What does it mean when the partner after a second round interview says "we are not hiring immediately, but will keep me updated. But if you don't hear from us, not take it as a NO!"

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Why would they do two rounds of interviews if they weren’t immediately hiring...seems to me that they’re either being very disrespectful of your time (and everyone else’s), or they don’t want to hire you but want to keep you on the hook (reference HIMYM S5E15).

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It means they're not ready to make a decision yet. I wouldn't hold your breath. But I've gotten emails from those people 6 months later asking if I'd be interested. So it's not a No it's a not right now. Unfortunately we can't wait for when they're ready.

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Either it’s a polite way of letting you down or they have several candidates interviewing and know that they are slow in making a decision.

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Means “not now, maybe later.”

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