The Wall Streets Journal recently published a story about how employers are still dragging their collective feet when it comes to hiring, even though the economy seems to have fully recovered from the recession.
According to the piece, employers are taking an average of 25 working days to fill vacant positions, based on information Dice-DHF Vacancy Duration Measure which, the paper reports, is an index created by University of Chicago economist Steven Davis.
And, according to Davis’ figures, larger companies (those with at least 5,000 employees) take even longer to fill vacant positions: 58.1 days.
The story goes on to lay out a few possible reasons why hiring is taking so long, among them:
On one hand, companies are feeling sunny enough to post jobs—openings reached 4.7 million in June, the highest number since 2001—but, fearful the economy could falter, they are finding it hard to commit to hires.
Thinner staffing in HR and recruiting departments may be another factor, since recruiters are taking on a larger workload as employers post jobs. “Depending on how many hiring managers [company recruiters are] dealing with, it’s impossible” to fill jobs quickly, says Mark Mehler, co-founder of staffing strategy consulting firm CareerXroads.
Typically, this latest WSJ story says, a longer time between employers advertising a job and having an offer accepted is a sign of a thriving economy, suggesting there are more openings than job seekers to fill them.
“But with nearly 10 million Americans currently unemployed, that doesn’t describe today’s labor market,” the story notes.
“Slow” would likely be a better way to describe it.Twitter It!