Is the job market dead?

In the USA—where most clients are based—the financial year typically runs from July to June. As a result, many companies aligned with this cycle announce salary hikes and bonuses around this time. Since new projects are often allocated at the start of the new fiscal year, hiring activity picks up well in advance—mainly during January to March—when bulk recruitment for the year takes place.

However, switching jobs during this Jan–Mar window often means giving up your expected internal hike and bonus. This situation works out well for both companies involved: your current employer avoids paying a sizable bonus, while the new employer can bring you in at your existing (pre-hike) salary, keeping costs lower.

For candidates, although they forgo their bonus and raise, they often receive a significantly higher hike compared to what they would get internally—making it a trade-off that can still be financially rewarding. In that sense, it becomes a win-win for all parties, making Jan–Mar one of the most strategic periods to switch jobs.

Post-June/July, after hikes are processed, some employees do switch jobs, but those roles are generally backfills rather than new project-driven openings. As a result, vacancies taper off later in the year—unless the company primarily serves Asian markets or follows a different financial cycle.

I too feel market is down