If you’re like most hiring managers, filling your company’s open positions isn’t the only task on your expansive to-do list. So if you find it challenging to keep up with the fluctuations in the job market while juggling competing priorities, no worries. We’ve got you covered.

Devising a winning recruitment strategy starts with understanding the opportunities and challenges in front of you. To that end, here’s a quick roundup of the latest jobs news from government and media sources — and actionable takeaways to help you reach your hiring goals.

1. Job Movement Is Slow — But With a Bit More Action in NY/NJ 

In most of the nation, hiring and separation rates are largely stagnant. However, New Jersey and New York are seeing a little more movement.

Here’s a quick drill-down into what the U.S. Bureau of Labor Statistics is reporting:

  • Job opening and hire rates stayed the same or decreased in all states but one — New Jersey. In NJ, new job postings increased by 55,000+ in March and hires increased by 35,000+.
  • Separations and quits also largely stayed the same or declined nationwide. However, in New York, separations increased by 36,000+ and quits increased by 34,000+. In NJ, quits increased by 24,000+.
  • Nationwide, the labor market is strong. Sectors like healthcare, government, and hospitality are adding significant numbers of jobs to the economy. 

Overall, a strong labor market like the one we’re in today can make hiring a challenge. But higher separation and quit rates in NY/NJ mean there are discerning candidates on the market looking for a better opportunity in your area — which is encouraging news for you as a hiring manager in a slower market.

2. Compensation Rates Continue to Rise 

Given that interest rates, inflation, and the cost of living are all higher today than they were a few years ago, it’s no surprise that salaries, wages, and benefits costs are on the rise, too. Total compensation costs for private industry workers increased by 4.1% from March 2023 to March 2024, on top of the 4.6% jump we saw in the twelve month period prior to that. 

Another factor pushing compensation costs up is low unemployment rates nationwide. Although unemployment rates in NY and NJ are slightly higher than the national average, the difference isn’t enough to tip the scales in favor of businesses.

So ask yourself: Are your offers keeping up?

Don’t expect to attract today’s talent with yesterday’s compensation package — especially skilled tech workers. Advocate for the pay and benefits that will make your organization stand out.

3. NYC Is an Official Tech Hub

Now’s your chance to trot out those attractive compensation packages to woo the tech workers flocking to the Big Apple. 

The NYC tech workforce grew by over 40% between 2019 and 2023, winning one of every seven relocating tech professionals. 

Despite an economy in flux, there’s opportunity in our area for tech workers and the companies that hire them. 

RedStream Can Help You Navigate the NY/NJ Hiring Landscape

With fewer workers looking for new jobs in 2024, hiring managers face an uphill battle trying to identify and attract top candidates. A good recruitment firm — one that knows your market and your sector — can help you gain broader reach into active and passive candidate pools and find the talent needed to drive your business forward.

There’s no need to go it alone. We’re here to help.