The Great Wait for Work

If you have a job, things look good enough right now. The unemployment rate remains low historically, and despite some headlines about restructurings at big corporations, the level of layoffs is actually at its lowest point—pandemic era notwithstanding—since the US government started tracking it in 2002. 

But for those looking for work, the story couldn’t be worse. Indeed, as of June, the average period of unemployment was 23 weeks, according to the latest US government data, while nearly one quarter of people have been looking in vain for a job for six months. It’s one of the longest waiting periods since the pandemic. “The patience for some is being tested,” says Ron Seifert, a Korn Ferry senior client partner and leader of the firm’s North America Workforce Reward and Benefits group.

Such waits are causing mounting frustration for legions of qualified workers who have found themselves filling out dozens, if not hundreds of applications without hearing a word back. Meanwhile, amid a sea of résumés, many corporate leaders say—ironically enough—that they can’t find workers with the right skill sets. Their firms continue to fret about everything from inflation to tariffs, which is delaying a lot of hires. In all, US firms are adding only about 130,000 jobs a month this year, down from an average of 186,000 in 2024. “All the hedging, it’s a lament of this great uncertainty,” says Kate Shattuck, a Korn Ferry managing partner.

For nearly everyone, the length of unemployment has been climbing steadily before reaching its new, three-year high. But it’s gotten particularly prolonged for certain groups. For men between the ages of 45 and 64, the average time being unemployed is at least 33 weeks, or more than eight months. At the other end of the spectrum, many recent college grads—traditionally some of the most affordable and trainable potential workers—are also finding it tough to get a job fast. The average length of unemployment for a 20- to 24-year-old with a bachelor’s degree is 20 weeks.

To be sure, many organizations have slowed down hiring because they’re rethinking roles. AI is rapidly reshaping what companies need people to do versus what can be handed off to software or machines. “They’re reevaluating who does what,” says Mathias Herzog, president of Korn Ferry’s Global Technology practice. For their part, some candidates are confused about what roles to seek out as the technology looms—and what pay to expect.

Experts say firms need to improve their hiring practices; their reliance on new AI tools to filter applications has frustrated both hiring professionals, who worry that talented applicants are slipping through the cracks, and candidates. Even with the new technology, 60% of firms saw hiring times increase in 2024, according to a report by AI firm GoodTime, with just 6% registering decreases. Many organizations have set their sights either on candidates with the exact skill sets and experiences they believe a role requires, or so-called unicorns, who can fit multiple roles well. “Folks who don’t hit that perfect profile, they’re the ones having trouble finding the roles,” says Shanda Mints, Korn Ferry vice president of RPO analytics and implementation.

Experts also say companies can do a better job communicating with candidates, both in terms of defining the role and also in setting expectations for how long a hiring decision could take. “Let them know it’ll be a long process,” Seifert says. The reverse is also true, Shattuck says: If a company believes it needs to fill a role quickly, it should not only communicate that to potential candidates, but also ensure that its own systems will quickly identify, vet, and hire a new person. “If it is going to be a fast process, hang on, cowboy—let’s go,” she says.

Learn more about Korn Ferry’s Talent Recruitment capabilities. 

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