According to the most recent monthly jobs report, the New York City unemployment rate came in at a seasonally adjusted 4.8 percent in October. This is a decrease of 1.8 percentage points since this time last year. In addition, 56,500 New York City jobs were added in October 2015, on a non-seasonally adjusted basis.
The seasonally adjusted unemployment rate in the state of New York was also 4.8 percent in October, the state’s lowest unemployment rate since November 2007. In the same month, the Empire State saw a gain of 28,700 seasonally adjusted jobs.
What do these numbers mean for employers looking to staff New York City jobs?
“The declining New York City unemployment rate means candidates have more options right now,” says Dawn Fay, district president with Robert Half. “Employers need to move quickly to secure the best talent, or they risk losing their top picks to competitors.” This is especially true in the case of high-demand candidates, such as those with skills in internal audit, compliance and customer service. Fay says she also sees a widespread need for business systems analysts, mobile applications developers and web developers.
Additionally, Fay stresses that in the current New York City jobs market it’s crucial to make competitive salary offers based on the value of candidates’ skills. “Increased demand for talent is fueling a need to boost salary and benefits, especially when trying to attract hard-to-find candidates,” she says.
It’s also important for companies to focus on retention. “The growing number of job openings is making it more and more difficult for companies to not only hire new top talent, but to retain their existing staff,” notes Fay. “Employees know they have wider options these days. Companies need to make sure their staff is happy, and also need to talk to employees about career goals and show them the path to achieving those goals within their organization.”
Local Robert Half recruiters can assist with finding top talent in New York City. Call today at (844) 839-6888.