Job Market News

 Q4 of most calendar years tend to be a slower time for hiring. However, this year the market has remained more active in October than usual and there are no signs of a major slowdown before Thanksgiving. In my opinion, this is likely because the business world has failed to completely reset with all the issues that were not in existence (or not a major topic) pre-Q1 2020, most notably:

 

·        Work from Home {WFH}

·        The Great Resignation

·        Employee Engagement (Quiet Quitting is a Subset of this Category)

·        Tight Labor Market (Especially for Lower Wage Jobs)

·        The Great Reshuffle

·        The Changing Landscape of the Hospitality Sector

·        Drop in Dual Income Families

·        Government Subsidies Created a Disincentive for Many to Re-Enter the Workforce

·        Supply Chain Issues

·        Inflation that we have not seen in Decades

 

Many of the bullets above are inter-related and these issues remain unresolved. Despite the news of a potential recession and a plethora of layoffs (esp. in tech), companies are still looking to fill open job requisitions before the end of the calendar year. The unemployment rate is still very low (September unemployment rate held at 3.5%) and interviewing and job offers are still trending upward.

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Given that the Q1 of every year, starting with the second week of January, is the busiest time of year,  In the past, clients would tell me that they wanted to wait until January to start looking for new positions (a strategy that I never agreed with – I had offers in December when I worked for both start-ups and established companies.) However, there are lots of great opportunities available now. If you are thinking about a change, don’t wait and evaluate your options.