Final answer:
Companies that fill job positions internally or through word of mouth are utilizing the hidden job market, which includes jobs not publicly advertised. Efficient networking strategies are key for job seekers to access these hidden opportunities and potentially reduce competition.
Step-by-step explanation:
When a company opts to fill open job positions internally or through word of mouth rather than publicly advertising them, it is engaging in recruitment from the hidden job market. This market is a sector where employment opportunities are not openly posted or advertised. Companies following this practice often rely on internal promotions, referrals, and networks to source suitable candidates for their vacancies. This practice can lead to quicker hiring process times, allowing for a more seamless transition, as internal candidates are already accustomed to the company culture and operations. It also highlights the company's focus on employee retention and internal talent development as part of their hiring practices. However, candidates relying solely on the visible job market may miss out on these opportunities.
Networking is crucial to discover these hidden job opportunities, requiring a proactive approach by engaging in professional events, leveraging social media, informational interviews, and personal referrals. By tapping into the hidden job market, job seekers can potentially face less competition and find better-aligned positions for their skills and career goals.