7 Insider Job Search Facts From The Experts
Have you ever wished you had insider job search facts from experts?
We’ve talked to dozens of recruiters, hiring managers, and interviewers and they gave us the following list of job search facts which should help you in your next job search.
Applying for a job is easy, actually getting your resume noticed by a recruiter is not.
While the unemployment rate is currently at historic lows and nearly anyone looking for a job can find one, getting the right job may be more difficult than ever before.
The reasons for this are pretty unclear to most.
But in speaking with industry experts, we found the below seven reasons why getting that perfect job can be such a struggle.
Applicant Tracking System (ATS)
The applicant tracking system is not new to the recruiting world, but it has become more pervasive in the last few years.
Essentially, the applicant tracking system looks through each submitted resume for certain qualifiers which it deems as necessary for the role.
If it does not have the exact qualifier it is looking for in your resume, it discards it.
This means that your resume may never make it past the initial stage and has no chance at reaching a recruiter or the hiring manager.
An example here is, if you are applying for an Administrative Assistant role, but your resume reads Admin Assistant, the applicant tracking system will discard your resume for not clearly writing out Administrative Assistant.
While a human would be able to discern between the two and understand that they are one-in the same, that is not true for machines which are looking for exact key words and phrases.
Most Jobs Are Pre-Filled
Many employers look to hire and promote internally before opening the potential pool to external candidate.
Well, internal candidates typically already understand the inner mechanics of the company.
They’ve shown their loyalty and can be trained more quickly without the need of additional Human Resource compliances.
Sometimes, employers will post job openings, even when they have a qualified internal candidate in mind.
In order to snag that position from the internal hire, you will have to really outshine them, which is a difficult task.
Even Worse, 80% Of Jobs Are Never Advertised
That’s right, a whopping 80% of all open jobs are never posted to the public.
This doesn’t mean that you’re not allowed to apply, but it makes submitting an application all the more difficult.
Rather than be dismayed, you should utilize this information as leverage.
These job postings are more likely filled through recommendations and networking.
Reach out to former colleagues, peers, and friends and see if their companies are hiring and if they can put in a good word.
The Average Number Of Job Applicants is 118 Per Opening
Competition has grown more and more stiff over the past few years.
With an increase in globalization and advanced education, it takes more and more to stand out.
From those 118 applicants, a mere 20% are offered an interview opportunity.
Those interviews last, on average, for just 40 minutes.
That means you have just 40 minutes to impress the interviewer and move on to the next round.
On Average, It Takes 52 Days to Fill A Job Opening
It takes nearly two months from the moment a job is posted to the candidate accepting the offer.
That means, it is definitely better to be patient when looking for a new position.
In addition, with such a long turnaround time, it is better to send in your best application.
Take a few days to review your application and make sure that there are no errors, typos, or mistakes.
Not Negotiating Can Cost You
Not negotiating your salary can cost you upwards of $500,000 by the time you reach 60 years old.
The most common reason for not negotiating is nervousness and fear that the offer will be rescinded.
So long as you are negotiating professionally and in an understandable way, there is no reason to leave money on the table.
The easiest way to visualize this is by understanding how compounding works.
Let’s take a look at two employees:
Employee A – Hired at $50,000 a year without negotiating
Employee B – Hired at $55,000 a year after negotiating
After 1 year, both are offered a 3% annual increase:
Employee A – $51,500
Employee B – $56,650
After 2 years, both are offered another 3% annual increase:
Employee A – $53,045
Employee B – $58,349
After 3 years and another 3% annual increase:
Employee A – $54,636
Employee B – $60,099
After 4 years and yet another 3% annual increase:
Employee A – $56,275
Employee B – $61,902
And after 5 years and a final 3% annual increase:
Employee A – $57,963
Employee B – $63,760
We see here, it takes Employee A nearly 5 years to get to where Employee B started at.
In just 5 years, Employee B earned almost $27,000 more than Employee A for simply starting with an additional $5,000 in salary.
93% Of Recruiters Look At Your Social Media Presence
We live in an age where everything is interconnected and online at all times.
When you’re searching for a new job opportunity or applying to new positions, you must go through your social media and make sure it is as professional as possible.
Remove anything that could even hint at not being professional or may be a disqualifying factor.
Set your settings to private so that you’re more difficult to find.