Millions Of Job Openings, So Why Arenâ€™t Companies Hiring?
September 9, 2014 by staff
Millions Of Job Openings, So Why Arenâ€™t Companies Hiring?, The number of jobs added to the U.S. economy in August came in lighter than expected at 142,000 (analysts were looking for 230,000), according to the Labor Department. Other data reveals plenty of help is wanted, but employers aren’t hurrying to hire.
Even though there were 4.7 million jobs openings in June, the most since 2001, employers are waiting longer to fill them than they have in more than a decade, according to an index created by University of Chicago economist Steven Davis.
It’s taking 25 working days on average to fill vacancies, a 13-year high, according to the Dice-DFH Vacancy Duration Measure. And for companies with 5,000 employees or more, it’s taking more than twice that long — an average of 58.1 working days.
In the accompanying video, Davis points to a few key reasons that could explain why. “The economy remains pretty sluggish, so employers don’t feel desparate,” he tells us. And second, he points to “anecdotal evidence that employers are relying on social media [e.g. LinkedIn] and job banks to identify attractive candidates who are already employed and not actively looking, so that makes for a longer courtship process … hence it takes longer to fill the job openings they have.”
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