Roughly 7.5 million Americans are unemployed and looking for work according to the U.S. Bureau of Labor Statistics, but many companies still struggle to fill key positions. Of more than 2,000 employers surveyed by CareerBuilder, nearly 60 percent say they have job openings that stay vacant for 12 weeks or longer. For companies with 50 or more employees, the number rises above 70 percent.
That affects businesses because it creates unnecessary costs and reduces the efficacy of companies’ existing workforces. CareerBuilder reports that the average HR manager incurs more than $800,000 per year in costs from extended vacancies, and 45 percent of companies say extended openings hurt productivity. Even more concerning, four in 10 companies say that long-term vacancies have increased voluntary turnover, which means that failing to fill open positions beget more of them.