New study by Haltiwanger, Davis, and Faberman featured on Fox Business
Responding to job vacancies as they are posted may not be the most successful strategy in today’s crowded job market, according to a new study by John Haltiwanger of the University of Maryland Population Research Center, Steven Davis of the University of Chicago, and Jason Faberman of the Federal Reserve Bank of Chicago. The three economists examined data from the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey to learn how, when, and who companies are hiring.
Results showed that 42% of new hires happened at companies that stated only the previous month that they had no openings. Companies are filling positions very quickly, often without ever recording a job vacancy. This suggests that many companies hire when they find the right person, even if there is not a specific job opening available. Given this, the most successful job seekers may be the ones with the most proactive search strategies, who establish connections with people at a company rather than waiting for a job posting to appear.