Understanding the root of any trend is a speculative process, but Hunter follows human resources trends closely and offers the following reasons for the rise in rescindment:
1. The COVID-19 pandemic: “I don’t think we can minimize the narrative of the pandemic,” Hunter says. “For 31 months, we’ve been facing our greatest fear, which is uncertainty.”
2. Natural disasters: Floods, fire, drought — whatever the threat may be, it impacts business and a certain amount of belt-tightening can be expected. The good news? Hunter says some companies are getting proactive about dealing with ongoing threats of natural disasters and hiring “catastrophe modelers” who can identify ways to protect assets in the event of a disaster.
3. Economic recession: Recessions aren’t good for business. Period.
4. Miscommunication: This is probably the most interesting factor on the list and the most difficult to account for. It includes the people who incorrectly enter (or interpret) data in their businesses’ forecasting models. It includes the managers who realize in the middle of the recruitment process that there’s actually an internal candidate who can fill the role. Basically, Hunter says, it means “somewhere there was a person who heard something and then, when repeating it, miscommunicated it.”
So, while the employee’s market hasn’t disappeared completely, it is suffering a sort of existential crisis. This is especially true, SHRM notes, among “high-growth tech employers” and in real estate, as well as among companies that inaccurately projected their growth. Enter job offer rescindment.