The United States recovery is well underway and economic growth in the Dallas Metropolitan area has been picking up. As economic growth continues, hiring managers will find themselves under increasing pressure to both find top-notch candidates and to retain their own staff.
Texas’s Economy is Strengthening
The Dallas metropolitan economy has reported moderate growth in the previous 6 weeks, while nationally hiring has picked up. This could lead to increasingly tight labor markets as the national economy continues to recover and more applicants are absorbed amid increased corporate hiring. Given that Dallas’s unemployment rate is currently at only 6.4 percent, local hiring managers should plan carefully for an increasingly tight labor pool.
Texan firms will face some of the toughest hiring conditions. As a whole, Texas has already replaced all of the jobs lost during the 2009 Financial crisis, even though the rest of the nation has replaced only 52% of the jobs lost. Texas has also regularly been posting higher growth rates than the United States national average. Combine, these factors suggest that good economic times lie ahead for the Lone Star State but hiring managers will find it more difficult to find high quality applicants.
The labor market in Dallas is holding steady at the moment, though many legal firms are increasing their hiring and staffing firms are finding it hard to find talented workers. Lawyers with skills in intellectual property and commercial law are in particularly high demand. This may suggest that companies are gearing up to expand their businesses and are hiring the necessary legal staff to do so.
While it’s too early to bust out the champaign, there are numerous reasons for companies in the Dallas metropolitan area to be optimistic about the future. The national economy is on solid footing while global conditions, such as the ongoing debt crisis in Europe, are stabilizing. Meanwhile, Texas has become a particular bright spot within the United States and will likely remain so in the years ahead.
Tough Hiring Market Ahead
So what does this mean for businesses? Well, if you have been thinking about adding staff or filling a position now is the right time. The longer you wait the tighter the labor market will grow. This will leave you trying to fill positions with lesser talent for higher prices.
Securing talent now will have your company well positioned when the economy posts a full recovery. Not only will you secure the best talent you will also have enough time to train and integrate new workers. This will ensure that your business is at full working capacity once business starts coming in.
Also, it might be time to review your employee policies and make sure your key staff members are happy. While pressures on wages have remained minimal, some HR departments are starting to feel the pinch in regards to employee compensation. By keeping employees happy and in-tune with company policies HR departments will avoid losing staff to other firms as hiring continues to pick up.