According to the most recent monthly jobs report, the Minneapolis unemployment rate came in at a non-seasonally adjusted rate of 3.9 percent in January, representing an increase of 0.8 percentage points from the month prior. In spite of this increase, 4,300 Minneapolis jobs were added in January, on a seasonally adjusted basis.
Statewide, the seasonally adjusted unemployment rate for January remained unchanged for the third month in a row, coming in at 3.7 percent. However, the state did lose 5,000 jobs in January, on a seasonally adjusted basis.
How do these numbers affect area employers?
According to Robert Half District President James Kwapick, “Although the Minneapolis unemployment rate climbed slightly in recent reports, it is still well below the national average. Additionally, the number of positions added over the month clearly indicates the Minneapolis jobs market for candidates is thriving.”
Because it is an applicant’s market, Kwapick suggests employers not lose sight of retention efforts in the race to hire new employees. “Your top workers are likely feeling more confident about their prospects,” he says. “And skilled professionals are in high demand, especially in sectors like healthcare, education, construction and leisure and hospitality.”
Kwapick suggests regularly asking employees how they feel the job is going. “Naturally, offering a competitive salary and benefits package is important. But you also want to make sure you’re meeting their professional needs,” he advises. “It’s not uncommon for employees to leave because management refuses to discuss their career paths or provide professional development opportunities that can help them advance.” Sit down with star team members to talk about their prospects, and offer them chances to gain experience and grow new skills. You’ll not only increase your odds of keeping them satisfied in their current careers, but also you’ll develop a more well-rounded team.
Need help finding top talent in the Minneapolis jobs market? Your local Robert Half recruiter has a finger on the pulse in the Twin Cities. Call (844) 823-6469 today.