According to the most recent monthly jobs report, the non-seasonally adjusted Minneapolis unemployment rate dropped 0.3 percentage points in July, coming in at 3.5 percent. On a seasonally adjusted basis, 9,500 Minneapolis jobs were added during the same reporting period.
Statewide, the seasonally adjusted unemployment rate rose slightly to 3.9 percent in July. Month over month, 11,300 Minnesota jobs were added on a seasonally adjusted basis.
What does the latest Minneapolis jobs report mean for area employers?
According to Robert Half district president James Kwapick, “The declining Minneapolis unemployment rate and the rising number of available jobs means employers may have to search longer to staff open positions.” Kwapick suggests that managers consider a flexible hiring strategy to meet their organizations’ needs in the current market. A flexible strategy not only allows employers to address workload gaps while they search for a replacement for open positions but also gives them time to evaluate whether temporary professionals might be the right choice for some of those full-time positions.
Kwapick also notes that timing is of the essence today when hiring. “A drawn-out hiring process can have a demoralizing effect on existing staff,” he says. “Be sure to watch for warning signs that your team is feeling overburdened while you search for replacements, including employee burnout, a lack of enthusiasm and increased mistakes. In addition, new research from Robert Half shows that if companies take more than about two weeks to make a hiring decision, they may find their top candidates have already accepted other offers.”
Has the Minneapolis jobs market impacted your hiring plans? Your local Robert Half recruiter can help. Call (844) 823-6469.