As we rug up through the cooler months of Winter, it’s time to check in on what’s happening in the market across Aotearoa. Here are the key trends our team are seeing across the employment landscape at the moment:

Job seekers

Nobody will be surprised that job applications numbers are still through the roof. While the quality of applicants has improved since earlier in the year, specialist skills are as tricky to find as ever. We’re seeing a real influx of overqualified applicants, applying for any job rather than one that aligns with their level of experience. There are pluses and minuses to this for the employer; while it’s an opportunity to secure incredible talent who will bring everything and more that you’ll need for your role, will you be able to hold on to them when the market corrects?

The rise of fractional working continues, fuelled by the high number of highly experienced executives looking for work. This presents a real opportunity for businesses to bring in the high powered, deep expertise they need on a part-time basis. Executives I know who are working in this way have three of four different ‘gigs’ on the go, sharing their wisdom and experience where it can really make a difference while making a decent living. This approach feels like a win for everybody.

Employers

Businesses that reduced head count over the last six months are now settling into their new, more streamlined way of operating. Around 20% of Kin’s small to medium sized clients are enjoying a period of growth which is heartening. And what a good time it is if you’re looking for fresh talent to power your growth.

Market darling organisations who have invested thoughtfully in their EVP have queues at their door from candidates keen to join their team. There is something to be said for cultivating a reputation of care around the work environment you offer. If you’re keen to hear how some of the best are approaching their EVP, reach out to one of the Kin team.

The market

Salary pressure remains low as the unemployment rate creeps up. The balance of power between the employer and the job seeker is more even than it was in the heady (crazy!) days of 2022. Both are more inclined to be reasonable about flexible working and balancing the needs of the business with the needs of the individual. While some business are reducing the size of their office footprint, many are renewing leases at their current size, Kin included.

That’s a wrap from me on how we’re seeing the market as we pass the mid-year point – how are you experiencing 2024?