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The amount of time it’s taking to fill available roles is at an all-time high, showing that finding the right person for the job is still a challenge.
According to new global data from The Josh Bersin Company, a human capital advisory firm, it now takes an average of 44 days to appoint people, up from 43 a year ago, rising by a full day in Q1 2023.
The firm’s Global Talent Climate report, published in collaboration with recruiting firm AMS, showed that across all industries, the gap between “easy to fill” and “difficult to fill” roles is widening. While some jobs are filled in 14 days, many go vacant for two to three months or longer.
This rate of hiring, the firm said, is ultimately unsustainable for companies looking to respond quickly to the changing needs of their industry.
In Australia, the future is volatile, with the Asia-Pacific region projected to experience a significant increase throughout the course of the year.
And while energy and defence jobs had the longest time-to-hire rates at 67 days, the professional services industry is not too far behind. Sitting above the average time to hire at 47 days, the sector within which real estate falls is experiencing longer-than-average hiring time than most other industries.
Consumer banking, meanwhile, came in around the average, but is expected to worsen with the average hiring team steadily increasing.
Jim Sykes, global managing director of client operations at AMS, said the figures did not bode well for future hiring needs.
“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. HR and talent leaders will need to continue to innovate and transform their strategies for acquiring, developing, and retaining talent,” Mr Sykes said.
Janet Mertens, senior vice-president of research at The Josh Bersin Company, commented on the complex web of factors that were causing hiring times to lengthen.
“Although the fragile state of the economy would suggest growing unemployment, the pandemic continues to leave its mark on people’s work/life priorities. At the same time, rapid digital reinvention of many industries is creating a sharp shift in the skills now needed. This is leaving gaps where new and emerging skills have yet to be developed in sufficient numbers,” she said.
Much like the housing industry at present, the firm commented that the latest figures made it clear that “supply and demand are not in sync”. Going forward, they cautioned that those looking to hire should give themselves plenty of time to match the right skill set to the job in question.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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