The most recent monthly jobs report shows that the seasonally adjusted New York City unemployment rate dropped slightly to 5.4 percent in April, a decrease of 0.5 percentage points from this time last year. Additionally, 5,700 New York City jobs were added on a seasonally adjusted basis in April, according to the New York Department of Labor.
For the state of New York, the seasonally adjusted unemployment rate rose slightly to 4.9 percent in April. Month over month, the state added a total of 10,400 jobs on a seasonally adjusted basis.
What do these numbers mean for the New York City jobs market?
According to Robert Half District President Dawn Fay, the declining New York City unemployment rate shouldn’t give managers a false sense of security. She says, “The fact that unemployment is down doesn’t mean existing employees aren’t moving on, especially if they get a better offer or reach retirement age.”
To keep staff put, Fay suggests managers work to improve employee retention and decrease turnover by offering competitive salaries and by promoting a healthy work-life balance. Offering benefits like flexible work hours makes it easier for employees to meet both professional and personal obligations, meaning they’re likely to value their position more and stick around longer.
Fay also underscores the importance of succession planning, especially when managers are well aware that employees are approaching retirement age. “When a long-time employee exits, it creates a trickle-down effect that has a major impact on the productivity of the entire organization,” she notes. “There are a lot of moving parts to consider, including finding and training replacements for exiting employees. If you’ve been putting succession discussions on hold, now’s the time to renew your focus and create a solid plan.”
How has the current New York City unemployment rate affected your staffing plans? For assistance with hiring efforts, contact your local Robert Half recruiter at (844) 839-6888.