According to the Dice-DFH Vacancy Duration Measure, companies are taking an average of 25 business days to fill vacant positions. This is a 13-year high for the index, according to The Wall Street Journal, and it's even longer at large firms – companies with 5,000 or more people now take an average of 58.1 days to fill a position.
The Journal notes there is no agreement between analysts and employers about why this index is so high, but proposes it means employers are not quite as confident in the economy as they have been recently.
Recent studies have also found employers raising standards to work for them and implementing rigorous pre-hire screenings. This has led to difficulty finding candidates who are both qualified and willing to go through this kind of process.
A higher average time to hire can hurt companies – top talent may move on, either to a more timely offer or out of frustration with the delay. It may be worthwhile to take a look at job postings and determine which qualifications are absolutely necessary and which would make a pleasant bonus. Relaxing requirements when possible can help companies get new hires on board and working more quickly.
There are other ways to bring the time to hire down, of course. Using the latest recruiting technology may help accelerate hiring timelines by enabling quick and comprehensive communication between all members of a recruiting team.
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