The problem then is a lack of qualified employers, not a lack of qualified workers

[Joel Wendland]

Robert Samuelson Calls Attention to the Incompetent Management Problem
http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-calls-attention-to-the-incompetent-management-problem

Robert Samuelson devoted his column today to the problem of structural
unemployment. He tells us that many positions are going unfilled, in
spite of the high rate of unemployment. In fact, according to the
Bureau of Labor Statistics, the job opening rate is just 2.2 percent.

Since there will always be some time involved in replacing new
workers, this rate can never fall to zero. If the rate were to fall to
1.7 percent, its low for this downturn, this would imply that another
650,000 of the 14 million unemployed would have jobs. It is also worth
noting that it would be reasonable to expect that employers would be
more choosy about their hires, therefore taking longer, in a period in
which they face weak demand (and therefore have little urgency for new
workers) and have many good workers to choose from.

In a context where the economy is strong and relatively few people are
looking for work, employers would be expected to try to hire quickly
since there will be little benefit to waiting for a better job
candidate. However, in the current labor market, there is a strong
likelihood that an employer can find a better candidate if they wait
longer to hire. This fact would be expected to raise the number of job
openings even if there is no reduction in the quality of the
workforce.

It is also important to note that if there really is a serious problem
of structural unemployment (firms are unable to find qualified workers
for vacant positions) then there should be substantial sectors of the
economy where wages are rising rapidly. It is difficult to identify
any major sector where this is the case. Wages for workers at all
education levels are at best just keeping pace with the rate of
inflation.

This implies that if employers are really having trouble finding
qualified workers then it is likely because they are offering wages
that are below the market rate. The problem then is a lack of
qualified employers, not a lack of qualified workers.