The Average Time-to-Hire Reaches 44 Days, Job Search Becomes a New Age Marathon!
The job market has undergone a significant transformation in recent years, creating new challenges for both employers and job seekers. As economic uncertainties loom and fears of a recession grow, companies are reverting to more rigorous and time-consuming recruitment practices.
The frustrations faced by today's job hunters are exemplified by professionals like Michael Cook, who was laid off after more than a decade in the professional labor market. Since then, Cook has applied to 100’s of positions, encountering a series of daunting challenges. Some companies have put him through up to six rounds of interviews spanning several months, while others have asked him to create unpaid projects or complete take-home tests and pre-recorded video interviews.
Several factors contribute to these extended hiring timelines. As companies prioritize equity, they're involving more stakeholders in the hiring process, including upper-level managers and potential peers. Additionally, many companies have delegated interviewing and hiring responsibilities to line managers who may not be familiar with the process, leading to inefficiencies and longer hiring cycles.
The impact of these changes is reflected in recent data from the Josh Bersin Company and AMS. Their report revealed that the average time to hire an employee has reached an all-time high of 44 days. Even more telling, the first quarter of 2023 alone saw hiring timelines extend by one day across all industries.
The shift in the job market presents unique challenges, exacerbated by an increasing mismatch between graduates and job market demands. For job seekers, persistence and patience remain crucial, along with a willingness to engage in 100’s of complex application processes. Many have managed to avoid this grunt work by using Scale.jobs, an executive assistant service. Employers, on the other hand, must strike a delicate balance between thorough vetting and efficient hiring to attract and secure top talent in this competitive market.
As the job market continues to evolve, it's clear that the path to employment has become more complex than ever before. Both job seekers and employers will need to adapt to this new reality, finding ways to navigate the intricate landscape of modern recruitment while striving for efficiency and fairness in the hiring process.
