There's a really important part of the labor market out there it's called the hidden or the informal
job market.
And what this is describing is when companies hire through personal referrals and networking rather
than putting ads up on places like Craigslist or indie dotcom.
This is a really really really big part of the labor market really big.
I say that it's really big.
The New York Department of Labor has estimated that about 80 percent of jobs are never publicly advertised.
They only exist on the hidden job market.
So let's take Alex.
Alex wants to be a digital marketer and he decides to approach some company in the formal way.
So what he's going to do is he's going to go to their job board.
He's going to see some physician and then he's going to submit a resume and a cover letter that's a
formal application.
The other way that Alex can approach his company is through the informal route.
So let's just say that his neighbor's cousin works in the mailroom of this company and then Alex goes
and talked to that person and then he meets more people.
So hopefully one day there's a opening at this company and then they think hmm what about Alex.
He really wanted to work here and then out got that call.
So basically what we're saying is that the informal part of the labor market is really important.
And if you ignore it it's kind of like walking around only seeing 20 percent of the world.
It could be kind of dangerous like watch out for that Paul.
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