According to the most recent monthly jobs report, the seasonally adjusted Philadelphia unemployment rate for November was 5.0 percent, a decrease of 0.6 percentage points over the past 12 months. In November, 9,200 Philadelphia jobs were added on a seasonally adjusted basis.
The seasonally adjusted unemployment rate for the state of Pennsylvania in November was also 5.0 percent. Furthermore, the state lost 3,400 jobs in November, on a seasonally adjusted basis.
How do these trends impact employers trying to staff Philadelphia jobs?
According to Robert Half Regional Vice President Stephanie Naznitsky, hiring managers are locked in a battle for top talent, reflected in the declining Philadelphia unemployment rate. “Companies are competing against numerous organizations for a handful of candidates,” she says. “As a result, skilled job seekers applying for in-demand roles are receiving multiple offers.”
To secure top talent, Naznitsky advises managers to avoid unnecessary delays in the hiring process. “It’s crucial to thoroughly vet candidates, but it’s also important to remember that dragging out the interview process gives top candidates time to look elsewhere and accept other offers,” she notes. To avoid losing prospective hires to the competition, employers should update their hiring strategies and consider bringing in temporary employees to cover staffing gaps while the search continues.
Naznitsky also reiterates that timing is only part of the equation. “To get top candidates to accept job offers, salaries and benefits need to be competitive,” she states. “Because the market is flooded with counteroffers and multiple options for job seekers, employers should research salary trends to ensure their proposed compensation stacks up with the going rate for talent.” If more money isn’t an option, Naznitsky adds, employers can emphasize benefits at their companies that promote work-life balance, such as flexible hours.
For help finding top talent for Philadelphia jobs, contact your local Robert Half recruiter at (855) 399-4842.