How are things trending compared to last month/quarter?
Re-evaluating. We can all agree that the economic conditions are having an impact on the job market. While unemployment is still relatively low, active new hiring is not at the level it was several months ago. On the employer side, we've seen effects as drastic as hiring freezes and layoffs. However in most cases, it seems the most common reaction is a re-evaluation of hiring plans, which often results in de- or re-prioritization of new job openings and/or exploring alternative ways to hire talent (i.e. running searches internally vs. hiring a search firm).
From a candidate perspective, we've noticed an increased hesitation to change jobs across the board, but particularly moving into higher-risk or earlier-stage environments where there may not be as much job security. From a timeline perspective, it seems both employers and candidates see the beginning of the new year as a time to either resume searches on hold or get back into the job search. All of that said, there is still plenty of movement in the market, but it doesn't compare to the recent boom.
What are candidates telling you about their job search experience?
When it rains, it pours. Due to recent economic uncertainty, it's been an interesting time for active candidates and job seekers. Despite market concerns, companies are still hiring. Recently, we've seen the demand for talent come in waves, meaning candidates may go through periods with very little outreach followed by being interviewed by multiple companies simultaneously. Depending on a candidate's appetite to make a move, it's not uncommon to end up in a situation with multiple offers, however it's hard to read into how long the more active periods will last. That being said, I would encourage job seekers to take the calls when they come, regardless of appetite or surface-level relevance, and build as many bridges as possible during the busier times.
The competition is growing. While most of this year has been a "candidate's market" with above-average demand for talent, the economy is shifting. While there are still jobs out there, there are fewer of them, which means it's becoming more competitive for active job seekers. Similar to my points above, I would urge candidates to do two things.
1) Be as flexible and open minded as possible, and don't rule out opportunities too early. Talk is cheap, and it never hurts to listen. Also in today's climate, it may not work in your favor to over-negotiate minor offer details such as time off, minor compensation adjustments, etc.
2) Find ways to differentiate and stand out from the crowd. Work on pitching yourself and highlighting your achievements, and pay attention to common interview questions so you can have buttoned-up responses ready for those questions that every hiring manager asks.
Any common mistakes people are making? Any common reason people are no's?
There are a couple of common mistakes that I see candidates make on a regular basis:
The waiting game. When an interesting opportunity comes your way, act fast! The market is still moving quickly, especially this time of year. Companies are often looking to move swiftly with qualified candidates and close out on final Q4 hires, so time is of the essence. In every recent search I've run, there are always the candidates who don't respond until it's too late, and in some cases even waiting a few days could make all of the difference.
Transparency is key. It's always the best approach to be 100% transparent with your recruiter and with yourself when exploring any new opportunity. Surprises don't benefit you in the hiring process, so it's best to get it all out on the table early on. This means being honest about interest level, outstanding questions or concerns, personal requirements, compensation/location preferences, and anything else that could impact the outcome of a hiring process.
Be more specific. As a recruiter, the client feedback I dislike the most is that the candidate kept their answers too high level. In my experience, one of the worst ways to answer an interview question is by beginning with "Here's my approach to...." A better way to frame it is to think about a specific example of the question asked and respond with "Here's an example of when I did...." Interviewers don't want to hear your theory on how to approach a situation - instead they would rather hear about a time when you've executed in that situation.
"The opinions stated here are my own, not those of my company.”
