Current Hiring Managers Problem: An Influx Of Candidates

How is the 2023 market fairing for current hiring managers? Let's see.

2023 is in full force now. Everyone is back from their long holiday retreats, and current hiring managers are being inundated with unsolicited calls by bankers that are now looking at reality – their actual bonus checks.  Most bankers at this time have either received their actual check or at least have a good idea of where they are sitting as it relates to their total 2022 total W2 earnings. Add to this the fact that one major Bulge Bracket has already let go of a number of their Banking team members, others are slowly parting ways with their bankers, and the restriction on certain firms doing business in major municipal markets.  We have almost a perfect storm for hiring managers.

What A Plethora Of Applicants Means For You

So, what does this mean to you, the candidate that is not pleased with their compensation for last year?  The first thing you have to realize is that current hiring managers now have a plethora of applicants approaching them.  They have to now decipher from these ranks who is a viable candidate and who is not; who can really bring new business to a firm and who has been riding the coattails of a team.  And the age-old question: why is someone really leaving?  Is it because of compensation or is it other things?  If it’s other things, is there a common thread that is occurring at one or two firms now? Will hiring managers be able to choose the cream of the crop if they just wait longer than take the immediate candidates that were either RIF’d or just majorly disappointed with their compensation?

How It Affects The Hiring Process & Current Hiring Managers

These above thoughts are not my own but have been shared with me over the last couple of weeks.  Current hiring managers are now definitely going to be taking more time in the hiring process, as they sort out where the candidates are all coming from.  If you are one of these potential candidates, please realize that the hiring process is now going to take longer than it has in the past, since managers are going to be more selective.  Therefore, the use of a recruiter now becomes more useful than ever.

The Ways A Recruiter Is Useful To Both Candidate & Current Hiring Managers Now

Why do I say this?  The main reason is that the recruiters know what the current hiring managers are looking for.  A recruiter that has a long-standing relationship with the hiring manager can help that manager sort out the qualified candidates from the rest of the pool.  For example, if I get on the phone with one of my hiring managers, they know that the candidate I am representing is a good one since I have thoroughly vetted him/her.  I can get on the phone and highlight the reason why a client should immediately look at this particular candidate.  Here is where opportunistic hiring is at its best.  The manager will give us attention when we reach out to them.  Why?  Because in a few words: they trust our selection process.  Most of the candidates that we work with are not actively looking for new positions, and the firms know that.  This gives them the opportunity to talk with the “Best of the Best.”  Let us help you avoid the traffic if you are interested in having serious discussions reach out to us. 


If you would like to discuss your options, please reach out for a confidential conversation at 760-477-1284 or email at [email protected]. He can also be reached on LinkedIn. Harlan publishes a blog every Thursday here. Subscribe to our monthly newsletter here, which is a compilation of our weekly blogs, so you never miss one. You can find our listing in the “supplier and services” section of the Red Book under the title of “executive recruiting.”

About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Healthcare Bankers, Municipal Advisors, Compliance Officers, Issuers, and Bond Counsels.