According to the most recent jobs report from the State of California Employment Development Department, the non-seasonally adjusted San Francisco unemployment rate was 3.4 percent in June, steady from the previous month and down 0.9 percentage points from one year prior. On a non-seasonally adjusted basis, 600 San Francisco jobs were added in June.
Across the state of California, the seasonally adjusted unemployment rate for June was 6.3 percent — fairly consistent with May when it was 6.4 percent —and down from 7.5 percent one year ago. The state also added 22,900 jobs, on a seasonally adjusted basis.
What does this mean for employers looking to staff San Francisco jobs?
Regarding the San Francisco jobs numbers, Sharon Black, senior district president at Robert Half, says, “The Bay Area has seen marked job growth in several industries, including professional and business services.” However, she notes, the low San Francisco unemployment rate means staffing these positions is a challenge, as the supply of talent is becoming more and more limited.
To attract top talent, employers need to stand out from the competition. You can do this by offering competitive starting salaries and additional benefits, such as flexible hours and professional development opportunities.
Of course, recruitment is only half the battle. “In San Francisco’s current business climate, we’re seeing many organizations approaching their competitor’s employees,” Black reports. That means retention should also be at the forefront of employers’ minds.
You can avoid having your star players seek greener pastures by ensuring your compensation aligns with the going rate. Career advancement is also a key factor in why good employees quit. Checking in with your team to make sure they’re satisfied with their career path can go a long way towards keeping them happy at your organization.
How does the current San Francisco unemployment rate affect your hiring and retention plans? Let us know in the comments.