Why are startup jobs at record low? They want to ‘stretch’ their cash, says recruiting expert

RESEARCH TRIANGLE PARK — Job openings in the Triangle’s startup job market fell hard this week, according to the latest edition of the WRAL TechWire Jobs Report.

Looking at 15 different local or regional job board sites for “startup” jobs, WRAL’s exclusive report showed only 7,760 postings (not accounting for duplications in postings), the lowest since WRAL TechWire began tracking this data two years ago.

Local recruitment expert Tricia Lucas, founder of the recruiting and consulting firm Lucas Select, told TechWire that she believes the drop is due to startups looking at growth projections and available funding.

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“Startups need cash,” said Lucas. “Funding is down. Interest rates are rising. That means you have to stretch your cash. Growth slows down, which impacts hiring.”

Lucas also shared that salary demands are increasing, which puts pressure on startups that may not be able to compete with high corporate salaries.

“I’m experiencing this with many of my clients,” said Lucas. “Candidates are struggling with how to keep up with inflation and insurance costs, so they are seeking better compensation.”

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Looking at the Startup Trends—Numbers from the Oct. 2 jobs report

This week’s startup job posting numbers were 21.4% lower than this time last month and 63.7% lower than this time last year.

Here’s a look at the trend from the last 16 months:

Here are the numbers from all 15 different local or regional job board sites that we review weekly for WRAL TechWire’s exclusive Jobs Report for “startup” jobs:

Check back next week for an update on the WRAL TechWire jobs report.