Forget about everything you’ve been told about the fourth quarter. It’s typically known as a time when companies are crunching numbers and trying to pull themselves out of the red. Budget cuts, hiring freezes, and few candidate options have been long thought to be the norm for the end of the year. However, times have definitely changed and hiring around the holidays has become beneficial to your company and its bottom line. Here are three myths about hiring in the fourth quarter and why they’re wrong:

 Myth 1: Always Wait to Hire When the New Year Starts

Since many companies still wait to hire until after the first of the year, there is a hiring frenzy that can occur. The already small pool of candidates gets noticeably smaller as companies rush in to fill their open positions. Every year, employers who keep hiring in November and December gain an advantage. During this time, people who weren't actively job hunting may start looking for new opportunities. Hiring in the final quarter is also a smart business move. Many industries slow down briefly, which gives experienced employees the chance to train new team members and helps newcomers settle in smoothly.

 Myth 2: There is No Room in the Budget to Hire at End of Year

Another great reason to hit the ground running in the fourth quarter is to cash in on any unused budget money or leftover spending accounts. Money that has already been allocated and factored into the year’s budget won’t change the bottom line. Take advantage of this and get your next recruit on board before you even ring in the new year. Not only will you be able to pick from a larger candidate selection, but you will also be able to hire without having to worry about cost.

 Myth 3: Candidates Aren’t Applying in the Fourth Quarter

A common misconception that often comes up when hiring in the fourth quarter is that very few people are actively looking for full-time positions in the winter months. This is untrue. The holidays are a time when many people have extra days off of work and have more flexible schedules; this means more people are spending time searching for their next job move. It’s a great time to find candidates who otherwise might not have been looking to find a new position. Don’t miss out on these quality candidates by delaying your search!

 Myth 4: The Economy is Stalled

A recent quarterly outlook survey by Manpower indicated that a full 49% of respondents planned to hire in Q4-2023. This is the third straight quarter of gains. This means approximately 1 out of every 2 companies will be hiring this quarter, and that may include your competition. Companies that hire now will have a leg up with trained and onboarded employees ready to contribute to growth in the new year. Furthermore, CPI is approaching 2% and the fabled soft-landing of low unemployment, lower inflation, and moderated wage growth is looking more and more likely.

 One thing to remember is that many professionals wait until the end of the year to get their annual bonuses before considering a job change. This is why the fourth quarter often sees people who were not looking for a job become active job seekers. Read more about why December is the best time to hire.

 Solution

To make this process easier and beneficial for everyone, it's a good idea to work with an experienced recruiting partner. They can help employers and job seekers navigate this unique time of year effectively. Skywalk Group is ready to help you post your open position or find the right person for your job. Reach out to us today and find your ideal team member before the year ends. 

Originally published October 2018, updated for content and clarity October 2023.