1H2023 Recap

In working closely with our clients and speaking with a variety of experienced candidates from across the industry, we noted several trends that emerged as recurring themes across our many interactions. These three trends will be important to watch as we move forward into the latter half of 2023:

1. Increased demand for remote work: Most candidates we work with have expressed a preference for companies and roles that allow for remote work and/or flexible working arrangements. Enough employers have expressed a willingness to hire remotely that compromising on a role that doesn’t meet the candidate’s requirements – even if it is an otherwise fantastic opportunity –  isn’t something that most are willing to consider. Since the onset of the pandemic in 2020, we have not worked on any searches requiring daily on-site presence.  

2. Conservative hiring practices: Despite a decline in global venture capital funding in 1H2023, startups are still hiring, though in a more cautious manner. Candidates still want to join startups, too, but they are also being more cautious. We have observed that candidates are being diligent about asking detailed questions to assess a potential employer’s stability in this market. In order to land great hires, every interviewer on your panel must be able to clearly articulate your startup’s stability and upcoming growth plans when conducting interviews. 

3. Growing hidden job market: Startups are becoming increasingly selective in their hiring process due to a high volume of applicants and the costly impact of mis-hiring in a market where venture capital funding is harder to come by than it was in recent years. By not posting jobs, startups are avoiding the overhead associated with screening resumes, sifting through large candidate pools, and working with hiring platforms. Instead, they are relying more heavily on referrals and external firms for outbound recruitment support.