According to the latest jobs report from the Pennsylvania Department of Labor & Industry, the seasonally adjusted Philadelphia unemployment rate was 5.5 percent in June, a decrease of 0.7 of a percentage point over the year. In the same month, 500 Philadelphia jobs were added, on a seasonally adjusted basis.
Across the state of Pennsylvania, June’s seasonally adjusted unemployment rate came in at 5.4 percent. Total seasonally adjusted jobs in the state fell by 2,700 in June to a total of 5,847,400.
What do these numbers mean for employers in the City of Brotherly Love?
Stephanie Naznitsky, regional vice president with Robert Half, notes, “We’ve continued to see seasonal job growth across several industries, particularly healthcare, financial services, manufacturing, pharma and non-profits.” Regarding the Philadelphia unemployment rate, she added that while fewer people out of work is positive in terms of economic recovery, it has resulted in unique challenges for employers. “Candidates have more choices in the market,” Naznitsky reports. “As a result, it continues to get more competitive for companies looking for top talent in a number of fields, and we are seeing more counteroffers and multiple-offer situations. That said, employers who are decisive and have efficient hiring processes are often winning the best candidates.”
The dwindling area talent pool also means that positions may remain vacant longer, leaving employers with staffing gaps until ideal candidates are located. To make your company attractive to job seekers, Naznitsky recommends staying ahead of salary trends and offering competitive benefits packages.
She adds that in the current Philadelphia jobs market that is favorable to job seekers, high-performing employees may be tempted to look for new opportunities and higher salaries elsewhere. “Companies should re-evaluate their retention strategies to keep their top talent,” Naznitsky advises. Consider increased compensation for key players, as well as employee recognition programs. Flexible or alternative work arrangements that improve work-life balance can also be effective retention tools
How does the current Philadelphia unemployment rate affect your hiring and retention plans? Let us know in the comments.