According to the most recent monthly jobs report the seasonally adjusted Seattle unemployment rate for June was 3.9 percent, down 0.8 percentage points from 12 months prior. On a seasonally adjusted basis, the number of Seattle jobs increased by 900 in the same month.
The report also indicates the seasonally adjusted unemployment rate for Washington state was 5.3 percent in June, also down 0.8 percentage points from the previous year. Additionally, the state added 3,900 jobs in the same month, on a seasonally adjusted basis.
So how do these numbers affect employers in the Emerald City?
Robert Half district president Josh Warborg noted that the month-over-month and year-over-year declines in Seattle’s unemployment rate “are encouraging for the city and indicative of an active and robust hiring market.” But of course, an active market means it’s more important than ever for employers to differentiate themselves from competitors since hiring managers have fewer people to draw from to fill Seattle jobs. In order to track down the best candidates, Warborg suggests employers ramp up their hiring efforts by working with recruiters to identify passive candidates — employees who aren’t actively looking for a new job. Another recommendation is for managers to start an employee referral program.
Warborg suggests staying abreast of salary trends to ensure you’re offering competitive compensation. He recommends that employers also consider alternative benefits like professional development opportunities and flexible schedules in order to attract top talent.
How does the current Seattle unemployment rate affect your hiring plans? Let us know in the comments.