> When I was doing a lot of hiring we wouldn't take the job posting down until we were done hiring people with that title
It's a small engineering org, allegedly head-hunting one principal engineer for the whole org, so it's a single opening. 10 months later they are still hunting for their special snowflake.
> I can recall some specific job listings we had open for years because none of the people we interviewed really had the specific experience we needed
This is exactly what I mean. If you can go for years without filling a role, it's non-essential , and are in effect, "seeing what's out there". More and more companies are getting very picky on mundane roles, such as insisting on past experience in specific industries: "Oh, your extensive experience in low-latency comms is in telecoms? We prefer someone who's worked in TV broadcast, using these niche standards specifically, even though your knowledge is directly transferable. We don't want to waste 5 days on training"
You expect more nonessential roles and slower hiring in a slower growing economy, especially if companies only hire for full-time roles.
For example, your company might need a full-time network admin once its network grows to a certain size and complexity. You won’t hit that level for three years but you’d hire the perfect person now if you found them even though they might be spending a lot of idle time scrolling Hacker News for the first year or two. At 5x the growth rate, you’d need that person within less than a year, and you might be less picky about whether they are coming from a TV or telecom shop.