NZ labour market trends and forecasting the year ahead

Mark Smith: Good afternoon, Peter!

Guest Peter Crestani: Hello, Mark, how are you?

Mark: Um, I'm a little bit overweight and bold but there's not much I can really do about that. What I prefer to do is, you know what I was thinking? I was thinking of bold banter. Yeah, that's it. There's a whole lot of other as well, but we won't go into that.

Peter: [chuckles] Yeah, let's stick to the topic.

Mark: So, what's going on in New Zealand's job market at the moment?

Peter: Well, the unemployment rate came out last week at 4%, a little bit lower than what Shannon predicted in Mahi media. I'd describe the job market as having a bit of a tension at the moment, especially in Wellington due to the change of government. The rest of the market is reasonably steady, but Wellington is significantly impacted.

Mark: Right, and how has this impacted recruitment in Wellington?

Peter: Leading into the election, the contracting temps space quieted down quite a bit, which is quite normal when there's a possible change in government. After the government was formed, they quickly enacted some laws and signaled significant changes, including cuts in the government sector. This has put many recruitment processes on hold as agencies try to figure out how to meet the required savings. So, there's a lot of uncertainty and held vacancies in Wellington currently.

Mark: Sounds challenging indeed. Are there any particular industries that are thriving despite these challenges?

Peter: The medical sector, including nurses and doctors, continues to be strong. Additionally, technology, especially in areas like cybersecurity, and construction due to the housing crisis are seeing growth. Gaming is also a billion-dollar business in New Zealand and remains robust.

Mark: Interesting. Now, I've heard the term "flexors" thrown around. Can you tell us more about that?

Peter: Flexors are people who are leaving their jobs because they're not getting the flexibility they desire. Most candidates nowadays are seeking some level of flexibility, whether it's remote work or flexible hours. Finding completely remote opportunities can be challenging, as some clients prefer at least some in-office presence. However, flexibility is a priority for the majority of candidates.

Mark: Fascinating insights, Peter. Thank you for joining us today on Frogs on Friday. I'm sure we'll catch up again soon.

Peter: Thank you, Mark. It's been a pleasure.