Delving into recruitment
Despite some prevailing headwinds such as lowered business confidence leading to lowered hiring expectations, and increased migration increasing competition - the job market is still predominantly tipped in a job seekers favour.
While recent headlines have trumpeted that we have rising unemployment, unemployment levels are still hovering around historic lows at 3.6% (the pre-Covid average was 4.1%). The labour force participation rate remains the highest it's been since record began in the 80s.
With 40% of the working age population in NZ open to new work (either actively looking for new employment or expect to change jobs in the n12m), it is important that players in the recruitment space remain active to drive future demand for their company or services as employment intentions rebound.
There is further challenge with the cost of living crisis meaning that Kiwis are also looking to Australia for employment opportunities. A recent study by Otago and Massey university found that up to 1/3 of Kiwi workers would consider working in Aussie.
This poses a challenge for Kiwi businesses especially when we consider that Australian State Governments are in the top 10 advertisers within the recruitment space YTD.