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 must be the time for
businesses to finally embrace the freelance movement. With an
estimated 6.7 million independent skilled professionals in the U.S.
and platforms like Fiverr Pro that fill jobs with skilled, talented
freelancers in just one day on average, there is no reason to
wait.”
Indeed, new data from Fiverr’s recent report
with Harvard Business Review Analytic Services found that 51% of
business leaders surveyed agree that in the future, their
organization will likely employ more freelance workers than it does
now – a good sign that business leaders are starting to consider
other, arguably more untraditional ways to fill skills gaps within
their organizations. “If anything, I hope our new research today
pushes the other 49% to do the same, but now,” adds
Spigelman.
From a broader economic perspective, the
research clearly points to how sought-after skill sets associated
with these professions significantly contribute to the nationwide
$1.08 trillion economic cost of open roles. More specifically, jobs
in the Computer & Math category, such as Software & Web
Developers, System & Security Analysts, and Database &
Network Architects, cost over $120 billion per month.
- Computer & Math
(i.e., Software Developers, Data Scientists): Open roles
contributing over $120 billion in economic cost per month across
2.2 million open roles
- Business & Finance (i.e., HR, Marketing,
Accountants): Open roles contributing $76 billion in economic cost
per month across 1.7 million open roles
- Engineers & Technicians: Open roles
contributing $49 billion in economic cost per month across nearly 1
million open roles
- Arts & Media (i.e., Artists, Designers,
Media): Open roles contributing $19 billion per month across
485,000 open roles
-
Legal (i.e., Lawyers, Legal Support): Open roles
contributing $12 billion per month across nearly 189,000 open
roles
“Many companies have multiple postings of roles critical to
their output. Unfilled jobs cost companies real money; there should
be a much higher sense of urgency than many companies seem to
have,” adds Hetrick.
For more data, see here.
About FiverrFiverr’s mission is
to change how the world works together. We exist to democratize
access to talent and to provide talent with access to opportunities
so anyone can grow their business, brand, or dreams. From small
businesses to Fortune 500, over 4 million customers worldwide
worked with freelance talent on Fiverr in the past year, ensuring
their workforces remain flexible, adaptive, and agile. With Fiverr
Business Solutions, large companies can find the right talent and
tools, tailored to their needs to help them thrive and grow. On
Fiverr, you can find over 600 skills, ranging from programming to
3D design, digital marketing to content creation, from video
animation to architecture.
Don’t get left behind – come be a part of
the future of work by visiting fiverr.com, read our blog, and
follow us on Twitter, Instagram, and Facebook.
About
LightcastLightcast provides trusted global labor market
data, analytics, and expert guidance that empowers communities,
corporations, and learning providers to make informed decisions and
navigate the increasingly complex world of work. With a database of
more than one billion job postings and career profiles, our team
provides best-in-class customer service with robust data, clear
analysis, and expert guidance on skills, jobs, and
opportunities.
Headquartered in
Boston, Massachusetts, and Moscow, Idaho, Lightcast is active in
more than 30 countries and has offices in the United Kingdom,
Italy, New Zealand, and India. The company is backed by global
private equity leader KKR. For more, visit www.lightcast.io.
Ron Hetrick BioRon Hetrick is
the Senior Labor Economist and VP of Staffing Product at Lightcast.
With 30 years experience in labor economics, he is a leading expert
in the current state of the U.S. labor market. He had a 20-year
career with Allegis Group building and overseeing market analytics
and data science teams and was a senior and supervisory economist
for 8 years with the Bureau of Labor Statistics in Washington D.C.
Hetrick has provided analysis for prior Fed Chairman Alan
Greenspan, The Council of Economic Advisors to the President,
Congress, and numerous Fortune 100 companies and trade
associations.
Data
MethodologyData was gathered by dividing the industry
output (as determined by using information from the Bureau of
Economic Analysis, Gross Output by Industry Table for calendar year
2022) by the number of workers (as determined from the Household
Survey for all industries estimate and industry employment annual
averages for 2022 for the chosen industries from the Payroll Survey
of the Bureau of Labor Statistics). Salary data was calculated by
the percentage difference salary of key occupational (SOC 2) groups
vs total median salary. Output produced by key industries and SOCs
both at the individual level and then value lost for all open
positions in those SOCs was calculated by taking the overall Gross
Output number divided by the overweighted key SOC 2s and applying
those to open positions.
Press
ContactSiobhan AaldersLaura
Podestapress@fiverr.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b7032404-faf3-40b2-be89-68c5f97739e0
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