Why Companies Are Rescinding Job Offers
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Here's your Money Briefing for Thursday, June 23rd. I'm J.R. Whelan for The Wall Street Journal. The nation's rock-solid job market may be starting to show some cracks. Not long after recruiting candidates, companies are starting to rescind job offers, and that's left some future hires scrambling.
I reviewed everything on Glassdoor, and I was just honestly devastated at a loss, shocked, and just upset.
Coming up, we'll hear from more people whose job offers were nixed after signing on the dotted line. Plus, WSJ reporter Angela Yang will discuss why this is happening and what it says about the direction of the labor market. That's after the break.
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Imagine you've landed the job you really want.
What trend is prompting companies to rescind job offers in a hot labor market?
You're excited. You sign all the papers. Get ready for your start date. And then, before your first day, that offer disappears. Rescinded. It sounds like bad luck, especially in what is supposed to be a hot labor market. But it's been happening to more people, and it could be a sign that things are cooling off. WSJ reporter Angela Yang spoke to several people who have gone through it, and she joins me now. Angela, thanks so much for being with us.
Great to be here.
So Angela, all we hear about is that we're in a job seekers market and companies are scrambling to fill positions. So why are some companies rescinding job offers?
This is still a really strong job market. Many companies are still hiring, but some are experiencing a shift in the skill sets that clients demand or facing drastic changes in market demand for their industry. And so we're seeing some hiring freezes, layoffs, and unfortunately also some jobs offers being rescinded.
So how long after signing all the papers are some people seeing their job offers pulled back?
It really varies. It could be anywhere from a few weeks to even a couple of months. I talked to one student, Franco Salinas, who just graduated from college and he's an international student from Peru. So for him, finding a job requires navigating some extra hurdles. To stay in the country after graduation, he essentially had around 90 days to find a job that would sponsor his work visa so when he got that job back in october he was basically set for the rest of his college year and it really took him by surprise
And he's like, yeah, I'm really sad to tell you that we are going to rescind your offer because of changes in market demand for data analysts. And at that moment, I just couldn't believe what I was hearing. You know, like it's a job I had lined up approximately five months before. And like I had given up on many other like opportunities when signing that contract, because that's what they ask you. When you sign an offer letter, by signing this, you're agreeing to give up on any selection processes or recruitment processes that you're on. So it really, after signing a lease to be closer to the company and getting a roommate and planning all of my finances and all of my life around that position, it's quite an inconvenient timing.
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