August 16, 2016 • Richard Neisz
Richmond Unemployment Rate: What Knowing the Numbers Means for You
There’s a piece of the workforce puzzle, often only inspected by economists and public officials, that completes the picture of the employment market: that’s the unemployment numbers. Many fail to see the significance these numbers have on their candidate searches, but if we take a look at the Richmond unemployment rate, new hiring insight appears between the lines.
Richmond by the Numbers
According to the Bureau of Labor Statistics, the Richmond labor force has seen steady positive change since the end of the Recession. And the unemployment numbers have been part of that growth. As of June 2016, the Richmond unemployment rate was about 4.0 percent, which is a slight uptick from hitting the lowest unemployment rate in seven years.
How does that compare to Virginia, other states, and other metropolitan numbers? The local unemployment rate is slightly above that of the Virginia average, which was last recorded at 3.7 percent. Richmond unemployment is definitely lower than the national unemployment rate, which was measured at 4.9 percent in July. At a big picture glance, Richmond has a lower unemployment rate than 70 percent of the states and 84 percent of major cities. Not bad, overall.
What That Means for Richmond Employers
Low unemployment rates, on the surface, signify a more vibrant Richmond economy. More people with steady sources of income contribute to flourishing economic activity. Through that activity spreads a ripple effect, which has a positive impact on the success of countless businesses in the region. However, the hiring process always tends to take longer when there is a low Richmond unemployment rate.
Right now, the length of the average hiring process in the United States is at 23 days. With fewer candidates available, many employers have grown reluctant to pull the trigger, leaving the window open in the hopes that the perfect candidate will become available for an instant. Also, the level of competition that exists in the current candidate market corresponds with low unemployment rates, make finding talent all the more difficult.
However, the unemployment rate needs to be measured along with the labor force and labor turnover figures to get the full picture. The steady growth of the labor force by 75,000 workers over the last ten years show that at least the Richmond market is attracting new talent to fill vacancies. In fact, as part of the Urban Crescent, Richmond is among one of three cities that are seeing 90 percent of growth in Virginia.
And labor turnover in the U.S. has remained constant without any major upheaval, which suggests employers can expect the same level of challenges in finding talent unless they have access to insightful IT strategy consulting.
Hiring with a Low Richmond Unemployment Rate
When a low Richmond unemployment rate and a low labor turnover rate mix, businesses need to resort to outside-the-box strategies to acquire the best consultants. Many professionals in high demand roles will only remain on the market for a fraction of a second. To find success, companies need to have access to massive talent pools that can be difficult to cultivate without extensive time to commit to a search.
At Smart Resources, we take pride in building partnerships with the best talent in the Richmond job market. We keep our talent pipeline filled with experienced consultants who go above and beyond for the businesses they serve. Our skilled learn more about the advantage of Smart Consulting and deliver higher standards.