According to the most recent monthly jobs report, the non-seasonally adjusted Dallas unemployment rate was 3.9 percent in August, a drop of 0.2 percentage points from the month prior. In the same month, 9,700 Dallas jobs were added on a seasonally adjusted basis.
Statewide, the monthly jobs report put the seasonally adjusted unemployment rate for Texas at 4.1 percent in August — the state’s lowest since January of 2001. On a seasonally adjusted basis, the state lost 13,700 jobs in the same month. However, the state’s professional and business services sector added 4,000 jobs during August, and the leisure and hospitality sector showed the state’s biggest gains, with 5,900 new jobs added in the same time period.
What does the Dallas unemployment rate could mean for hiring in the area?
According to Mark Malone, senior regional president at Robert Half, the declining unemployment rate means companies need to be looking at every angle when it comes to hiring for Dallas jobs.
“Job seekers with experience and in-demand skill sets will be snapped up,” Malone says, so employers need to be prepared. “Don’t waste time during the hiring process,” he advises. “Candidates may already have another offer or two to consider, and you don’t want to lose top talent to a competitor because you didn’t move quickly enough.”
When considering staffing, Malone notes that focusing on employee retention “has really worked for some companies that already have solid team members in place.” “A high employee retention rate not only keeps candidate searches to a minimum,” says Malone, “but also helps maintain cohesiveness in your organization and saves money in the long run.”
Additionally, whether your focus is recruitment or retention, you want to make certain your compensation levels align with current salary trends. The Robert Half Salary Guide is an excellent resource for benchmarking starting salaries, and you can narrow down your results by region using our Salary Calculator.
Having trouble staffing key positions as the Dallas unemployment rate declines? Call Robert Half at (855) 385-5631 and see how we can help.