Companies are changing their hiring plans ahead of the election

It’s no secret that the job market today is pretty brutal for many job seekers, and the contentious election cycle could make the situation even worse.

According to Labor Department data, job vacancies in July were at their lowest level in three years and job creation this summer was lower than expected.

Online, candidates say they are sending out mass applications without having much luck.

Meanwhile, companies are slowing their hiring initiatives as they brace for uncertainty over the results of November’s presidential election, hiring experts said.

More than half, 59%, of U.S. executives say the results of November’s election have the potential to dramatically change the course of their business strategy, according to a July report from GP, a global employment platform and compliance provider Technology, which surveyed more than 1,600 executives around the world.

Vice President Kamala Harris and former President Donald Trump each have “a completely different strategy for corporate regulation, tariffs, trade and taxes,” says Debra Boggs, founder and CEO of D&S Executive Career Management, who has heard from companies in recent weeks have reset their hiring numbers. With “the 11th hour change in major candidates” potentially making “companies even more hesitant to know early on what’s coming,” companies may be even more cautious than ever before.

This could have a disproportionate impact on hiring by companies that operate internationally and the search for top candidates for leadership roles, according to Boggs.

Job seekers are adjusting their own schedules, whether because they see opportunities drying up or because they themselves have election anxiety. About one in four job seekers say they are postponing or extending their job search due to uncertainty surrounding the upcoming election, according to a recent ZipRecruiter survey of 2,000 people provided to CNBC Make It.

Boggs says the election-related hiring decline, which is frustrating for candidates, isn’t necessarily helping companies either. “The strategy doesn’t seem to make sense,” she says, “because if you need these roles, now you just have to wait three months while the position is vacant.”

A small consolation, she adds, is that “this happens every time” in the months before a general election, but a lasting decline in hiring is unlikely.

“As soon as the election is over, all of these positions will become available again,” she says.

Boggs said hiring could pick up again by the end of November, based on her conversations with recruiters, human resources managers and board members.

“I see a busier-than-average hiring market for the holiday season as companies need to catch up on everything they put on hold,” she says.

According to an executive survey surveyed by GP, 98% of executives plan to expand their global presence in the next 12 months and 61% see expanding their workforce as a top three priority.

With that in mind, Boggs says it’s important for job seekers to maintain momentum, “so that when the floodgates open, you’re already in the process.”

It may not be the best time to spontaneously apply for jobs, she says, but you can focus your efforts on keeping your resume and LinkedIn profile updated, refining your search strategy, practicing your interview skills, and Make sure your network is activated Find out about suitable new options.

“To the people who need to find roles,” Boggs says, “I say this is the perfect time to step on the gas because other people are pulling out.”

Ultimately, keep in mind that the current job market “is not necessarily an indicator of the future,” says Boggs. “The jobs will come back.”

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