According to the most recent monthly jobs report, the non-seasonally adjusted San Francisco unemployment rate for September was 3.1 percent. Additionally, 1,900 San Francisco jobs were added in September, on a non-seasonally adjusted basis.
Across the state of California, the seasonally adjusted unemployment rate in September was 5.9 percent. This is a 1.4 percent decrease from this time last year. California added 8,200 jobs on a seasonally adjusted basis in September.
What do these numbers mean for employers looking to staff San Francisco jobs?
The declining San Francisco unemployment rate coupled with the increase in available jobs has resulted in qualified candidates receiving multiple offers. “This means employers must be prepared to move quickly,” notes Robert Half Senior District President Sharon Black. Businesses need to revise their hiring strategies and strike while the iron is hot when they find qualified candidates. Otherwise, they risk losing out. “There are now multiple layers of approvals when it comes to hiring,” Black adds, “and these can slow the process down. Additionally, being slow to hire can affect internal operations by lowering overall productivity. According to Black, managers are offsetting productivity lost during the hiring process by bringing in project professionals to buoy work levels.
To land the best candidates, Black suggests managers stay on top of salary trends to ensure they are offering competitive compensation. “Human resources is playing an active role for mid- to large-size firms,” she notes. “But in some cases, they don’t have their fingers on the pulse of the market and are not producing salary recommendations that align with what’s happening. Hiring managers need to be bold, rather than conservative in this competitive climate.”
How does the current San Francisco jobs report data affect your hiring plans? For assistance with staffing plans, contact your local Robert Half recruiter at (844) 303-2724.