The most recent monthly jobs report indicates the seasonally adjusted Philadelphia unemployment rate for February held steady at 4.5 percent. Also in February, 4,700 Philadelphia jobs were added on a seasonally adjusted basis, bringing the city’s total to a record high of 2,859,200 jobs.
For the state of Pennsylvania, the seasonally adjusted unemployment rate in February was 4.6 percent, unchanged from the month prior. This represents the lowest rate since September 2007. The state added 21,000 jobs during the same reporting period, and also saw a record high of 5,876,200 jobs in total.
What does the current Philadelphia unemployment situation mean for employers in the area?
Robert Half Regional Vice President Stephanie Naznitsky notes that the leveling Philadelphia unemployment rate and the rising number of open jobs means employers need to be mindful of their retention efforts. “Managers should be aware that skilled professionals are more confident about exploring greener pastures in the current market,” she says, “so you need to make certain you’re doing everything you can to keep outstanding team members.”
Naznitsky advises managers to conduct salary evaluations to ensure staff are being paid what they’re worth. “Our research shows more than half of CFOs are increasing starting salaries for new hires. If you aren’t paying competitively, it’s very likely these higher salaries may be used to lure skilled talent away from your organization,” notes Naznitsky.
Aside from salary increases, Naznitsky encourages employers to keep current employees happy by looking at alternative benefits that promote work-life balance. “Employees today value additional perks like employee recognition and alternative work schedules,” she says. These benefits encourage professional growth and help team members achieve work-life balance, meaning they’ll be more likely to stick around.
In search of talent for Philadelphia jobs? Contact your local Robert Half recruiter at (855) 399-4842.