How’s the market? – Q2 2025 Edition

How’s the market?

A question that we get asked several times a day (and I am grateful to be asked), as a Search professional you have a fairly unique view on the landscape especially when it comes to which companies are hiring, general sentiment and how people in the workforce are feeling.

My answer so far in 2025 is “it depends….”

Early movers (20%) or so of companies that have access to patient capital and conviction on a strategy are looking to get ahead of the competition and take a step forward, be that doubling down, entering new markets, looking at new asset classes.

Ramping up (30%) of companies are feeling positive so long as we have a period of stability and interest rates continue to trend downwards, they are working on their strategy, succession and talent planning but aren’t quite ready to fully commit or deploy. That said in this camp if a key individual leaves or sets up on their own that can lead to a critical hire and an opportunity to pivot/upgrade the skillset.

Stay in the game (30%) of companies say that things are “going OK” but most suspect that they are in more pain than they may be willing to admit or in damage limitation mode, Re-financing, trimming costs, trying to stay in the game for when the cash flows back in, pride gets in the way of honesty sometimes but you can spot the signs. The ones that play this right end up in the other 2 camps, those that stop communicating or procrastinate for too long may well shrink, lose some of their “A Players” or hang up their Excel spreadsheets and hardhats for good, leaving opportunities for those in the final camp.

Challengers (20%) are the challengers, the new start-ups, the disruptors, on a mission to make the most out of the next cycle, to give capital a different choice and to live life on their own terms. Some founders have chosen this path to live or die on their own watch, some have been pushed into committing but in both scenarios that leads to opportunities for growth and some key hires.

The bottom group may often hire a few people they know to start with (not the best strategy overall but not the worst – that’s a post for another day) but when they exhaust that pool they need help to access the wider talent pool and punch above their weight when competing with the established firms, we love helping them do so!

So, that’s how we see the market, how about you??