In recent weeks, companies including Twitter Inc., real estate brokerage Redfin Corp. and cryptocurrency trading platform Coinbase Global Inc. have rescinded some previous job offers. Not only that, the same phenomenon has also appeared in other industries, including the insurance industry, retail marketing industry, consulting industry and recruitment services. At the same time, many companies are taking a more cautious approach to hiring. Netflix Inc., Internet fitness equipment and service company Peloton Interactive Inc., used car e-commerce Carvana Co. and other companies have announced layoff plans. Facebook parent company Meta Platforms Inc., Uber (Uber Technologies) and other technology giants have warned that they will call back their recruitment plans.
Now, companies in several different industries are withdrawing
offers they made just months ago, a sign that the hottest job market in decades may be cooling.
In recent weeks, companies including Twitter Inc., real estate brokerage Redfin Corp. and cryptocurrency trading platform Coinbase Global Inc. have rescinded some previous job offers. Not only that, but the same phenomenon is also occurring in other industries, including insurance, retail marketing, consulting and recruitment services.
At the same time, the actions of many companies indicate that they will take a more cautious approach to recruitment issues. Netflix Inc., Internet fitness equipment and service company Peloton Interactive Inc., used car e-commerce Carvana Co. and other companies have announced layoff plans. Technology giants such as Facebook parent company Meta Platforms Inc. and Uber Technologies have warned that they will roll back their hiring plans.
At present, the overall labor market remains strong, and the unemployment rate of 3.6% is still close to the 50-year low hit in early 2020.
But hiring leaders and recruiters point to the wariness shown by companies as a sign that executives are finding it increasingly difficult to predict the economy over the next 12 months. When a company withdraws an offer, it indicates that the company's business outlook has changed so rapidly that it has to cancel hiring plans that were even made just weeks ago.
"I couldn't believe my ears - I had been waiting for this job for months and I was really counting on it," said Franco Salinas, 24, who took the When he got a data analyst position, he was supposed to start work in July, but he learned this month that the position had been eliminated. "It made me realize how fragile some things are."
Some recruiters reminded that there had not been a large-scale cancellation of offer notices before. At the same time, employers are still unable to find sufficient numbers of workers for many job categories.
However, "after breaking through zero, even if it is only a relatively small scale, it will look like a big increase." Brian Kropp, vice president of human resources research at consulting firm Gartner, said. Six months ago, withdrawing an offer was almost unheard of. "If we've learned anything from the past few years, it's that things can change so quickly."
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