“The average duration of job vacancies held steady at high levels in the U.S. private sector” said Dr. Steven Davis, William H. Abbott Distinguished Service Professor of International Business and Economics at the University of Chicago Booth School of Business and Senior Fellow at the Hoover Institution. “Long vacancy durations, low unemployment and a high ratio of job openings to unemployed workers all suggest that the U.S. is at or near full employment.” 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.
“Demand for tech talent continues and employers everywhere are hustling to land the best and brightest at their firms. The challenge is everyone doesn’t have Silicon Valley budgets to recruit those hard-to-find candidates,” said Michael Durney, President and CEO of DHI Group, Inc. “It’s important for companies who can’t offer the highest pay to offer non-monetary benefits such as allowing tech teams the ability to telecommute, which many have said they would take a pay cut to do. Considering the whole recruitment package and overall fulfillment of tech pros will give companies the edge they need to be successful in 2018.”
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.