Time-to-hire rates have increased to an all-time high, widening the gap between “easy-to-fill” and “difficult-to-fill” roles, according to a June 1 report from human capital advisory firm The Josh Bersin Co. and global talent solutions firm AMS.
Jobs now take an average of 44 days to fill, up from 43 days a year ago, rising a full day across all industries during the first quarter of this year. Although some jobs can be filled in 14 days, many remain vacant for two or three months — or more.
“As our data shows, time-to-hire has risen consistently for the last four years. Make no mistake, the hiring market is not going to get easier any time soon,” Jim Sykes, global managing director of client operations at AMS, said in a statement.
“HR and talent leaders will need to continue to innovate and transform their strategies for acquiring, developing, and retaining talent,” he said.
This extended timeframe for hiring remains unsustainable if companies want to stay competitive and keep up with the fast-changing needs of their industry, according to the report. The 2023 benchmarks appear to be rising across nearly every role, which suggests that time-to-hire rates will continue to be a challenge for most job families.
Regionally, time-to-hire projections show a significant increase in hiring times for three out of four regions. Hiring in Asia/Pacific, Europe/Middle East/Africa and Latin America will become increasingly difficult this year, with Latin America potentially falling far behind other regions.
By industry, energy and defense companies have the highest average time-to-hire rates (at 67 days) due to the specialization of roles and small talent pools available. The professional services category is also above the average, at 47 days, and will continue to experience longer-than-average hiring times this year.
“Whatever may be happening in the world economy currently, it is clear that supply and demand are not in sync in terms of the type of skills available and the gaps that need to be filled,” Josh Bersin, a global HR research analyst and CEO of The Josh Bersin Co., said in the statement.
“The real trailblazers in HR and talent acquisition have recognized this and are thinking outside the box when it comes to developing people, cross-pollinating roles from elsewhere, and actively keeping succession and new-role pipelines full,” he said.
Earlier this year, hiring managers estimated that it’s taking about 11 weeks to fill a vacant role, according to a recent report. At the same time, many talent acquisition leaders are eyeing 60 days as a standard, which can vary based on the level of the role, sources told HR Dive.
For job candidates, speed is also key, according to a recent survey. Companies can attract talent by communicating timelines clearly with job seekers and simplifying applications through online platforms.
