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Home Industry Trends Economic Conditions: Recession Why Rescinded Job Offers Could Be a Boon for Small Businesses
Rescinded job offers. For anyone who has ever counted down the minutes to payday, this is the stuff of nightmares.
Still, this nightmare scenario is what a small number of job candidates have reported recently, noting that job offers made weeks and months earlier are being pulled — almost always after candidates submit notice to their current employer, and in some instances on the candidate’s start date. While most of the press focuses on offers in the tech industry, the Wall Street Journal notes that rescinded offers are being reported in insurance, marketing, recruiting, and other fields, too.
Why are offers being rescinded by employers? Reasons vary. For example, it’s believed that Twitter’s recently rescinded jobs offers are linked to the stalled takeover of the company by Elon Musk. Other companies, like Redfin, point to the economy. Crypto company Coinbase, which has both rescinded certain job offers and laid off ~18% of its team, cite overhiring and fluctuating conditions specifically in the crypto market.
Ready for a silver lining? Some small businesses could actually benefit as their larger counterparts struggle with hiring. Here’s how:
Of course, every silver lining needs a cloud or two:
Jeanie Croasmun is a writer, editor, and all-around news junkie who voluntarily (and gleefully!) listens to economics podcasts while she runs. She writes on current issues and other topics related to small business finance for Lendio.
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