Navigating Today’s Job Market: Key Insights from Executive Tech Recruiter Terry Petzold

In a recent LinkedIn Live event, I had the opportunity to interview Terry Petzold , Managing Director of Fox Search Group to get his insight into today’s job market and how candidates can stand out in a tough market. Terry and I share a deep commitment to helping senior leaders succeed, and I knew he would bring invaluable insights for anyone navigating this complex hiring landscape. Here are some key takeaways from our conversation.

Click here to see our full 45-minute interview.

Understanding Today’s Complex Hiring Environment

Terry coined 2024 as “the year of great frustration,” a description that truly captures the challenges many are facing in their job search. We discussed the ripple effects of recent tech layoffs, ongoing economic pressures, and the challenges of an election year—all of which have made this a tough market for job seekers. “We’re seeing a pause across many tech projects, from AI initiatives to ERP implementations, impacting hiring needs across sectors,” he noted. In an environment where even the largest companies are pressing pause on initiatives, candidates need to be both patient and proactive.

Don't Wait Until Bonus Time

For executives who may be waiting for bonuses in the spring, Terry advises beginning the job search in November or December instead of holding off until April. He explained, “Waiting until spring can trap you in another year without movement.” Starting early not only gives you a head start but also helps you avoid the cycle of delay that often pushes a search into the next year.

Relationships Are Key

With competition fiercer than ever, it’s become clear that relationships are the backbone of a successful job search. “The way we used to job hunt just doesn’t work anymore,” Terry pointed out. Relying solely on job boards or LinkedIn applications won’t get you far in this market. Cultivating relationships—recruiters, industry contacts, and others in your network—needs to start well before you’re actively looking to make a move. I couldn’t agree more when Terry said, “It takes a village.” A strategic, well-networked approach can provide a distinct edge when competing for executive roles.

Let’s Talk About ‘Ghosting’

Ghosting is an all-too-common complaint these days, and Terry and I dove into the real damage it does. Candidates frequently reach out to me, sharing how they’ve been left without follow-up after interviews, a phenomenon that can leave lasting negative impressions. As Terry pointed out, “Ghosting isn’t just a bad experience; it damages a company’s brand.” He and I agree that companies must focus on a positive candidate experience, because mistreated candidates can—and often will—share their experiences on social media, impacting a company’s reputation.

A Look Ahead: Optimism for 2025

Despite the frustrations this year, Terry shared a refreshingly optimistic view for 2025. “Many projects have been paused, but companies can’t afford to keep them on hold forever,” he predicted. He anticipates that the hiring market will pick up as companies move to fill essential roles and reinvest in growth-focused initiatives. This is encouraging news for anyone navigating a job search right now.

To wrap up, we both emphasized the importance of resilience and adaptability. You have to compete at a higher level because today’s market requires more preparation, strategic positioning, and persistence than ever. It may be challenging, but with the right approach, relationships, and support, you will land the right opportunity.

Next Steps:

Click here for the recording of our full 45-minute interview.

If you're ready to launch your search or want to gain more traction, reach out to us at D&S Executive Career Management to talk through your goals and options to help you stand out in a tough market. Schedule a call with us here.