FVRR - Unfilled Jobs Are Costing the Economy over $1 Trillion a Month | Benzinga
NEW YORK, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Fiverr International Ltd. (NYSE:FVRR), the company that is changing how the world works together, today released the findings of new research from Fiverr Pro, Fiverr's end-to-end solution for medium to large businesses seeking top professional talent, in partnership with the economist team at Lightcast, highlighting the high economic cost of open job positions across the country.
According to the analysis from Fiverr Pro and Lightcast, the cost – as determined by the anticipated output in revenue per open role for an average of 3.7 million newly posted open jobs across all industries in 2023* – is a staggering $1.08 trillion per month. Therefore, if every new open role was filled in one month, nearly a trillion dollars would be added to the economy. "Had we filled all of our openings, we could see a potential of around 15% more dollars of economic growth," comments Ron Hetrick, Senior Labor Economist at Lightcast.
"Our research highlights a critical need for business leaders to revisit their approach to hiring, especially as we enter a new financial year for many. With significant loss of potential business output at risk, businesses should consider other hiring options, such as freelancers, to fill the skills gap and support the wider team to continue driving business output," comments Shai-Lee Spigelman, GM of Fiverr Pro.
Today's research also sheds a stark light on how open job positions affect individual businesses' bottom lines, finding that just one open role costs businesses, on average, nearly $25,000 a month in output. Open positions in the following highly skilled professions cost businesses even more:
- Legal (i.e., Lawyers, Legal Support): $48,902/month per open role
- Computer & Math (i.e., Software Developers, Data Scientists): $42,458/month per open role
- Engineers & Technicians: $37,173/month per open role
- Business & Finance (i.e., HR, Marketing, Accountants): $33,800/month per open role
- Arts & Media (i.e., Artists, Designers, Media): $30,038/month per open role
"The data begs the question – can businesses really afford to lose out on this much potential growth simply because they can't fill open positions? Businesses must be smarter about their hiring strategy moving forward," comments Spigelman. She adds: "2024 ...