention in the press.
- Better Quality Hires: Employers value recommendations and referrals as they reduce hiring risk in terms of quality and suitability for the demands of the role and company culture.
How to Tap into the Hidden Job Market
So, if a job isn’t advertised, how do you even know it exists? That’s the main challenge. Without a job listing to apply to, you need to be proactive and strategic in your approach. Relying solely on job boards means missing out on a significant portion of available roles.
While the hidden job market may seem inaccessible, there are several ways to position yourself for these unadvertised opportunities:
- Build and leverage your network: Connections are key. Attend industry events, participate in fintech networking groups, and stay active on professional platforms like LinkedIn. Building relationships with hiring managers and decision-makers increases your chances of hearing about upcoming roles before they go public.
- Engage in direct outreach: Don’t be afraid to reach out to companies you’re interested in and make yourself known, even if they aren’t actively hiring. Expressing your interest and staying on their radar can lead to opportunities when the right role opens up.
- Optimise your LinkedIn profile: Recruiters and hiring managers often scout LinkedIn for talent. Keep your profile updated, highlight your skills and expertise, and engage with industry discussions to increase your visibility.
- Work with specialist recruiters: Recruitment firms have direct access to many of these hidden roles. They work closely with hiring managers and often know about vacancies before they become public.
The benefit of working with recruiters who specialise in fintech and financial services is they’ll have established relationships with top firms and can match you with roles that align with your skills and career goals. They advocate for you, provide insights into market trends, and offer guidance throughout the hiring process. By partnering with a specialist recruiter, you gain insider knowledge and increase your chances of being considered for exclusive opportunities.
Final thoughts
The hidden job market plays a major role in fintech and financial services hiring. Many roles never make it to job boards, meaning anyone relying solely on public listings may be missing out. By networking, optimising your online presence, proactively reaching out to employers, and working with specialist recruiters, you can tap into these opportunities and take your career to the next level!
