“Coming on the heels of historically high vacancy durations in April, the large, broad-based drop in how long it takes employers to fill job openings is a striking and welcome development,” said Dr. Steven Davis, William H. Abbott Professor of International Business and Economics at the University of Chicago Booth School of Business. “Whether vacancy durations stabilize or resume their long upward march remains to be seen.” Davis is a co-developer of the DHI Database and co-creator of the DHI-DFH Mean Vacancy Duration Measure, the Recruiting Intensity Index and the new skill-level measures of labor market tightness constructed using the DHI Database.
“Finding and attracting highly skilled tech professionals is a real pain point for employers, particularly as all companies need talent to analyze data and work on technology initiatives to move the business forward,” said Michael Durney, President and CEO of DHI Group, Inc. “Tech pros with very specific skill experience are looking for more than big paychecks from their next employer. Culture, the opportunity to work on interesting projects and work/life balance are all considerations. Successful companies highlight these items in the recruiting process and place a strong focus on employer branding, gaining an edge over competitors.”
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.