The most recent monthly jobs report shows that the seasonally adjusted New York City unemployment rate for May was 5.1 percent, a decrease of 0.3 percentage points from the month prior. Additionally, 6,100 New York City jobs were added in May on a non-seasonally adjusted basis, according to the New York Department of Labor.
Across the state, the seasonally adjusted unemployment rate dropped 0.2 percentage points to 4.7 percent in May. This represents the lowest unemployment rate the state has seen since August 2007. In spite of this decline, the state lost 15,000 jobs in May, on seasonally adjusted basis.
How do these changes affect employers looking to staff New York City jobs?
Given the tight market for top candidates, Robert Half District President Dawn Fay says area employers should continue to fine-tune their hiring strategies. “Even when you’re not actively trying to staff job openings, take time to evaluate your processes and improve efficiencies,” Fay advises managers. Doing so will make the hiring process much smoother and more effective when you do have open positions. “Schedule a series of meetings with your HR group so everyone is on the same page about how the hiring process should work,” she suggests.
Fay also notes that employee perks are still an important part of a strong hiring strategy. “Candidates with in-demand skills are likely talking to hiring managers at other companies,” she says. Consider offering benefits that promote a healthy work-life balance, like flexible hours and telecommute options. When you make it easier for employees to take care of their personal obligations, they are less stressed in the workplace, happier and more productive. If you can, consider offering additional vacation time — an in-demand perk among today’s job seekers.”
Has the New York City unemployment rate affected your hiring plans? For assistance with your staffing efforts, contact your local Robert Half recruiter at (844) 839-6888.