According to the most recent monthly jobs report, the non-seasonally adjusted San Francisco unemployment rate for October was 3.3 percent, down 0.7 percent from the same time a year ago. Additionally, 10,000 San Francisco jobs were added in October, on a non-seasonally adjusted basis.
Across the state of California, the seasonally adjusted unemployment rate was 5.8 percent in October, a 1.4 percent decrease from October 2014. The state also added 41,200 jobs, also on a seasonally adjusted basis.
How do these trends impact employers trying to staff San Francisco jobs?
According to Robert Half Senior District President Sharon Black, employers in the Bay Area are facing a diverse set of challenges. While there continues to be high demand for skilled professionals, such as senior accountants and tech-savvy applicants with good communication skills, there is a shortage of qualified applicants. To counteract this, Black suggests that employers try adopting a more flexible hiring strategy that may include hiring internally or using interim professionals to ensure projects are completed on time.
The challenges for hiring managers don’t end there, though. Black also notes that the declining San Francisco unemployment rate has employees feeling more confident about their options. That makes them more willing to take a chance jumping into the job market to see if better opportunities await. “Employees are becoming increasingly more selective in terms of factors that affect their work-life balance,” she says. “This trend poses a unique challenge for San Francisco employers who must find a way to not only attract, but also retain, their best talent. It is important for businesses to keep their star players on board by implementing a retention strategy that focuses on competitive compensation, employee recognition and perks such as telecommute options and flexible schedules.”
How does the current San Francisco jobs report data affect your hiring plans? For assistance with hiring efforts, contact your local Robert Half recruiter at (844) 303-2724.