I wrote recently about how the improving economy is giving greater confidence to those on the hunt for a new job. If you’re in a position whereby you have highly sought after skills, then it is increasingly becoming a sellers market, with organisations scrambling to attract the brightest talents and pulling out all of the stops in order to do so.
See Also: How to Network With a Purpose
All of which is persuading many of us that now is a good time to start hunting around for a new job. Which is great, except a recent study suggests that we may actually be wasting our time. The study found that around 75 percent of all job hoppers report that they weren’t actually looking for a new job in the first place, and were instead either head hunted via a recruiter or found their new role through their social networks. Very few went through the time honoured approach of sending off resumes to potential employers.
The report, produced by the Federal Reserve Bank of San Francisco, provides a jolt to those of us who have always foraged for work in the same way. Of course, it should come as no surprise that social networks and word of mouth are crucial in any job search, but nevertheless, the extent of their influence will indeed be a rude reminder, especially for those who have not invested in their own professional networks down the years.
The data showed that among employed personnel that have jumped into a new role over the last five years, under 25 percent were actively looking for a new role before they jumped ship. Indeed, even among people that were previously out of work, just 33 percent managed to find a new role by applying cold to a potential employer.
The importance of contacts
Indeed, data reveals that over 40 percent of hires each month are for positions that are not even advertised. It underlines the importance of having a wide and varied network of contacts that you can tap into for new job opportunities.
Of course, that isn’t to dismiss job searching entirely. As you might expect, people who make a concerted effort to find a new job are more likely to find one than people who don’t search at all. The data revealed that around 11 percent of people who were actively searching for a new role managed to do so within a month of their search starting. This compared to just under 2 percent of those who weren’t searching at all.
"All of this falls in line with the traditional view of the labor market," the report says. "People who actively search for jobs are more likely to transition into a job than those who do not." All of which makes perfect sense.
Nevertheless, the report underlines the crucial importance of networking in the modern labour market. And it appears that you can’t start too soon in your efforts to build your network. If you’re looking to take advantage of the rising economy and find a new role, the message appears clear: you better get networking.
Have you invested in your networking or social networks in recent years? Has it paid off in job offers? Your thoughts and comments below please...