According to the most recent monthly jobs report, the seasonally adjusted Philadelphia unemployment rate for April was 5.2 percent, up 0.4 percentage points from March. Throughout the month, 300 Philadelphia jobs were lost on a seasonally adjusted basis — the first loss in 12 consecutive months of gains.
Statewide, the seasonally adjusted unemployment rate in April was 5.3 percent, also an increase of 0.4 percentage points from March. On a seasonally adjusted basis, the state lost 16,900 jobs during the same reporting period.
What does the rising Philadelphia unemployment rate mean for area employers?
Robert Half Regional Vice President Stephanie Naznitsky says the rising unemployment rate and declining number of Philadelphia jobs mean hiring managers should prepare for an influx of applications for open positions. “If you haven’t updated your hiring strategy in a while, now’s the time,” she says. “For one, you can reduce the number of unqualified resumes you get by starting with a carefully crafted job description on which to base your job ad. Descriptions should include clear outlines of the job’s responsibilities and the experience required for the position.
Current market conditions also mean area managers should focus on employee retention. “Competitors with open positions may try to woo your best workers away since there’s a lack of available talent on the market. To avoid this, you need to make certain your current employees are happy,” Naznitsky says. She notes that a positive corporate culture that promotes a healthy work-life balance will go a long way in reducing employee turnover. “Additional benefits like professional development, flexible work hours and rewards programs will also incentivize staff to stay at your company,” Naznitsky adds.
Has the current Philadelphia jobs market impacted your hiring plans? For help finding area talent, contact your local Robert Half recruiter at (855) 399-4842.