The latest numbers are in for Austin’s job growth and unemployment, and the upward climb of the metro area’s economy continues. According to the Austin Chamber of Commerce, the Austin metro area is 16th in the nation overall for job growth over the past twelve months.
With a growth percentage rate of 2.1%, Austin added 22,700 net new jobs over the past year, earning the city a spot on the list of the top 20 fastest growing metro areas in the nation. Unemployment remains low, with a rate of 2.7% in March of 2019. Among the top 50 fastest growing metro areas, Austin has the fifth lowest rate of unemployment.
The Challenge of Finding Top Talent
As Austin continues to add new jobs and unemployment continues to decrease, employers will struggle to find and recruit top talent. It’s what we refer to as “the war for talent”—in a market like this, you’re almost bound to struggle to fill your open positions with qualified, top-tier applicants.
The reality is, in a market with low unemployment rates and a fast-growing economy, the market for talent becomes cutthroat. Your company will need to spend more time and resources finding talent, period. Without significant investment in your recruiting strategies, company pitch, onboarding, and perks, your business will fall behind as top performers move to competitors.
When recruiting for vital positions, consider outsourcing to a qualified recruiting consultant who can bring in highly qualified applicants. In a growing economy like this one, recruiting is more complicated than ever. Don’t fill your company with “just alright” candidates for lack of better ones.
Don’t Forget Retention
When the job market is hot like this, even marginally happy employees will start passively job hunting. They know just as well as you do that employers are offering competitive salaries, benefits, and perks to woo top performers onto their payroll. You can’t afford to lose your best employees in a job market like this.
Review your compensation strategies, benefits, and company culture to identify areas where you could improve retention. Proactively invest in your employees to let them know you want to keep them. Some areas to audit and review:
- Compensation strategies: Ensure your company is staying competitive as wages grow.
- Benefits: Is it time to update your benefits offerings? Are employees satisfied with what your company provides?
- Company culture: As your company grows, is your culture staying intact? Are employees satisfied with their work environment?
- Training and career development: Do your employees feel they can learn and grow in their career with your company? Is it time to build out a more robust training and career development program?
Not sure how you are doing? It might be time to meet with an HR professional for an HR Assessment or Recruiting Specialist to evaluate and refine your processes to get better results. Contact us today to learn more about how we can help you remain competitive in the Austin area.