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June 2022

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Job Market Update

There are a couple things I want to touch on this month as we all navigate both the talent market and the broader economic downturn.

First – layoffs in tech.

We partially see this as a return to normal and we should expect much more normal business and hiring cycles in the coming quarters. Still, we expect to see lots of hiring, but maybe at a more sustainable level (2021 was insane).

Second – Is managing cost fashionable again?

Sometimes, it can feel like the best offer is just to pay whatever it takes. But when the offer exception is the rule, trust erodes quickly. Bringing more objective criteria and data into offer decisions is not only more cost-effective, but also more transparent.

Finally, we're still in a very tight job market with fast-changing comp. Remember, remote work can be another lever to pull to manage cost. In our May webinar, I said we don’t expect most companies to pay everybody the same everywhere; some amount of cost arbitrage is certainly possible by hiring in more affordable talent markets.

Charlie Franklin
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