The most recent monthly jobs report shows the non-seasonally adjusted Minneapolis unemployment rate came in at 3.8 percent for June, a slight increase from the prior month. On a seasonally adjusted basis, 3,700 Minneapolis jobs were added in the same time period.
The state of Minnesota’s seasonally adjusted unemployment rate also rose slightly in June from the previous month to 3.9 percent. In the same time frame, 2,900 Minnesota jobs were added, on a seasonally adjusted basis.
What do these figures mean for the Minneapolis jobs scene?
According to James Kwapick, district president at Robert Half, employers continue to find it challenging to locate top talent. “In spite of the slightly higher Minneapolis unemployment rate, we’re seeing a high demand for healthcare professionals, as well as employees in business and professional services,” Kwapick says. Employers are also finding that many of the best candidates have multiple offers on the table. To attract and land top talent, you need to make certain you’re offering competitive starting salaries, benefits and other perks, such as flextime or sign-on bonuses.
To further increase their odds of locating ideal candidates, Kwapick suggests employers get creative in terms of finding ways to expand their talent pools. “Specialized recruiters are an excellent resource when it comes to identifying passive job seekers,” Kwapick says, “as are employee referral programs.” And don’t overlook talent you already have, either. Offering staff members a chance to advance their careers is a key component in a solid retention plan.
It may also be time to re-evaluate the timing of your hiring process. “In the current climate, you need to act fast when making an offer,” Kwapick says, “Otherwise, you may lose your ideal candidates to competing organizations.” At the same time, you don’t want to rush the process and end up absorbing the costs of a bad hire. Therefore, you’ll need to make sure your recruitment plan involves creating solid job descriptions, reading over resumes yourself and checking candidates’ references before you make an offer.
What changes have you seen in the Minneapolis jobs market? Let us know in the comments section.
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