According to data from the most recent monthly jobs report, the non-seasonally adjusted Dallas unemployment rate came in at 4.1 percent in July. This is 1.3 percentage points lower than it was this time last year. In the same month, 3,200 Dallas jobs were added, on a seasonally adjusted basis.
Statewide, the monthly jobs report shows Texas’s seasonally adjusted unemployment rate dropped slightly to 4.2 percent in July. In the same time period, the Lone Star State saw seasonally adjusted job gains of 31,400.
Let’s see how these numbers may affect employers looking to staff Dallas jobs.
Stephanie Cook, district president at Robert Half, says, “The hiring market has gotten more competitive, if anything, in Dallas-Fort Worth.” Some of the most in-demand Dallas jobs currently include staff and senior accountants, financial analysts and internal auditors, with the most hiring occurring in the manufacturing, healthcare and retail fields.
“Constantly re-evaluate your salary and compensation structures to ensure you stay current with the market,” says Cook. “Companies who don’t are in jeopardy of losing their top talent.” As a recent Robert Half survey shows, this is a major concern in today’s job market, as 25 percent of chief financial officers (CFOs) polled say they have lost a good employee to a higher-paying competitor in the last year. Cook also underlines the importance of showing appreciation for existing employees and the effects that can have on retention in the current climate.
Another challenge Cook says employers are currently facing is their ability to condense and streamline the hiring process, so as to hire quickly once they identify a good candidate. “Finding skilled professionals in the Dallas jobs market can be extremely difficult,” she notes. “Good candidates are receiving multiple offers within weeks, sometimes even days. Employers with a lengthy hiring process are simply losing out to companies that can move quickly.”
How do you think the Dallas unemployment rate will affect your organization? Share your thoughts in the comments.