Economic Jitters Push Pandemic Job Seekers To Big Companies

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Economic Jitters Push Pandemic Job Seekers To Big Companies, Not Startups



The coronavirus pandemic is spurring job applicants to seek positions at big companies and avoid startups in what new research calls an economic “flight to safety.”

Job applicants using AngelList Talent, the largest online recruitment platform for private and entrepreneurial companies in the United States, began shifting their job searches to larger firms after federal officials declared a national state of emergency on March 13 due to COVID-19. Experienced and higher-quality talent were among those fleeing to large companies, leaving young startups with a smaller and lower-quality pool of talent to draw from, write the authors of a recent working paper titled Flight to Safety: How Economic Downturns Affect Talent Flows to Startups (pdf).

This has important implications, says Shai Bernstein, an associate professor of business administration in the Entrepreneurial Unit at Harvard Business School, who coauthored the study. “[It] means not only that the pool of potential human capital for startup companies began declining when COVID started, but also that the quality of the pool has deteriorated,” he says. “The incumbent [companies], just by nature of having more cash or by being more established, are perceived safer during the crisis, and suddenly have a unique advantage in terms of attracting talent.”

Bernstein teamed up with Richard R. Townsend from the University of California San Diego and Ting Xu from the University of Virginia to study nearly 84,000 job applicants who were active on the AngelList platform between February 5 and June 18, 2020.

Researchers used the number of years a candidate has spent in their current role, as well as a proprietary score created by AngelList that includes experience, education, skills, and job area to categorize a job seeker as having high-quality talent.

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