new zealand’s employment outlook for 2024.

Due to the change in government, although public spending might see reductions, the requirement for tech-savvy professionals in project management, transformation, engineering, and general management is expected to remain buoyant. Infrastructure projects in major cities will continue to create demand for both white-collar professionals and labourers in construction and engineering. And there will of course be sustained demand across the healthcare and education sectors in New Zealand.

The survey findings indicate a generally optimistic outlook on New Zealand’s economic performance in 2024, with 43% of respondents expecting improvements and 42% forecasting stability. This optimism likely stems from the country’s resilience during challenging times, including the global pandemic. The positive outlook suggests that businesses anticipate favourable conditions for growth, potentially leading to increased hiring and investment. However, it’s important to note that external factors, such as global economic trends and geopolitical events, can influence these expectations. It will be interesting to see if the change in Government will renew business confidence, and be pivotal for shaping economic conditions for the future.

The top three talent concerns keeping hiring managers awake at night are the impacts of technology on the workforce (37%), staff retention (36%), and rapid shifts in skill requirements (31%). These concerns highlight the evolving nature of the contemporary employment landscape. The impact of technology underscores the need for upskilling and reskilling initiatives. The emphasis on the retention of staff and the cost of staff suggests a possible tightening in the labour market, potentially pushing companies to review and enhance their employer value propositions.

The anticipated increase in talent cost by 61% of respondents necessitates proactive budgeting and financial planning. Companies may need to explore optimised compensation structures and performance-linked incentives to balance employee satisfaction with organisational sustainability.

An improving talent availability, as observed by 47% of respondents, may alleviate some recruitment challenges but necessitates sustained employer branding efforts to attract top talents amidst intensifying competition.

The New Zealand employment market in 2024 presents a landscape of both opportunities and challenges. Employers must remain agile, invest in skills development, and adapt to the evolving nature of work. The interplay of these multifaceted elements will be pivotal in shaping the resilience and competitiveness of New Zealand’s employment ecosystem in the forthcoming years.

1.  Ensure values alignment: ensure to align your values, passions and purpose with your job choices. Consider each job as a moment in time to learn and develop your career path.

2.  Be open-minded: be open to various work arrangements and opportunities. Explore industries and employers you might not have initially considered. New Zealand’s vibrant business landscape offers numerous avenues for growth and development.

3.  Sharpen soft skills: focus on developing adaptability and potential for growth. Seek roles where your transferable skills and ability to learn quickly are highly valued.

4.  Expand your network: engage with professionals in your industry through online platforms. Networking can open doors to unexpected opportunities.

5.  Invest in self-learning and upskilling: take the initiative to invest in your own ongoing learning and development in order to stay informed of what is happening in the market and to stay competitive.

6.  Be proactive: don’t rely solely on job advertisements, particularly in a softer market with reduced advertising activity. Be proactive in seeking opportunities by reaching out to organisations that align with your career goals. Put yourself out there, as speculative applications can open doors that might not be apparent through traditional job ads.

7.    Focus on personal branding: your online presence matters. Ensure that your online profiles and professional network portray you in the best possible light.

8.  Be realistic: the over-inflated salaries over the last 2-3 years are being corrected. Do your research to know what is fair and reasonable in the current market. In 2024, the market will be less candidate-led.

9.  Embrace sustainability: sustainability will touch virtually every aspect of every business in the future. Ensure you are well-read on sustainability trends and initiatives in order to keep at pace with the market. This could also be your key differentiator in 2024 and beyond.

10. Utilise your recruitment specialist: build a strong relationship with a recruiter in your field of expertise. They will not only consider you for exciting opportunities in the future, but the wealth of knowledge and insight they provide could just be your competitive advantage.

1.  Define your employer value proposition: understand why individuals want to work for your organisation. Articulate your purpose, your team’s culture, and build strong relationships within your workplace.

2.  Embrace diversity: foster diversity not only in terms of demographics but also in thought and skills. Embrace the advantages of cross-functional teams and diverse perspectives.

3.  Demonstrate agility and proactive learning: individuals must be adaptable, agile and know how to take control of their learning journey, staying up-to-date with industry changes. Read journals and periodicals about the key changes facing your industry or focus area. This is a good tip for jobseekers and business leaders. Organisations must continue to invest in learning and development for their people.

4.  Adapt to remote work challenges: invest in strategies and practices that help maintain team cohesion and a sense of belonging among remote employees.  Effective hybrid team management requires innovative approaches.

5.  Explore AI and technology: stay informed about AI’s evolving impact on the workplace. Be open to adopting technology that enhances the employee experience and productivity.

6.  Hire for the future: focus on hiring for potential and adaptability, considering the future needs of the role. Look beyond existing skills and requirements and assess whether candidates can contribute to the organisation’s long-term goals.

7.Prioritise talent retention and internal mobility: offer improved work-life balance and robust health and wellbeing support to retain your top talent. The cost of turnover is significant for any business. And in a candidate-tight market, knowing the value and importance of being able to redeploy people into your organisation is essential. The investment in upskilling and reskilling of talent will help your organisation evolve and stay relevant.

8.  Promote work-life balance and wellbeing: foster a culture that encourages employees to prioritise their health and wellbeing.

9.  Be open to meeting talent: even if your budget or headcount is restricted and you are not actively hiring, be open to meeting potential talent and building a future pipeline.

10. Partner with recruitment consultants: establish a true partnership with recruitment specialists. Provide them with deep insights into your business, strategy, and employer value proposition for a better understanding of your hiring needs. They are your guides and source of knowledge, providing invaluable insights, advice, and frameworks to navigate the ever-evolving job market effectively.