How to Navigate the Current Hiring Market
This blog is contributed by Burtch Works’ Data Science recruiting team. Following the ramp-up of the economy in 2021, we are facing a competitive, fast-moving market with high demand for talent thus causing multiple job openings. With this, we are seeing a growing number of candidates with multiple offers, a fortunate yet stressful position to be in. With that said, quicker response times from companies also are being reported and candidates are ending up with multiple offers to navigate. In this situation, it is important candidates are open and honest to present themselves fully, especially when working with a recruiter. Candidates should be telling the whole story to their recruiter: exactly what they are looking for, competing job offers, potential conflicts, interview processes, etc. If a candidate is uncomfortable asking for what they want, a recruiter can help by crafting a position on their behalf. The goal is to always prevent burning bridges, which can happen when there is not full transparency. The market is currently moving fast, offers can be handed out within 2 weeks compared to 4-6 weeks; clients understand this competitiveness and that if they do not move at the same pace, they will lose candidates. When considering multiple offers, it is important to remember to look beyond compensation, and to holistically view all aspects of a new role. For example, career trajectory, learning opportunities and mentorship all play a huge role in long term success. The market is HOT and interviewing with various companies is a great way to learn about what is out there.
We are also hearing from several candidates and clients that counteroffers are becoming increasingly commonplace as a means to retain talent. The biggest thing that we would like candidates to keep in mind is that once you give your notice, there are high chances you will receive a counteroffer. If you feel that compensation was your biggest reason behind entertaining other opportunities, then accepting the counteroffer and staying in your current role can be advisable. If you have other reasons for wanting to explore something different, then it is always good to keep in mind that counteroffers are only a temporary fix. Trust between a candidate and their employer can be damaged once it is known that they are open to seeking other opportunities, so it is advisable to tread carefully when navigating this situation.
What Does the Future Hold?
While the job market is hot now, there are concerns about a slowdown. In the event of this occurring, be mindful of potential hiring freezes or rescinded offers. Making it potentially difficult to provide a safety net. While out of your control, you do not want to have one foot out the door and a have new job not pan out. A recession and hiring freezes are not certain, however, stay tuned for more information as we keep watch on all shifts in the market.