The most recent monthly jobs report shows the non-seasonally adjusted San Francisco unemployment rate for August was 3.4 percent, down 0.2 percentage points from the month prior. During the same reporting period, 3,700 San Francisco jobs were added on a non-seasonally adjusted basis.
Across California, the seasonally adjusted unemployment rate held steady at 5.5 percent in August. This rate represents a decline of 0.5 percentage points from this time last year. Month over month, the state added a total of 63,100 jobs on a seasonally adjusted basis.
What does the San Francisco jobs report mean for employers in the Bay Area?
Robert Half President of Strategic Accounts Sharon Black sa[TAS1] ys, “The declining San Francisco unemployment rate coupled with the rising number of jobs means the competition for skilled talent is heating up among area employers.” Black advises managers to evaluate their salary offerings to ensure their compensation is in line with market trends. “Though candidates value a variety of benefits and workplace perks, salary remains a critical part of their decision-making process when it comes to determining which job offers to accept,” Black says. She recommends employers benchmark their starting salaries against data in the Robert Half 2017 Salary Guides to reduce the chances of being passed over by candidates due to inadequate compensation.
That said, Black notes that employers shouldn’t lose focus of other factors that can sway candidate decisions. “To stand out in the current San Francisco jobs market, you need to make sure you’re providing the incentives talented candidates want,” she says. “Today’s employees are interested in perks such as on-site daycare facilities, telecommute options, flexible scheduling and extra vacation days.” These offerings show candidates you value work-life balance, which helps them envision a future at your company.
In search of top talent for San Francisco jobs? Your local Robert Half recruiter knows the Bay Area market. Call (844) 303-2724.