Your point 3 is in direct conflict with your definition ("It's when companies don't post their job openings publicly") because when a job is posted anywhere, including on an organization's website, it is no longer hidden. That is, even if I check in regularly with the site I will never see a job in the hidden job market because the job is, well, hidden ... it's simply not ging to be there.
But your point 4 is the key, and your call to network, network, network is arguably the only way to enter the hidden job market and to find the large number of jobs that reside therein, especially the higher up one goes in terms of responsibility and influence.
So, is it worth it to network, to spend a major portion or most of our time networking?
Absolutely.
Even as more and more employers choose to or are required (by the government) to advertise their jobs, there will always be a hidden job market, and those who know that and network in it will definitely have a leg up on those who think the more advertised jobs they apply to the more successful they will be.
Yes, network, network, network is where it's at.
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