Companies are modifying their hiring strategies prior to the election.

The labor market is highly competitive for many job seekers, and the ongoing election cycle may exacerbate the situation.

According to Labor Department data, job openings were at their lowest level in three years as of July, and job creation has been lower than expected this summer.

Without much success, candidates claim to be submitting applications in large numbers online.

Hiring experts predict that businesses are slowing their hiring initiatives in anticipation of uncertainty surrounding the November presidential election results.

A July report from G-P, a global employment platform and compliance technology provider, found that more than half, 59%, of U.S. executives believe the results of the November election could significantly alter their business strategy, based on a survey of over 1,600 executives worldwide.

According to Debra Boggs, founder & CEO of D&S Executive Career Management, Vice President Kamala Harris and former President Donald Trump have "a wildly different strategy for business regulation and tariffs and trade and taxes." This could be making companies more hesitant to hire, especially given the change of primary candidates at the 11th hour, which may be making businesses even more cautious than ever.

The search for senior leadership candidates and hiring at companies that do business internationally could be significantly affected, according to Boggs.

'This happens every single time'

A recent survey by ZipRecruiter found that about 1 in 4 job-seekers are delaying or extending their job search due to election anxiety, with uncertainty around the upcoming elections being the main reason.

According to Boggs, the election-related hiring slowdown, which is frustrating for candidates, doesn't necessarily benefit businesses either. She argues that the strategy doesn't make sense because if a business needs those roles, they are now waiting three more months for the role to be filled.

In the months before a general election, a small consolation is that this happens every time, but a permanent hiring dip isn't likely.

"Once the election ends, all these jobs will become available again," she states.

Hiring could pick up around the holidays

Based on her conversations with executive recruiters, hiring managers, and board directors, Boggs predicts that hiring could increase by the end of November.

She states that the holiday time hiring market is busier than usual because companies need to catch up on everything they put on hold.

Executives surveyed by G-P plan to expand their global presence in the next 12 months, with 61% seeing growing their workforce as a top priority.

To ensure that you are ready when opportunities arise, Boggs advises job-seekers to maintain momentum.

It may not be the ideal time to apply for jobs, but you can still focus on updating your resume and LinkedIn profile, improving your search strategy, honing your interviewing skills, and keeping your network active to inform you of any new job opportunities.

""Boggs advises those seeking roles to accelerate their search, as others are retreating," says the speaker."

According to Boggs, the current labor market does not necessarily predict the future, and the jobs will eventually return.

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