A Market with No New Signals and a Growing Need for Leadership
As we enter Q4, hiring has begun picking up steam under the surface to finish the year strong. Companies are running lean, hiring with intention and being selective about who they bring in. Many are still actively pursuing high-skill talent with modern capabilities and digital fluency, without posting roles or adding headcount. That means a lot of the activity happening in the job market right now is off-market and below radar.
The government shutdown has delayed the Bureau of Labor Statistics jobs report but that hasn’t changed the message. If anything, it confirms what we’ve been saying for the last several months: even if the data from the national reports is there, it’s not always helpful. We already know the general state of the market. Job growth appears slower on the surface, but the economy is strong. Many industries are still hiring, boutique search firms are busier than ever sourcing specialized talent and wage growth is steady.
That’s not a soft market. That’s a selective one.
Wage Growth Is Still Strong — But Offers Are Splitting
Wages are still rising for current employees, with September seeing a 4.5% YOY increase, while pay growth for new hires is cooling off. For people changing jobs, compensation is still coming in above average but it’s trending down, landing at 6.6% last month, down from 7.1% in August.
What this means is that pay bumps are still higher for workers when they switch jobs, but the premium isn’t what it used to be. A year ago, companies were throwing money at talent with 10-20% salary jumps just to attract and retain mid-level employees. But with the voluntary quit rate still hovering at its lowest rate in over a decade outside the pandemic, employers know they don’t have to overpay for generalist talent and many aren’t.
But that doesn’t mean offers are down across the board. Much like the talent market itself, compensation is splitting. Offers may be more conservative for mid-level roles, but high-value, hard-to-reach talent is still commanding strong packages. The pressure to compete is still real, it just applies more narrowly now, and mostly off-market.
Industry Insights: October 2025 Hiring Trends
These are the current hiring and recruitment trends we’re seeing, based on the industries that we’re working in every day.
Administrative & Office Support
Hiring is steady for experienced office managers and executive assistants, especially in hybrid environments. Entry-level roles are declining, with routine admin tasks now more often handled by automation, software, or redistributed across teams. Roles requiring specialized skills are still in high demand.
Accounting & Finance
The talent shortage continues, with many firms pushing to expand ahead of Q4. Hiring is competitive for analysts, accountants, and auditors. Even though financial sectors showed declines in ADP’s latest report, internal demand remains strong.
Construction, Engineering & Manufacturing
Construction added 16,000 jobs per ADP in September and continues to grow in specific areas like infrastructure and energy, but most teams are hiring cautiously. Skilled labor demand is steady, while manufacturing remains soft and the October 14 tariff ruling is keeping some plans on hold.
Sales
Hiring is slow, especially for early-career reps, with automated outreach eliminating the need for traditional outbound sales roles. Companies are prioritizing digital fluency and folding sales into broader revenue and client success teams, so the roles that are moving look different and aren’t always labeled as sales.
Legal
Demand remains high in law firms and in-house teams for specialists in privacy, compliance, internal investigations, and hybrid legal‑tech roles. Legal ops and tech-savvy legal roles continue to follow the same trend, gaining popularity.
Technology
Tech hiring is strongest in AI, cybersecurity, cloud infrastructure, and DevOps. LegalTech and FinTech are fueling demand for hybrid roles that combine technical and domain expertise are growing, with generalist tech roles becoming more scarce.
Wealth Management
Banks and firms are hiring selectively for client-facing advisors, portfolio managers, financial planners, and regulatory/compliance roles. The activity is targeted and selective, with many roles being filled quietly through direct outreach.
What This Means for Employers
In a market that isn’t offering new signals, movement, intuition and conviction matter more than ever. The companies making the most meaningful progress right now aren’t reacting to headlines they’re paying attention to what’s happening inside their business and acting on what they see.
This is the time to strengthen your team, realign around what’s working, and take advantage of the flexibility that exists in this market. You don’t have to add headcount to move forward. You don’t have to overcommit to make a smart hire. You just have to keep building with conviction and intention.
Whether that means bringing in a contractor to keep a project moving or replacing someone who’s no longer aligned, the opportunity to shape your team in a way that fits exactly where you are and where you’re headed is there. You just have to decide what that means for you and your business and we’ll be here to help you do it with the clarity and confidence you need.
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