23 Jun “Drunken hiring sprees”
A great video published today by Reventure Consulting, which you can find here:
So… yeah. Drunken hiring sprees. Zombie companies. Fakery out in the market.
In the same way that I tell you not all that glitters is gold, I will tell you not all jobs posted are real.
To be emphatically clear:
- I do not approve of this.
- I do not endorse this.
- I do not do this.
I am merely telling you that it happens IRL. Some third-party staffing agencies are totally notorious for this practice to “get candidates in the door.” Advertise a generic job posting and see who all applies – even if you can’t place them now, maybe you can place them later. SMH.
Some hiring managers also do this in the hopes of landing a pink polka-dotted unicorn for pennies on the dollar. In other words, “Eh, let’s run an ad and see what happens. Maybe we’ll get lucky.” Some managers do this because they have an employee they’d like to fire but they want to see if they can “get anyone better” first. If not, the employee gets to stay a while longer.
In this video, the host talks about “fake jobs” as being jobs for companies that don’t make money and roles that aren’t very productive. I guess that’s a bit subjective but I get what he’s saying. Some companies over-hired during The Great Resignation. Some flew too close to the sun like Icarus and tried to grow too much too fast. The host also discusses how many of these zombies exist in various states and it’s pretty staggering. I disagree TBH with his analysis that we will see a white collar recession but not a blue collar one. I think the poop storm will impact everyone. I’ve already seen this happening with some companies: they are outsourcing manufacturing and machining jobs to other countries, so I’m skeptical that blue collar work will remain totally untouched. Yes, there will still be a need for electricians, plumbers, HVAC techs, etc., but I don’t know about heavy manufacturing and machining. We’ll see how it all plays out.
It’s staggering to think about how many of these zombie companies are floating around out there, never posting a profit but continuing to hire and take VC money.
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