New Zealand - The Jobs Report - April to June 2024

18 July 2024

The latest Jobs Report for New Zealand, covering April to June 2024, reveals a troubling trend in the nation's job market. The New Zealand Jobs Index plummeted by 11.8%, contributing to a staggering 41.1% decrease over the past year and a 52.9% decline since the end of the COVID-19 pandemic. This downturn underscores the increasing challenges faced by job seekers and businesses alike, with unemployment rates climbing to 4.3% as of March 2024.

One of the most concerning aspects of the report is the broad-based decline across various sectors.  These declines reflect a challenging economic environment, with businesses struggling to maintain their workforce levels amid rising costs and uncertain economic conditions.

However, not all sectors experienced declines. The Education and Training sector reported a surprising 14.7% increase in job postings, suggesting a potential rebound in demand for educational professionals and trainers. This sector's growth may be attributed to the increased need for upskilling and reskilling the workforce in response to evolving job market demands.

The report also highlights the impact of economic uncertainty on employers' hiring decisions. With inflationary pressures and global economic instability, businesses are adopting a more cautious approach to expanding their workforce. This cautiousness is reflected in the overall reduction in job postings, as employers wait for more favourable economic conditions before committing to new hires.

The New Zealand Jobs Report for April to June 2024 paints a sobering picture of the nation's job market. While some sectors show signs of resilience, the overall trend is one of decline, with rising unemployment and widespread reductions in job postings. Addressing these challenges requires a concerted effort from all stakeholders to create a more robust and lively job market for the future.

As HR personnel and recruiters, we can play a crucial role in addressing these challenges. It's essential to be open to candidates applying from different industries and to recognise and value transferable skills. Working closely with our candidates to help them upskill and develop both personally and professionally will be key. Additionally, we need to assist our clients in understanding how these candidates can drive their businesses forward. By fostering a flexible and adaptive approach, we can help bridge the gap between job seekers and employers, creating a more resilient job market.

For more details, read the full report here.

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