Does speculative job search work?

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In a time of worldwide economic crisis when thousands of people are being made redundant all over the world every day, we at The Career Engineer have started to wonder just how many people are still sending out CV’s and Covering letters to companies just on the off chance.

For those of you that don’t know what Speculative Job Search is, it’s simply when you send out your CV with a well written cover/introductory letter to selected companies in your industry that are not currently advertising for staff just on the off chance that they may be considering taking on staff at some point in the future.

A few years ago when the UK economy was on the up and things were looking good the speculative job search approach worked really well and countless numbers of people found new jobs just by getting a foot in the door and letting employers know that they were available, but we question whether this tactic is now just a waste of the money on the paper and stamps.

So we’d like to get your thoughts on the subject, do you still try the speculative job search approach and if so has it gotten you any interviews?

How many speculative CV’s have you sent out in the past few months and have you received any replies even if they are the thanks but no thanks letters?

If you haven’t used the speculative job search approach would you consider trying it?

If you are an employer do you still receive speculative letters and CV’s and if so have you ever employed anyone who has applied in this way?

As an employer do you take the time to reply to people that have written to you using the speculative approach?