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Top reasons could be: 

1) Long approval process - to review candidates' profile/securing an interview and/or offer. In this current market movement, companies might need to speed up their recruitment process as candidates are no longer as "patient" as before. The current lead time that may be more ideal would be maximum 1 -1.5 weeks (+ recruiters keeping the candidates warm) from interviewing all the way to the offer stage. 

2) Bidding war among companies - retaining employees have always been an issue, counter offers are one of the most straightforward method to retain staff and this has also resulted in an inflated pay raise. This too will prolong the decision making for both companies and candidates.

3) Flexible working arrangement - one of my client that requires staff to work in office for 5 days a week has seen a number of candidates rejecting them as many of them love the freedom to pick, it will definitely help with a hybrid working arrangement for a start!

Definitely did not cover everything! Would love to hear you out if you are facing any of the above or any other reasons, we can hop on a coffee meetup or even a confidential chat if you need any assistance! Feel free to reach out to me!