According to the latest monthly jobs report, the non-seasonally adjusted Minneapolis unemployment rate dropped slightly to 2.9 percent in October. In addition, 3,700 Minneapolis jobs were added in October.
The monthly jobs report also showed that the state of Minnesota saw its unemployment rate drop slightly in October, coming in at 3.7 percent. In spite of the decrease in the unemployment rate, the state experienced a loss of 1,700 jobs in October.
How do these numbers affect employers looking to staff Minneapolis jobs?
“The decrease in the Minneapolis unemployment rate is fueling a continued demand for top talent in the area,” says James Kwapick, district president with Robert Half. “The Minneapolis jobs market is competitive for employers, as the demand for skilled candidates exceeds the supply.”
And as the need for talent increases, so do candidates’ expectations. “Salary requirements are on the rise and job seekers aren’t willing to settle when it comes to any aspect of compensation, including benefits and employment perks,” Kwapick notes. To stay competitive in the Minneapolis jobs market, he stresses that employers need to evaluate their compensation packages if they haven’t done so recently. “It’s the companies offering a robust benefit package in addition to a competitive starting salary that will attract the top talent,” he says.
Kwapick also notes it’s important to differentiate yourself from the competition by showing you understand what job seekers are after. Work-life balance, company-sponsored professional development and opportunities for advancement remain key considerations for candidates when they evaluate an offer. “Even smaller companies can compete by offering flexible work schedules, an open and welcoming work environment and a clear, upward career path,” he says.
A Robert Half recruiter can assist with your hiring needs in the Minneapolis area. Call (844) 823-6469 and we’ll be happy to help.
The economy is still picking up steam, and if you are looking to hire, here are four tips for orchestrating your recruitment process to land your ideal candidate on the first try.