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Is not filling San Antonio jobs resulting in lost productivity?

Tuesday, December 2nd, 2014

A new survey from Indeed finds that the economic costs of unfilled San Antonio jobs, among other locations across the nation, result in lost productivity.

The loss is nearly $160B annually.

Of this amount, over half represent unearned wages (around 55%), with the remainder attributed to unearned profits. For the top 10 companies in Dow Jones Index, the combined cost of not filling open jobs for one month equals more than $75M in monthly gross domestic product (GDP).

While total employment has now almost caught up to its pre-recessionary peak with over 2M jobs being created in the first nine months of 2014, labor market participation has fallen to its lowest level in decades. A large number of unfilled, open roles may well cause problems for the economy in the years ahead.

There are a number of industry sectors in which unfilled jobs have greater impact due to the higher levels of contributed economic value, including finance, insurance, and professional services. These industries alone collectively represent over $4B GDP (GDP, a measure of goods and services produced within an economy and the income generated by that economy) in a typical month.

For the wider economy, the efficient matching of potential employees to businesses through the labor market is key to supporting healthy levels of employment and household incomes, while allowing businesses to reach full productivity.

“For today’s job seekers, these are near-perfect conditions, however, at almost $160 billion per year, the cost of unfilled roles should serve as a wake-up call to US businesses developing recruitment strategies in a post-recession environment.

“Each ‘empty desk’ represents an opportunity both for the individual and the business. For the business, finding and recruiting the right individual means better productivity and profits, while for the individual, earning an income and spending a salary contributes to wide economic growth. In today’s economic environment of lowered unemployment and labor participation, it has never been more important to hire the right fit for each role.”