Job Market Perspective – September 2023

From a buyer/hiring manager point of view, we saw the pool of available candidates reach its peak in the early summer as the approximately nine month period of layoffs slowed to a trickle. Although we’ve been through this cycle in the market during years past, and many would agree we were overdue for a “correction“, it’s worth noting that there were some key differences in the process of layoffs/restructuring/downsizing that stood out in this most recent cycle.
The most significant of these changes resulted from organizations’ concerns around the risk of being perceived as bias, or showing inequality, in their employee reduction process. This concern translated to a decision process that was absent of any lower or middle management input with regard to employee, tenure, performance, etc. Specific to Sales teams, we saw a much higher percentage of the “cream of the crop” sales representatives receiving their walking papers than I can remember.
Today, we find ourselves entering the the peak Hiring Opportunity point in the buyers/hiring market based on two factors: 1) A high percentage of desirable candidates in the larger available candidate pool, and 2) a subset of the remaining (currently employed) “passive” candidates who now find themselves on the other side of the disruption seen over the past 3+ years and are rethinking everything – especially their personal career track.

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