According to the most recent monthly jobs report, Dallas unemployment rose slightly to a non-seasonally adjusted rate of 4.0 percent in October. In spite of the unemployment rate ticking upwards, 15,600 Dallas jobs were added in October, on a seasonally adjusted basis.
Texas’s statewide unemployment also increased in October, coming in at 4.4 percent. However, the state also saw jobs gains, with 20,000 seasonally adjusted positions being added during the same reporting period.
What do these numbers mean for employers looking to staff Dallas jobs?
Robert Half Senior Regional President Mark Malone says that it’s harder to find solid talent in the current Dallas jobs market, especially for positions requiring highly skilled talent. He notes that employers can’t keep using old hiring strategies, but must adapt their approach to what’s current. “Data from the U.S. Bureau of Labor Statistics shows we’ve gone from almost seven applicants per opening in 2009 to just 1.4 candidates for every current open position,” Malone says. “Employers need to adjust their processes to accommodate this significant shift.”
So what is the best way to attract top talent? According to Malone, “Competitive compensation will definitely get attention.” Knowing what is “competitive,” however, is key. He points to resources like the Robert Half Salary Guide, which employers can use to benchmark the starting salaries they offer against national and local averages.
Even with competitive salaries, a dwindling candidate pool means some job postings will stay open longer. Malone suggests that employers who find it challenging to locate skilled professionals consider hiring from within. “Make the most of your existing resources,” advises Malone. “Promoting employees from within your company can be very successful, even if it requires additional training. It can also help boost your organization’s retention rates.”
Do you feel like your company is still using the same old hiring strategies? Get a fresh perspective from your local Robert Half recruiter. Call us at (855) 385-5631.