According to the most recent monthly jobs report compiled by the Employment Security Department of Washington State, the seasonally adjusted Seattle unemployment rate was 3.6 percent in August, a 1.0 percent decrease from 12 months prior. Also in August, 5,900 Seattle jobs were added on a seasonally adjusted basis.
Across the state of Washington, the seasonally adjusted unemployment rate was 5.3 percent in August, consistent from last month but down 0.9 percent from this time one year ago. On a seasonally adjusted basis, the state added 1,600 jobs in August.
What does the decrease in the Seattle unemployment rate mean for employers in the area?
Regarding the Seattle monthly jobs report, Robert Half District President Josh Warborg notes, “The unemployment rate in the Seattle area has continued to decline, and we’ve seen job growth across the state in several industries.” Decreasing unemployment coupled with increased job growth has resulted in a shortage of educated, highly skilled talent.
“Businesses seeking these candidates still need to take steps to make their organization stand out from the pack,” states Warborg. He suggests that one way employers can do this is by preparing for the next generation of employees: Gen Z. “Your organization will stand a much better chance of hiring these individuals if you understand what they expect in terms of salary and career fulfillment.”
Additionally, being aware of salary trends is an effective means of making your organization attractive to Seattle job seekers of any generation. Warborg also advises that hiring managers stay abreast of their industry’s employment trends to maintain a competitive edge.
Of course, this is only part of the battle. The rest comes in getting top-notch talent to stay at your company. “Competitive benefits are still one of the most effective ways to keep your best employees happy,” Warborg adds. He notes that employers can retain their most valuable team members by offering benefits like professional development opportunities or wellness programs. Promoting from within your organization and recognizing outstanding work will also go a long way in keeping your best employees around.
How does the current Seattle unemployment rate affect your hiring plans? Let us know in the comments.