The Maryland Department of Labor, Licensing and Regulation released its monthly jobs report on May 27. The most recent data showed that the non-seasonally-adjusted greater Baltimore unemployment rate dropped to 5.2 percent in April 2015, down 0.5 percentage points from 5.7 the previous month, while the Maryland state unemployment rate dropped to 5.3 percent, on a seasonally adjusted basis. There were 26,200 Baltimore jobs added in April 2015, on a non-seasonally adjusted basis, while the state of Maryland added 16,400 jobs overall (seasonally adjusted) in the same month. This is the state’s largest jobs gain since April 2010.
What do these numbers mean for employers looking to staff Baltimore jobs?
“The Maryland and Baltimore monthly jobs reports were positive and that, we hope, indicates we are moving in the right direction in our state,” says Joe Gonzales, regional vice president at Robert Half in Baltimore. “I think we are all hopeful to see this increase in jobs added become a consistent trend as we move through the year.”
With the drop in the Baltimore unemployment rate from March to April, employers may find it challenging to recruit top talent, however. That’s why it’s critical for businesses to stay abreast of salary trends. Knowing how your organization stacks up against others in terms of competitive compensation will help you adjust your salaries to attract top applicants with in-demand skills and experience.
But salary isn't the only consideration for sought-after candidates. Employees are increasingly looking for work-life balance, too. If you’re willing to be creative in what you offer promising candidates — such as flextime or telecommuting options — you can set yourself apart from firms competing for the same talent.
In addition to recruiting new employees, you want to make certain the star players you already have don’t seek greener job pastures. If you haven’t re-evaluated your retention plan in a while, now is the time to do so.
Do you think the Baltimore jobs market will continue to improve in the second half of 2015? Let us know in the comments section.