Denver Staffing Agency - Hot Market for Denver Job Seekers and Home Sellers
- 6/5/14 |
- 1:08 PM
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The Bureau of Labor Statistics (BLS) reported the unemployment rate for Denver fell 0.2 percentage points in April 2014 to 5.8 for the Denver-Aurora-Broomfield area. For the same month, the metro unemployment rate was 0.2 percentage points lower than the Colorado rate. When you reflect that the unemployment rate in Denver peaked in March 2010 at 9.1% and is now 3.3 percentage points lower, any savvy business enterprise knows that the competition for top talent or “A” level performers is once again a reality.
Here is a quick look at Denver’s unemployment rate change over the past one year:
|Unemployment Rate||April 2014||April 2013|
Hot Market for Denver Job Seekers and Home Sellers - Competition for Top Talent and Homes Once Again Heating Up
At J. Kent we are seeing top candidates receive job offers quickly; in some cases multiple offers within a shortened time-to-hire. Also, at the same time, on the real estate front, as reported by CoreLogic (owner of Case-Shiller) in their latest April report, home prices in the Denver-Aurora lakewood area jumped 9.5% above the April 2013 level. With both a candidate and housing inventory shortage, Denver job seekers and home sellers alike are experiencing a hot market.
What we are also experiencing at J. Kent are numerous counter offers. Employers who do not want to lose their top talent are now taking a defensive position with counter offers. The Denver job market is swinging back in favor of the candidates (at least for the moment) who are now asking for and receiving richer compensation packages. The competition of top talent and homes is once again heating up.
Employee Turnover is Expensive
As the "the war for talent" begins again, employee turnover will increase as employees begin to feel more confident about new Denver employment opportunities that will further their careers and increase their paychecks. Turnover, recruiting, hiring and training are expensive, and to bring a new employee to a level of required productivity is another matter altogether. Keeping your top talent, therefore, is now a paramount priority. Read more on “How to Attract and Keep “A” Level Performers.
Source: Bureau of Labor Statistics; Denver Busness Journal, June 3, 2014 - CoreLogic' s Report Shows Record-High Colorado Home Sale Prices