Sign Up. Wharton School Press Newsletter. I agree to the privacy policy. This field is for validation purposes and should be left unchanged. Redeem Code. Share This Story. Related Books. From the Blog. In the Media. They were basically saying that their processes were screwed up and it was just frustrating and crazy. It was surprising that even the employers were saying that this was crazy.
They are the people in the bowels, people who are actually trying to help make the hiring process work. SW: Interesting. So do you think that there are any industries that are dealing with an actual lack of the talent they need? Jobs and job requirements are not like that. When the labor market gets soft and there are a lot of people looking for jobs, employers increase the job requirements.
For example, if you looked at the IT industry when it was really booming in the s, only about 10 percent of people in the IT field had any IT academic degree. Secondly, what are you actually looking for? In many cases, job requirements are just going up and up, and the hiring managers are asking for more and more in terms of requirements. And those people are hard to find. Employers are not spending anywhere near as much money trying to get the word out about the jobs they want to fill.
The big issue is that what employers want these days has really changed. Companies want people to be able to hit the ground running, come right into the job and immediately make a contribution without any training or ramp-up time. They are constraining what they want so severely that it makes it very difficult to hire people. We think their skills might be rusty.
We want people who can do it right now. So that makes it pretty difficult to find people. SW: Have you seen this before? Cappelli: It goes on in every recession. They are willing to keep searching, almost indefinitely, to see whether they might be able to find somebody who could do all these things and do them at the wage they want to pay. The internal accounting systems that give companies guidance on what to do are, on one hand, pretty sophisticated when it comes to cost.
On the other hand, they are really unsophisticated when it comes to benefits. For example, companies can tell you to the penny what it costs to fill a job and what the labor costs are. But they have no idea what the cost is of keeping the position open. Some of this is a question of degree.
Can you explain why you think this is? Cappelli: We know this is true from prior recessions. The unemployment rate only counts the people who are actively looking for jobs.
So as soon as business picks up a bit and employers start to hire again, all these people will come back into the workforce, and the unemployment rate could pick up a bit. And I think this is one of the reasons why unemployment is so stubborn right now. Cappelli: I think the first issue is basically just to get at the heart of the real problem.
To what extent is it really the case that employers want to hire and are not hiring? A lot of the vacancies that are posted are not necessarily real. Our rating helps you sort the titles on your reading list from solid 5 to brilliant Here's what the ratings mean:. Often an instant classic and must-read for everyone. For instance, it may offer decent advice in some areas while being repetitive or unremarkable in others. We look at every kind of content that may matter to our audience: books, but also articles, reports, videos and podcasts.
What we say here about books applies to all formats we cover. While the rating tells you how good a book is according to our two core criteria, it says nothing about its particular defining features.
Therefore, we use a set of 20 qualities to characterize each book by its strengths:. Innovative — You can expect some truly fresh ideas and insights on brand-new products or trends. The hiring process is to blame, says Wharton management professor Peter Cappelli. For instance, application screening software creates hurdles few applicants can overcome and eliminates many applicants with relevant skills.
Expectations that candidates will arrive with the knowledge they need for a specific job means that only candidates with experience in exactly that job get hired.
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