According to the most recent monthly jobs report compiled by the State of California Employment Development Department, the non-seasonally adjusted San Francisco unemployment rate was 3.5 percent in August. This is a 0.9 percent decrease from this time last year. Additionally, 10,600 San Francisco jobs were added in August, also on a non-seasonally adjusted basis.
Across the state of California, the August seasonally adjusted unemployment rate was 6.1 percent, a 1.3 percent decrease from this time last year. On a seasonally adjusted basis, the state added a total of 36,300 jobs in August.
What do these numbers mean for employers trying to staff San Francisco jobs?
Robert Half District President Sharon Black notes that along with the decreased San Francisco unemployment rate, the market is seeing increased hiring demand across several industries, including accounting and finance and administrative support. This presents challenges for employers.
“There is a war for talent, and competition is fierce,” Black says. She adds that employers who drag out the hiring process or are not active in selling their organizations will lose out on top talent. To make their companies appealing to the best prospects, hiring managers should understand the workplace expectations of Generation Z, the next generation of employees entering the workforce
While doing these things will help with hiring efforts, the work doesn’t stop there for employers. “If you are not paying market rates and offering a good career opportunity, prepare for turnover,” Black says.
Retaining your best employees is just as important as getting them through the door in the first place. Benchmark your salaries with resources like the Robert Half Salary Guide, then localize the numbers using our Salary Calculator. Black adds that other effective strategies for employee retention include offering additional benefits like professional development opportunities and even promoting or hiring from within the company.
Having trouble staffing key positions as the San Francisco unemployment rate declines? Call Robert Half at (844) 303-2724 and see how we can help.