Bad news for people on the job hunt

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You may be wasting your time.

Roughly three-quarters of job switchers never report having looked for a job, which suggests they were approached by recruiters or got noticed through word of mouth rather than diligently uploading their résumés, according to a new report from the Federal Reserve Bank of San Francisco.

Bloomberg News reports that it's not altogether shocking that referrals are important to the job hunt.

But the Fed's analysis, based on Census Bureau data, is potentially disheartening for those without an established professional network or a foothold in their chosen industry. 

Citing research that shows 42% of monthly hires are for positions that weren't advertised, Fed researchers Carlos Carrilo-Tudela, Bart Jobijn, Patryk Perkowski, and Ludo Visschers discuss the 'importance of informal contacts' in determining a labourer's ability to change jobs.

To access the complete Bloomberg News article hit the link below:

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