Despite an improving economy, employers are waiting longer to fill job openings in their companies even when they receive many applications to a vacancy.
Employers now take an average of 23 business days to hire someone for a position, more than a week longer than the 15 days it took in 2009, according to a study conducted by University of Chicago and University of Maryland economists cited by the New York Times.
The news is not exactly new. Corporate profits are soaring, but with millions still out of work and an unemployment rate at 7.9%, companies feel little incentive to give raises or hire new workers.
Economists say many companies are used to an employer's market -- employees are so glad to have a job they will take on extra work without complaint. Those who do hire can afford to be picky, wait longer to make a decision and offer lower salaries or benefits to eager applicants.