According to the most recent monthly jobs report, the seasonally adjusted New York City unemployment rate increased slightly in March, coming in at 5.5 percent. However, this represents a 0.6 percentage point decrease from this time last year. Additionally, 100,400 New York City jobs were added during the reporting period, on a non-seasonally adjusted basis.
For the state of New York, the seasonally adjusted unemployment rate held steady at 4.8 percent in March, remaining at its lowest rate since 2007. In addition, a seasonally adjusted total of 14,100 jobs were added across the state.
How does this data impact employers trying to staff New York City jobs?
Robert Half District President Dawn Fay notes that in spite of the slight uptick in the New York City unemployment rate, it’s still a candidate’s market. “Managers need to be aware that candidates are driving the hiring process in the city,” she says. “And while managers are struggling to fill positions, skilled talent may be considering multiple offers.” Employers competing for top candidates can stand out from the pack by offering a competitive salary and additional benefits, like professional development opportunities and employee rewards systems.
In addition to focusing on benefits, Fay advises managers to emphasize their company’s culture. “Today’s candidates, especially Gen Z, the newest generation of workers, value workplace culture in addition to salary and benefits,” she says. “If your company has regular office lunches and happy hours, a casual dress code and employee wellness programs, don’t be afraid to advertise those.” A positive work environment makes employees feel comfortable and encourages productivity. Aside from providing the benefits listed above, employers can create a positive culture by promoting a healthy work-life balance through added perks, such as compressed workweeks or telecommute options.
Finding it a challenge to locate top talent for New York City jobs? Call your local Robert Half recruiter at (844) 839-6888.