As we leave summer behind and head into cooler months, the job market in NZ is continuing to heat up to record levels. JOYN Consultants are telling us of reduced applicant numbers, frustrating counter-offers and the kind of candidate behaviour that shows just how much the job seekers are holding all the power right now.
What is the Job Market in NZ Telling Us?
The job boards themselves are seeing record numbers of job postings on their sites but are delivering fewer outcomes, i.e. staff recruitment, to purchasers of their products. As a result, they have been spending some time digging in to their data to see just what is going out there, and the best way to recruit employees for both the business and the individual.
It points the way for any JOYN clients looking to hire new staff in 2022 and what you should be thinking about when formulating a recruiting strategy with your Human Resources advisor or team of recruitment consultants.
The Great Job Boom!
Job ad numbers are remaining at record highs and people applying is dropping steadily, this is creating one of the hottest labour markets we’ve seen in a while. The reopening of international borders may give cause for some optimism, and businesses can look forward to an influx of workers again, however, will the lure of working on an international platform, be more appealing with people leaving Aotearoa?
- 1 in 10 candidates don’t feel positive about their current role
- As a result of bad management, culture, and lack of pay, candidates are feeling undervalued, stressed, and suffering from a lack of balance
- 2 in 5 jobseekers claim that without hybrid working remaining on the table, they would leave their current role
Trade Me Jobs
With border closures and an all-time low unemployment rate, it continues to be a job hunters’ market. With this, job hunter confidence has returned to levels seen pre-Covid-19, with 28% of Kiwis intending to move jobs in 2022, up 11 points on last year.
Trade Me have recently released their State of the Nation Report for 2022. It’s their first annual review of Kiwis’ search behaviour and discusses emerging trends across the property, jobs and motor vehicle sectors, and the potential implications for businesses.
- 28% of respondents intend on moving jobs in 2022.
- 47% of workers would start a job without visiting the office or meeting their manager in person or would at least consider it depending on the situation.
- 63% of those respondents are more willing to do this now than they were prior to Covid-19 lockdowns.
Recruitment Planning in 2022
Most of JOYN’s client base is looking to 2022 with a level of careful optimism and, after rolling with a few punches in the past 2 years, an intent to hire more people and realise growth opportunities. Attracting top talent in potential candidates with the right skills and experience doesn’t have to be difficult. Take a look at your interview process, including internal hires and passive candidates.
The good news is jobseeker confidence is high, meaning you are likely to at least get eyeballs on your job openings. The bad news is that, if you’re not handling your staff well, it might be them who become the jobseekers.
The Key Takeaways for JOYN Clients Looking for a Recruitment Plan
The best way to recruit employees is to have a plan. Having a solid recruitment strategy made either by you or trusted recruitment consultants means direction and a clear sense of purpose for your hiring. So how can we build a plan with the help of our job boards’ findings?
- Firstly focus on retaining the current staff you have. Build relationships by keeping flexibility and checking REM and benefits against the current market average. Positive company culture and inclusive leadership are also important.
- Check how your employment brand stacks up against the competition. Survey your staff on satisfaction levels and how likely they would be to recommend it as a place to work. Jobseekers will have plenty of options so you need to stand out from the crowd.
- Flexibility and hybrid working remain of major importance, even as the current COVID restrictions ease, so make sure there are clear policies and expectations around this in place.
- Restrictions on overseas labour will begin to ease as international borders soon reopen. From July eligible employers can offer the Accredited Employer Work Visa but worth noting this only applies when paying above the median wage of $27.76/hr.
How JOYN Can Help
Having an experienced, focused and dedicated recruiter by your side can make the difference when trying to attract and engage jobseekers towards your business, especially as it is no longer enough to rely purely on job board applicants filling the gaps.
As well as running end-to-end recruitment assignments, some of our Consultants have recently been getting engaged in market-mapping for specific talent, conducting remuneration and benefits research, and running “always-on” recruiting campaigns for hard-to-fill roles.
Please get in touch if you would like to learn more about how we can help you develop a recruitment strategy and plans for growth in 2022.