How are things trending: After an incredibly busy fourth quarter sprint last year, the first quarter of 2023 got off to a slower start as many companies and hiring managers took stock and evaluated their needs. As a boutique regional firm, we’re seeing the local impact of macro trends with tech firms like Intel and Vacasa making double digit layoffs. We’ve also seen West Coast advertising and marketing firms impacted by lower ad spending with layoffs occurring at agencies. Our HR desk has seen more recruiters looking for work, and less demand for in-house talent acquisition management. Some of our largest Fortune 50 companies in the Pacific Northwest are seeing staff attrition as the drive to return-to-office is being mandated (it definitely feels like the balance of power has shifted back to the employer). Some candidates I recently placed in the B2B sector (who have relocated for senior roles) are somewhat disquieted by RIFs, but they are remaining confident, and we’ve been actively engaging with leadership post-hire, encouraging open dialogue about what has driven these particular changes, and transparency about the situation.
What candidates are telling us: We’ve heard about some low-ball offers, which can be particularly frustrating as the interview process seems to be slowing down in the last three months. Some candidates are now regarding any equity component of compensation packages with much greater scrutiny, seeking legal advice, and they are keeping their expectations in check given the fall in valuations and re-forecasting that’s taking place in some businesses.
Advice: I’ve recently met with some high level candidates who are entering the job market for the first time in many years. My advice to them is to really study position descriptions and the language used to describe certain jobs, and review and edit their resumes accordingly (and don’t just rely on resume writers and coaches). In the digital era, automation is radically changing some roles, and others have completely new job titles and descriptions (even if many of the core competencies are the same). In an ever-shifting job market, staying relevant and competitive is key: know the key words, be data fluent, and have metrics to hand. Prepare and do your research before interviewing. In marketing, senior level performance driven roles in demand generation and customer acquisition are driving growth, especially in the B2B sector.
On the client side: we encourage continued commitment to DEI initiatives - but you have to continue to do the work with teams internally to set people up for success. More than ever, culture is rated as one of the critical factors for successful talent acquisition, and that’s driven by authenticity and values. They can’t be sidelined with every cyclical market fluctuation, and need to be intrinsic value propositions that are integral to how we treat people as we hire - and when we fire.
Finally… There is no such thing as “job security” anymore; this is true no matter where you work. But candidates can work on building a secure career. By adopting a proactive and strategic approach, you can increase your chances of smooth transitions and maintain career security even in uncertain times.
