“A mean vacancy duration of 30.0 working days, an unemployment rate of 4.1 percent, and the highest ratio of job vacancies to unemployed persons on record all point to tight labor market conditions,” said Dr. Steven Davis, Professor of Economics at the Chicago Booth School of Business and Senior Fellow at the Hoover Institution. Davis is a co-developer of the DHI Database and co-creator of the DHI-DFH Mean Vacancy Duration Measure and new skill-level measures of labor market tightness.
“As tech proliferates across sectors and all companies need tech talent, employers everywhere will be competing to recruit hard-to-find, skilled technology professionals,” said Michael Durney, President and CEO of DHI Group, Inc. “Those companies who have a clear recruitment strategy and are the most efficient in sourcing for talent will be at an advantage. Meanwhile their competitors without a well-thought hiring action plan will scramble to execute and extend the time-to-hire at their firms.”
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.