Unemployment in the Los Angeles area continues to decline according to the latest monthly jobs report from the California Employment Development Department. The seasonally adjusted Los Angeles unemployment rate decreased to 6.9 percent in August, from a revised 7.2 percent reported in the previous month. Additionally, 7,900 Los Angeles jobs were added in August, on a non-seasonally adjusted basis.
Across the state of California, the seasonally adjusted unemployment rate came in at 6.1 percent in August, down significantly from the 7.4 percent reported for the same period a year ago. The state also added 36,300 jobs in August.
How are these numbers affecting employers looking to staff Los Angeles jobs?
“As the Los Angeles unemployment rate decreases, the hiring market for top talent continues to heat up,” says Brett Good, senior district president with Robert Half. To land the best available talent, Good says employers should work on selling the merits of their companies to prospective hires.
“You need to differentiate your organization,” Good says. “You want to show candidates why they should come to work with you, and what you can offer them that the competition can’t.” Points to highlight include your workplace environment, career advancement and professional development opportunities, and incentive programs for employees.
“Employers also need to focus on retention,” Good adds. “In the current job market, employees are much more confident about exploring other opportunities.”
Good suggests checking in with star employees regarding their satisfaction with key issues such as salary, benefits, advancement opportunities and even their relationships with colleagues and management. “Being proactive in retaining an outstanding employee means there’s one less job you’ll have to staff in the future,” Good says.
As the demand for talent increases, Good says, salary ranges follow suit, and this can affect both hiring and retention. To make certain your compensation levels remain competitive, benchmark your salaries against those found in the Robert Half Salary Guide.
Having trouble staffing key positions as the Los Angeles unemployment rate declines? Call Robert Half at (855) 972-5562 and see how we can help.