Reviewing the year's first quarter
As we wave goodbye to the long Easter weekend and say hello to changing clocks, it's time to recap the first quarter of 2024.
It often feels like it takes time to get into a new year, especially as many Kiwis take a long summer holiday and schools are out til February. But things are usually back in full swing by about halfway through the quarter.
This first quarter started with lots of talk from the new government on implementing their 100 day plan and ended on a technical low point, with news that New Zealand is back in a technical recession after a drop in the economy.
This has been deliberately induced in the wake of the Covid pandemic and it isn't a huge drop. But combined with rising migration, which means there are more people in the country competing for resources, and the increased cost of living, things still feel pretty tight. We're seeing that reflected in things like Trade Aid closing its brick-and-mortar stores in favour of online selling, foodbanks and other support organisations reporting increased use of their services, job cuts across government agencies and a continued downturn in the job market overall.
Continued big slowdown in the number of job ads and a rise in applicants
Writing this feels like de ja vu, but job ad numbers were down in the first quarter. There was a slight uptick in January, but month-on-month ad numbers were down 3% in February and down a whopping 27% compared to February last year.
Applications, on the other hand, rose for the sixth consecutive month
Those stats are consistent with our own numbers at Do Good Jobs. Our job ads are holding relatively steady month on month, but down on last year. But we are seeing an increasing number of new jobseeker accounts being created, higher views and clicks on our listings and larger numbers of applicants.
Those figures don't take into account the recent public sector job cuts in Wellington. The extensive redundancies and disestablishment of roles, coupled with predicted hiring freezes at many government agencies are likely to further fuel applicant numbers for other roles in the coming months.
What does this mean?
For employers, increased applicant numbers can be a double-edged sword. It's nice to have choice, but sifting through huge numbers of applications is time-consuming, especially if many end up on the "no thanks" pile. To reduce the likelihood of unsuitable candidates, make sure your job ads are clear and target the right people. Working with a niche job board like Do Good Jobs can also help you restrict your applicants to those more likely to fit with your values and required skills. We've got some extra tips here.
Former government workers may be of high calibre and would be an asset to your organisation, but they may also come with public sector pay expectations. Be clear about what you can offer and consider adding perks if you can't match salaries. Don't discount these applicants if they seem overqualified or out of your price range as some applicants may be willing to make compromises in the current market.
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For jobseekers, there's likely to be increased competition for roles, especially at middle and senior levels for months to come. That means you need to ensure you stand out and show off your skills and experience to their best advantage. Read our tips for standing out from the crowd. If you haven't interviewed for a while, then these tips will help you calm any interview nerves you might be feeling.
Looking forward, we're heading into the new financial year
Looking ahead to the next quarter, all eyes will be on Nicola Willis as she announces her budget. With the new financial year also upon us many organisations will be locking in their budgets for the coming year.
If your plans include recruitment, then you might want to consider locking one of our job packs into your budget early on. Job pack credits don't expire so you can buy now and have the listing space ready when you need it throughout the year.
Want all the details? We review the labour market and associated issues on our blog every three months. If you want all the details, you can read our latest update here.
How would you rate your current planning?
If you are a for-purpose leader, have you got your planning nailed down? Do you have a clear multi-year vision backed by actionable steps over a shorter time frame? No? Well, you are not alone. If you struggle with planning and it's lessening the impact that your organisation can make, we have help in the form of For Impact Coach Julia Capon
At midday on Thursday 11th April Julia is running a FREE webinar to help for-purpose leaders:
Want in? Book your spot here