The duration measure reflects the vacancy concept in the Job Openings and Labor Turnover Survey (JOLTS). Specifically, a job opening gets “filled” according to JOLTS when a job offer for the open position is accepted. So the DHI-DFH vacancy duration statistics refer to the average length of time required to fill open positions. Typically, there is also a lag between the fill date and the new hire's start date on the new job.
“Vacancy durations remain near historic peaks, suggesting a scarcity of qualified candidates for many job openings or a cautious approach to hiring decisions,” said Dr. Steven Davis, William H. Abbott Professor of International Business and Economics at the University of Chicago Booth School of Business. Davis is a co-creator of the DHI-DFH Recruiting Intensity Index and the DHI-DFH Mean Vacancy Duration Measure.
"Employers tell us sourcing for highly skilled candidates is a priority, however finding top talent continues to be difficult, which is extending the hiring process and lengthening the time-to-fill open positions. This is particularly apparent in the financial services and healthcare industries," said Michael Durney, President and CEO of DHI Group, Inc. "There is a level of economic uncertainty globally having an impact on hiring managers here in the U.S. Companies continue to hire, albeit at a slower pace than last year."