Dallas unemployment declined from 4.0 percent to 3.6 percent from March to April 2015, according to the most recent Dallas jobs report from the Texas Workforce Commission. This is a decrease of 1.2 percentage points in the last year. The city added 18,800 nonfarm jobs in April. The unemployment rate for the state as a whole has remained at 4.2 percent, down from 5.2 percent a year ago, according to the state jobs report. Texas has added some 287,000 jobs during the past year, including 1,200 of those created in April. Let’s see what these numbers mean for the Dallas jobs market.
With unemployment on a downswing, there are fewer candidates looking for Dallas jobs. Robert Half metro market manager Thomas Vick says that hiring in Dallas is “becoming more difficult.” He added, “We continue to see the [unemployment] numbers drop while the population for the area increases.”
As the number of available skilled candidates declines, hiring could become even more difficult due to the lack of skilled labor that is immediately available. Vick advises, “When an organization finds someone they are confident is the right hire, they need to be very competitive with their offer. The best people are receiving multiple offers, so they can be selective when making their decision.”
While the pressure is on organizations to find their next great hire quickly, that doesn’t mean hiring managers should lower their standards. A recent Robert Half survey of chief financial offers (CFOs) across the U.S. revealed the costs of a bad hire can include lower staff morale and lost productivity in addition to monetary loss. Vick says, “We believe a bad hire affects you no matter what city or state you are in. The statistics show this, but it also has additional effects you might not be able to account for like reduced morale, information loss or creating a poor reputation on the hiring market for your company.” Increase your chances of avoiding bad hires by making sure you’re offering the competitive starting salaries, perks and corporate culture that top talent is after.
Have you seen results from the decreasing Dallas unemployment rate? Share your experiences in the comments below.