Philadelphia Unemployment Rate Steady, Demand for Talent Still High

The most recent monthly jobs report released April 28 shows that the greater Philadelphia unemployment rate held steady at 5.6 percent in March 2015. In spite of there being no change since February, the city’s Metropolitan Statistical Area (MSA) lost 7,700 jobs in that month. Statewide, the unemployment rate for Pennsylvania was 5.3 percent, and the number of non-farm jobs declined by 12,700.

What does the greater Philadelphia jobs report mean for organizations looking to hire?

Stephanie Naznitsky, regional vice president for Robert Half’s greater Philadelphia area, noted that in spite of the Philadelphia unemployment rate, she has seen increasing demand in the past month for specialized talent. She pointed to the accounting industry as an example, where roles such as auditor, financial analyst and staff accountant are hot. Additionally, a recent Robert Half survey lists Philadelphia as one of five cities in which chief financial officers (CFOs) said it was especially challenging to locate skilled talent for professional-level positions. Seventy-four percent of CFOs noted recruitment difficulties.

In order to stand out in today’s competitive jobs market, Naznitsky says Philadelphia employers are becoming more aggressive in their hiring approaches than they have been in the past. She notes that employers can increase their chances of securing top talent by working with recruiters who are aware of passive job seekers in addition to candidates actively searching for employment. This allows them to have a more targeted group of candidates to bring in for interviews.

Specialized staffing firms can also be beneficial throughout the hiring process. A limited supply of candidates coupled with increased demand for talent results in a longer hiring process. Many employers find that bringing in interim professionals or consultants gives them the flexibility to easily staff up or down as workloads dictate.

How will the Philadelphia jobs report affect your hiring plans? Let us know in the comments field.


Blog Tags: 
Hiring Tips