U.S. employers are taking longer to fill vacant positions, on average it is taking 25 days, that is a 13-year high!
Bigger companies with 5,000 or more employees are taking even longer to hire at 58.1 working days. Working days are considered Monday through Saturday.
Typically, 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.
Employers have raised the credentials required for jobs, according to recent studies, and some have intensified pre-hire screenings. As a result, bosses are having trouble finding candidates who not only possess the skills for the job but also clear those higher requirements. Getting the right people into the company is the most important thing and the added rigor in hiring helps.
Also potentially slowing the process are social networks like LinkedIn, where employers court so-called passive candidates who are already employed at competitors and not officially on the job market. While such networks expand the pool of potential hires, wooing those candidates takes longer. Smaller staffing in HR and recruiting departments may be another factor, since recruiters are taking on a larger workload as employers post jobs.
In an effort to speed up the hiring process some companies are using outside firms to conduct background checks and sift applications. This has set a target of 10 to 14 days for store staff and around 30 days for corporate positions.
Other companies are taking a different direction trying to reduce the time to hire by bringing recruiting in-house for most positions and cutting the number of approvals needed to lock down a new hire. An expanded social media presence is also helping in that process. there’s a larger pool out there you can make mistakes and there’s another one standing in the queue. When hiring someone they want to make sure they are hiring the right one.
With raised credential requirements and the added presence of social media the hiring process and job placements are becoming more difficult.
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