According to data from the latest monthly jobs report published by the Minnesota Department of Employment and Economic Development, the non-seasonally adjusted Minneapolis unemployment rate for August came in at 3.3 percent. This is a decrease of 0.4 percentage points from the previous month. On a seasonally adjusted basis, 5,100 Minneapolis jobs were added in August.
Across the state of Minnesota, unemployment held steady at a seasonally adjusted rate of 4.0 percent in August, with employers adding 7,300 nonfarm jobs. Statewide, the number of jobs added has inched upward by 1.3 percent compared to the same period last year.
So what does this mean for employers looking to staff Minneapolis jobs?
“As the Minneapolis unemployment rate declines, we continue to see an increased need for skilled professionals,” says James Kwapick, district president at Robert Half. “Demand in the technology, finance and professional services sectors is still very strong, but there are not enough skilled candidates to fill these positions.”
With the current shortage of top talent, Kwapick notes that employers need to make sure they’re setting themselves apart from the competition in terms of what they offer candidates. Competitive starting salaries, benefits and perks as well as career development opportunities should be top priorities for companies wanting to attract the very best talent.
Kwapick also emphasizes the importance of having a solid retention strategy in place. “In the current market, employees know their worth and are much more confident about exploring their job options. That makes it crucial for your key team members to feel valued. Employees need to see a path to success and have a clear sense of advancement opportunities,” he notes.
How is the Minneapolis unemployment rate affecting your hiring or retention strategies? Let us know in the comments section.