What’s going on?:
Employers are taking longer to fill open positions, with an average of 44 days to make a hire, according to new data from The Josh Bersin Company and global recruitment company AMS. The time-to-hire rates have been increasing yearly since before the pandemic, and it’s expected to continue being a challenge for most employers this year. The research shows a widening gap between “easy to fill” and “difficult to fill” roles, with the average range stretching between 24 and 58 days.
Why it matters:
The increasing time-to-hire rates reflect the challenges employers face in the current job market, including skills shortages, talent scarcity in some occupations, more selective job seekers looking for better pay and flexible work, and the large exodus of people from the workforce during the pandemic. This trend is significant as it affects the efficiency of businesses, the availability of talent, and the overall dynamics of the job market.
How it’ll impact the future of work:
The longer time-to-hire rates could lead to changes in recruitment strategies, with employers potentially focusing more on internal talent pools, removing barriers to internal mobility, seeking gig and contract workers, and embracing automation and predictive analytics to drive hiring efficiencies. It could also lead to a greater emphasis on creating a more efficient hiring process and improving retention strategies to reduce the time and cost associated with hiring.
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