WSJ: Rescinding Job Offers -- any of this happening in actuarial world?


Businesses in several different industries are rescinding job offers they made just a few months ago, in a sign the tightest labor market in decades may be showing cracks.

Companies including Twitter Inc. , real-estate brokerage Redfin Corp. , and cryptocurrency exchange Coinbase Global Inc. have rescinded offers in recent weeks. Employers in other pockets of the economy are pulling away offers too, including some in insurance, retail marketing, consulting and recruiting services.


Other jilted job seekers say they are tackling their new searches differently, too. Raleigh Burke accepted a claims-analyst job at a Los Angeles-based insurance brokerage in May, gave notice at her old job the same day, then jetted to Hawaii for some rest. By the time she got home, her offer had evaporated without an explanation. She was surprised, she said, because she had been told she was the top candidate.

Ms. Burke, 35, had turned down an offer with another company to accept this one. “So what do I do, go with my tail between my legs and crawling back?” she said. Next time she pursues a job switch, she said she might not resign until she receives a laptop from the new company or starts its onboarding process.

They clearly did not read Brehm et al ERM

My brother once accepted a job, moved to NYC for it, and was laid off a week after he started, in a big downsizing. He quit, ended one lease, signed another…

1 Like

Should have a “cancellation fee.”
Should also have these for airline flights.

I assume this is mostly happening at tech companies with sky high valuations that came crashing down recently

In a slightly related note when, I was pre-FSA I was in still in a student rotational program. I rotated into a new role near the end of the year and my position was eliminated 2 months later. Absolutely amazing stuff. I got 8 weeks severance and started a new job in 5 weeks so I came out ahead financially but I am still bitter about the whole situation nearly half a decade later

1 Like

Well, the ones from the intro para were, but not necessarily the others.

Let me list the companies mentioned from the article for convenience, in order: [these are mentioned, not necessarily for rescinding, but layoffs, hiring freezes, etc]

Coinbase Global
Turnberry Solutions [rescinded offer]
Hirect [rescinded offer]
Los Angeles-based insurance brokerage [rescinded offer]
retail marketing firm [rescinded offer]

sectors mentioned:
retail marketing
recruiting services

I saw something like that happen when a bunch of people got rotated into a subsidiary as part of the student rotation program which then got sold. It was like you can’t come back sorry not sorry hopefully the new employer don’t fire you.

Spoiler: the new employer fire you

1 Like