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Rescinded biotech offer, now what?
Pattie Hunt Sinacole shares advice on next steps
Q: I am unemployed and in a jam. Last October, I resigned from a secure job. I was offered the job in December, and I was supposed to start in February. I had a family issue on the west coast that I needed to tend to so I could not start a new job in January. I appreciated the flex start date because I thought it showed that they were caring.
A week before my start date, I get an email. The email said that my job was no longer available because of a company-wide consolidation which would take effect in March 2025. This means that here I am without a job and bills are coming in. I could have been looking for a new job in December, January and February, but now I have nothing. Trouble! I have rent due and I am going to fall behind on rent, car payments and all of my household bills. I am an experienced accountant, and I have worked in high tech and biotech. I worry that the job market is slowing. Do you have any suggestions or advice?
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A: This sounds like a difficult situation. Unfortunately, job offers can be rescinded, but this is unusual.
Employers are struggling with many uncertainties in the current world. I am unaware of what type of organization rescinded your offer, but some companies in the biotech industry are watching every penny.
Companies are struggling with forecasts, projections and hiring plans. I do not think anyone can claim to be a hiring expert in 2025. Most of our clients in biotech are reviewing hiring plans but hiring in a cautious and planful way.
Experts say that the biotech industry is slowing and is returning to a post-pandemic reality. During the COVID-19 pandemic, the sector experienced a demand for COVID-19 treatments, and vaccines in particular. This demand attracted many investors, who pumped billions in the sector. Now post pandemic, the economy is worrisome and the demand for COVID-19 treatments has waned.
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Additionally, there are broader concerns. Many experts are concerned about staffing levels at the Center for Disease Control (CDC) and the FDA (Federal Drug Administration). NIH (National Institute of Health) cuts will also likely impact the industry. Some argue that that NIH cuts only affect indirect costs Indirect costs include administrative staff (information technology, accounting), electricity, ntheat, maintenance, lab coats, etc.
There are also concerns that the US, and particularly Massachusetts, will experience a “brain drain.” Some highly competent scientists have decided to leave the US, as they believe that their skills will be better supported outside of the US. Eastern Massachusetts is also an expensive place to live.
I would suggest that you apply for unemployment compensation. Unemployment benefits are typically unavailable to those who have resigned. However, your situation may be viewed differently. You should explain that you left your former employer and accepted a new role, and that the employment offer was rescinded. If you have an offer letter and a document (even an email) that explains that the offer was rescinded, then that could be helpful in further explaining your situation. Your situation is unusual. Here is a link that may be helpful to you. https://www.mass.gov/how-to/apply-for-unemployment-benefits
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I would also consider temporary or contract roles. This would impact your unemployment benefits, but it would certainly expand your professional networks and your earnings may exceed the weekly unemployment benefits. The current weekly benefit is a maximum of $1051.
Then, I would begin networking and explaining your predicament to your contacts, both personal and professional. Try your best to avoid badmouthing the employer who rescinded the offer. You may never know the exact reasons, on what was behind the decision.
If you landed this recent offer with a placement firm, I would make sure that you stay in touch with them. I would re-connect with former co-workers, colleagues, and get active on LinkedIn and Indeed. It is important to jump back into the search.
It is important to recall that you had a recent successful experience in securing new employment! This is a feather in your cap.
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