According to the most recent monthly jobs report, New York City unemployment rose slightly in January, coming in at a seasonally adjusted 5.3 percent. In spite of this increase, 13,300 New York City jobs were added during the same reporting period, on a seasonally adjusted basis.
Across the state of New York, the unemployment rate decreased to a seasonally adjusted 4.9 percent in January. Seasonally adjusted data also shows that the state saw a gain of 3,300 jobs over the month.
What do these numbers mean for employers looking to staff New York City jobs?
“Even though the New York City unemployment rate increased slightly over the month, we’re still seeing significant job growth in the area, so hiring managers have their work cut out for them,” says Robert Half District President Dawn Fay. She notes that finding qualified candidates is increasingly difficult in the New York City jobs market.
To attract top talent, Fay emphasizes the importance of offering competitive compensation. “Our research shows that 54% of chief financial officers (CFOs) are increasing salaries for new hires. If you don’t keep up with candidates’ market values, you risk losing them.” She also urges employers to continue to look at incentive packages, benefits and signing bonuses.
However, Fay is also quick to point out that some small and midsize businesses may not be able to offer these salary increases and incentives. In these situations, employers need to sell the non-monetary employee perks of their organizations. That includes everything from professional development and career advancement opportunities, to telecommute options and transportation reimbursement. “And never underestimate the value of selling your unique corporate culture,” stresses Fay. “This is definitely a factor candidates take into consideration when deciding which job offer to accept.”
Local Robert Half recruiters can assist with finding top talent in New York City. Call (844) 839-6888 today.