Companies started hiring or there's still hiring freeze?
Companies started hiring or there's still hiring freeze?
I have a contrarian viewpoint to @ScarfaceX
Conclusion: Companies will keep hiring. You just need one job and that’s it.
Analysis: Over the last couple of years, we have seen increased hiring in anticipation of greater demand. This resulted in increased wages due to constrained supply side of talent.
Hiring has gone down in primarily in one sector, startups. Why? Because rate hikes have reduces the ability of VCs to raise capital from LPs. This is due to a decrease in the risk free rate of return(return from asset class - return from T bills/Federal Bonds)
So, VCs have less capital to invest altogether and also are less likely to invest so as to have capital on hand for a multibagger investment opportunity.
Since, startup are unable to raise capital. Hiring is reduced and they can’t afford to pay the same salaries.
As for larger tech orgs, “FAANG” is unlikely to resume hiring until next year. Since they’re publicly listed, shareholders demand cost cutting measures in light of reduced demand. So, they’ll continue to appease Wall Street while they can.
Contrarian View: Hiring is still robust. Startup’s are still hiring. The only problem is that you are not being paid the same as you were in 2021. That is unlikely to come back soon.
But if you’re looking for a job, you can still switch and you should still switch.
My 2cents:
If you want to switch careers, switch NOW, get relevant work experience by the time a roaring bull market comes around. You’ll make way more than what you would if you switch then, since you’ll have more relevant work ex by then.
If you want to switch jobs, wait till you can. Keep interviewing and switch if you want to. But be mindful that crazy salary hikes are unlikely. Switch, but only for the potential of growth in an opportunity.
REMEMBER: Time 🕰️ in the game is >>> Money 💰 over the short term
You’ll make a lot more if you’re employed consistently than if you have unreasonable gaps. Also, it’s less of a headache.
It's a fair pov. Though I never said that there won't be hiring. I said that hiring for "growth" will majorly be paused till mid next year.
Companies will still hire for funded projects but it will still be on t&c's favouring them. As an employee your options are and will be considerably lesser.
One another point is that a lot many companies have used this time very opportunistically to trim down head count as they won't be singled out due to big names already taking the limelight.
And yes it's a great time to switch if u find the right role, I have myself made a switch 2 months back after a 6 month break, but tbh i guess some context is needed in this particular post as the OP looks like a student (based on his details) and was enquiring about the hiring done by a lot of companies for freshers which are generally aligned with the company's growth outlook and expectations
Interesting. Yes, I agree that companies across the board have taken this opportunity to trim headcount while industry leaders have laid off folks.
If OP is a fresher, get whatever you can and start working. No substitute for Work Experience.