According to the most recent monthly jobs report, the non-seasonally adjusted Boston unemployment rate dropped to 3.9 percent in October. Also on a non-seasonally adjusted basis, 17,400 Boston jobs were added in the same month.
Statewide, the unemployment rate held steady in October, coming in at a seasonally adjusted 4.6 percent. Massachusetts saw a total of 11,000 jobs added over the month, also on a seasonally adjusted basis.
What do the declining Boston unemployment rate and rising jobs numbers mean for area employers looking to hire?
Robert Half Regional President Corey Adams says employers are seeing a shrinking talent pool of skilled candidates due to the low Boston unemployment rates, especially for positions in greatest demand. “The market has become much more competitive over the past few months, and great candidates often have multiple offers in front of them,” Adams notes. In the current Boston jobs climate, Adams stresses that it’s crucial for companies to have a fleshed-out recruitment plan that allows them to hire quickly.
Many organizations are unable to dedicate ample time to recruitment at all. Adams says, “It’s becoming more common for positions to stay open for months. By the time companies identify candidates and get them to the final stages, these applicants decline due to another offer or their present employer’s retention efforts. That means the process has to start all over again.”
Another trend Adams sees is that “more companies are hiring candidates with strong fundamental technical skills, even if they don’t have a particular industry background.” One often overlooked tactic is hiring from within. In the current Boston jobs market, it may be wise for employers to consider promoting key players for roles requiring industry experience.
Are you having trouble setting aside time for recruitment? Your local branch of Robert Half can help. Call us at (855) 404-6500 today.