According to the most recent monthly jobs report, the seasonally adjusted Philadelphia unemployment rate for October was 5.2 percent, a decrease of half a percentage point from this time last year. Additionally, 3,700 Philadelphia jobs were added on a seasonally adjusted basis in October.
Across the state of Pennsylvania, the seasonally adjusted unemployment rate for October was 5.1 percent. The state added 13,700 nonfarm jobs on a seasonally adjusted basis, bringing the total number to 5,858,100.
What do these numbers mean for employers looking to staff Philadelphia jobs?
According to Robert Half Regional Vice President Stephanie Naznitsky, the Philadelphia jobs market is seeing increased hiring across several industries, including the nonprofit sector, healthcare and financial services. But many employers within the city are not acting quickly enough to secure their top candidates, Naznitsky reports. “Firms taking too long to make an offer are losing out on their top choices as there is a war on talent in the area,” she says.
To avoid missing out on the best candidates, Naznitsky recommends managers update their hiring strategies so they can act more quickly and ensure that their starting salaries are competitive. She adds, “As salaries continue to increase, many companies are not acting fast enough in re-evaluating compensation based on today’s marketplace.”
Another challenge facing managers in the midst of the declining Philadelphia unemployment rate is the multitude of opportunities available to the limited number of candidates in the talent pool, Naznitsky says: “We’ve seen an increase in job offers with many candidates receiving multiple offers.” She advises hiring managers to remain aware of the negative consequences of counteroffers and avoid extending them to candidates. Additionally, companies should focus on alternative forms of compensation, such as employee rewards systems, to make their offers more attractive to the best potential hires.
How does the monthly jobs report data affect your hiring plans? For help locating top Philadelphia talent, contact your local Robert Half recruiter at (855) 399-4842.