It’s never that simple.
Today in Things That Aren’t Real™️: the entire concept of an Employer’s Market vs a Job Seeker’s Market.
(And a counter offer discussion incoming!)
At least in broad market terms. 2 conflicting observations right now:
👉 “The Employer’s Market” – Tech hiring is still down. Lots of internal recruiters are out of work. VC funding is still light (less net-new large team build outs.) The prevailing sense of frustration & doom among job seekers is still very real. Hiring companies are extremely picky (not saying they shouldn’t be, but it’s a stark contrast compared to 2021-2022.)
Vs
👉”The Job Seeker’s Market” – Skill areas like Finance & Accounting have incredibly high demand. Industrial sectors are is booming. Unemployment is still right around 4%. Hirewell’s volume solutions hiring projects up-ticked in Q2. None of my friends who work in ‘recession proof’ industries have any idea what I’m talking about when I say ‘hiring is slow’ because they can’t find anyone to hire.
And the latest observation, as promised: counter offers are on the rise.
Yes, you read that right. We’ve seen an increase in the number of counter offers (from current employers) and competitive offers (from other ‘new’ companies competing for candidates) over the last quarter. This is usually indicative of an all out, hair-on-fire Employer’s Market.
Which I think we can all agree, we’re not in.
Or can we?
The truth is, we all have collective Silo Syndrome. We may all understand how segmented the job economy is on a macro level. But on a micro level, we only see what’s in front of us. And whatever narratives we hear people parrot.
Some jobs and industries are hot. Some are ice cold. At every point in time, not just now.
But when our market awareness is limited, it’s easy for job seekers to think the world is melting down when it isn’t. And easy for companies to think they’re holding all the cards when they’re not.
For job seekers: gaining new skills ain’t easy. But transferring those skills to do a different industry is much more doable.
For hiring companies: any worker who managed to survive 5 rounds of layoffs isn’t going to be in a hurry to make a move. You have to motivate them to do so. When their current companies have been cut to the bone, their leaders are absolutely motivated to keep them.
Partner at Hirewell. #3 Ranked Sarcastic Commenter on LinkedIn.
