The most recent monthly jobs report shows the seasonally adjusted Los Angeles unemployment rate rose slightly to 4.9 percent in August. However, this represents a decrease of 1.5 percentage points from this time last year. Month over month, 12,800 Los Angeles jobs were added on a non-seasonally adjusted basis.
For the state of California, the seasonally adjusted unemployment rate in August was 5.5 percent, unchanged from the month prior. California also added 63,100 jobs in August, on a seasonally adjusted basis.
What does the current Los Angeles jobs report mean for area employers?
Robert Half Senior District President Brett Good notes, “The rising number of Los Angeles jobs [TAS1] and increased competition for in-demand positions means that hiring managers have to work even harder to make their companies stand out and attract skilled talent.”
Competitive compensation is still incredibly important in the recruiting process, Good says. “To get the best candidates through the door, you need to ensure you’re offering salaries that keep pace with industry trends.” Good recommends benchmarking your starting salaries against the averages reported in the Robert Half 2017 Salary Guides.
Along with evaluating compensation, Good notes that employers can gain an edge in the market by considering alternative recruitment options. “Competition for in-demand talent combined with Los Angeles jobs growth means it pays to tap all sourcing strategies you can, especially if you’re feeling pressure to hire,” he says. For entry-level positions, a campus recruitment strategy can help attract the attention of new graduates who are eager to enter the workforce. Additionally, instituting an employee referral program can generate leads on potential hires, including passive job seekers.
Has the Los Angeles unemployment rate impacted your hiring strategy? For assistance, contact your local Robert Half recruiter at (855) 972-5562.