According to the most recent jobs report released by the California Employment Development Department, the seasonally adjusted Los Angeles unemployment rate improved slightly to 7.1 percent in July, down from a revised 7.5 percent from the prior month and below the 8.1 percent reported this time last year. In spite of this improvement, 32,600 nonfarm Los Angeles jobs were lost in July, on a non-seasonally adjusted basis.
In the state of California, the numbers show a seasonally adjusted unemployment rate of 6.2 percent in July, down 1.2 percentage points from this time last year. Over the past month, 80,600 nonfarm payroll jobs were added.
So what does this mean for area employers?
In the present Los Angeles jobs market, skilled candidates in the professional, finance, healthcare and technical sectors are in high demand. Brett Good, senior district president with Robert Half, says other industries as well are seeing activity and the available talent pool continues to decrease alongside the Los Angeles unemployment rate.
As demand for talent continues to increase across the area, Good notes, “It’s important to show candidates why they want to work at your company, rather than with a competitor. Incentive packages, benefits and signing bonuses are still key elements in landing top talent.”
Good also suggests benchmarking the starting salaries you’re offering against national averages. Job seekers know what the market is willing to offer and comparable salaries might be the only thing standing between you and your competition.
“Another area where employers need to focus is retention,” says Good, “because employees are more apt to explore other job options in the current climate.” Retention efforts such as flexible scheduling, telecommuting, professional development and free gym memberships increase work-life balance. In turn, this boosts employee satisfaction and loyalty.
How is the Los Angeles jobs market affecting your hiring and retention planning? Let us know in the comments section.