Los Angeles unemployment dropped to 5.9 percent on a seasonally adjusted basis in November, according to the most recent monthly jobs report. This number represents a significant drop from the 8.0 percent reported in November 2014. In addition to the decline in unemployment, the monthly report indicated that 22,200 Los Angeles jobs were added on a non-seasonally adjusted basis.
Across the state, California’s unemployment rate dropped to a seasonally adjusted 5.7 percent in November, a decrease of 1.5 percentage points in 12 months. Additionally, California saw seasonally adjusted job gains of 5,500 for the month of November.
What does this mean for employers looking to staff Los Angeles jobs?
The demand for skilled talent continues to increase across a broad array of industries, according to Brett Good, a senior district president with Robert Half. “We’re continuing to see upward pressure on wages as firms compete for skilled professionals,” he notes. That means employers need to be prepared to enter the salary negotiation ring with top candidates.
Good advises managers to make sure they know how high they can go when negotiating salary with candidates by having a top figure in mind before interviewing prospective hires. He also recommends having a negotiation strategy in place and making sure everyone involved in the hiring process is on board.
“In terms of retention, it’s crucial to make certain your salaries are keeping pace with what the competition offers,” says Good. He notes that work-life balance is a major factor employees weigh when deciding whether or not to stay with a firm. He suggests employers consider offering non-monetary perks like flexible or alternative work schedules, including flextime, compressed workweeks or telecommuting to boost retention efforts.
Need assistance hiring for Los Angeles jobs? Local Robert Half professionals know the jobs market and can assist. Call us today at (855) 972-5562.