The most recent monthly jobs report showed the seasonally adjusted New York City unemployment rate for June dropped to 6.1 percent, its lowest level since September 2008. That rate is also considerably lower than this time last year, when it came in at 7.2 percent. In June, 15,400 New York City jobs were added, on a non-seasonally adjusted basis.
Across the state of New York, the seasonally adjusted unemployment rate dropped to 5.5 percent in June, the lowest it’s been in seven years according the New York State Department of Labor. Statewide, 25,500 jobs were added, on a seasonally adjusted basis.
What does the New York City unemployment rate mean for employers?
“As the unemployment rate continues to decline in New York, employers are having an increasingly challenging time recruiting top talent,” says Dawn Fay, district president with Robert Half. “We’re seeing especially high demand for skilled professionals in the healthcare sector, as well as business and professional services.”
According to Fay, while many employers are re-evaluating their hiring processes, it’s also important they focus on their retention efforts. “Employees with in-demand skills have more options in the current market and employers need to ensure they’re making every effort to retain those individuals,” she says. “If you’re not being mindful of retention, you run the risk of the competition hiring your star players out from under you.”
If you don’t want your staff members to leave for greener pastures, you need to take proactive steps to ensure they’re happy at your organization. Examine their current salaries to make sure you’re keeping up with the competition. Additionally, check in with them on a one-on-one basis to gauge whether or not they seem happy with their current career paths. Doing so now could save you a great deal of time and effort in the long run.
Do these numbers reflect what you’re seeing in the New York jobs market? Let us know in the comments section.