According to the most recent monthly jobs report, the seasonally adjusted Philadelphia unemployment rate for September was 5.3 percent, down 0.6 percentage points from this time last year. Additionally, 8,400 Philadelphia jobs were added in September on a seasonally adjusted basis.
Across the state of Pennsylvania, the seasonally adjusted unemployment rate for September was also 5.3 percent, consistent with this time last year. During the September reporting period, the state lost a total of 16,400 jobs on a seasonally adjusted basis.
What do these numbers mean for employers looking to staff Philadelphia jobs?
When asked about the Philadelphia jobs numbers, Robert Half District President Stephanie Naznitsky notes, “The declining Philadelphia unemployment rate along with the increased demand for skilled professionals has created a challenging market for hiring managers.” She adds that several factors, including “too many unqualified candidates applying for a role” are increasing the difficulties employers face. According to Naznitsky, the speed of the hiring process is crucial in landing top candidates in this market. “Companies who drag out hiring or add too many steps may find they’re losing out on the best applicants as a result,” she says. To face this challenge head on, Naznitsky suggests employers proactively audit their hiring strategies and update any old or outdated procedures.
The challenges for area employers don’t end there, though. “As market conditions improve, more employees are being tempted to look for better positions elsewhere,” Naznitsky states. In the present climate, employers need to focus on making certain current employees are happy, which means keeping up with salary trends, offering better benefits and, whenever possible, promoting from within the company. Naznitsky also advises that managers be willing and prepared to welcome back former employees who decide to return to the company.
How does the Philadelphia unemployment rate affect your hiring plans? For assistance with your hiring efforts, contact your local Robert Half recruiter at (855) 399-4842.