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The hiring “slow down” isn't a slow down. At least not yet. Some real numbers:
Hirewell change in revenue from the previous month, last 3 months:
Feb to March: +16%
March to April: +2%
April to May: +8%
In other words: our placements and revenue have increased consistently throughout the “slow down.”
I get it. We’re a tiny microcosm of the overall hiring picture. Some other firms may be going the other direction. And thinking any recruiting firm is an indicator of the total job market is silly.
👉But so is any other cherry-picked data you read in a headline. Or worse, anecdotal observations about individual companies.
Any time a FAANG or high-profile startup lays off, it makes a splash on social. But a few things get overlooked:
1. What’s the scope of a layoff at an individual company?
Massive? Or barely a blip?
2. What’s the offset? Are hiring companies absorbing those job losses?
Can those employees find the next thing quickly?
3. A “hiring freeze” when demand is unsustainably high takes a few unfillable positions off the board. So?
There’s no way every company was hitting their January 2022 headcount projections anyway. There’s literally not enough workers.
4. The unemployment rate was at 3.6% in May.
Close to all time lows. The true macros numbers don’t support a meltdown either.
Next month it could all fall apart and this piece will age poorly. But unless you’re playing the dopamine lottery, you don’t win anything for jumping on the doom and gloom social bandwagon.
You can follow me on LinkedIn here and Twitter here. Join the discussion on this LinkedIn post (or give it a 👍) here.