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​New Zealand’s labour market is constantly evolving as economic factors, business needs and talent supply influence the demand for certain skill sets and candidates. In the Finance sector, specifically, the market is growing steadily, with data from Stats NZ revealing that there were around 65,500 filled jobs in the March quarter of 2022, up from 56,600 in March 2019. So where are we seeing movement in Finance right now, and what trends are currently shaping the industry? Below, Beyond Recruitment’s Accounting, Finance & Financial Services team from across the country break down their key observations to help you stay well-informed and competitive, whether you are looking for a role or want to grow your team. The Evolving Demands in the Finance Job Market The Finance market has changed a lot over the last 5-10 years, with new technologies and the shifting business landscape leading to the demand for different skills and role types. Automation has taken over much of the transactional processes, and many tasks that would have taken a full day to complete now happen at the push of a button. Consequently, a different set of skills is now required for Finance roles, regardless of level. Key attributes employers are looking for in Finance candidates: Soft skills over teachable technical skills Tech-savvy – Experience with reporting tools like Power BI and large FMIS systems (e.g. Oracle, TechOne) Excellent communication skills and the ability to easily translate financial jargon to accommodate stakeholders Innovation and the ability to automate transactional processesThe good news is that technology hasn’t replaced specific jobs, rather it has changed the responsibilities and duties of roles by alleviating the administrative burden and making reporting more accurate. For example, rather than spending time scanning invoices, Accountants have taken a more advisory-based role, allowing them to serve as a business partner rather than just a BAU transactional processer. For those who need to upskill in order to adapt to the changes in the Finance profession, a number of options are available, including CA qualifications, technology training on tools such as Power BI and leadership courses. Key Trends Shaping the Public and Private Finance Sectors Public vs. Private While there are some similarities between the public and private Finance sectors in New Zealand, there are some distinctions that shape the roles within each space. The skills and experience gained from both sectors are transferable, however, the goals of both industries are different, with the public sector, particularly in Wellington, focusing more on spending and specific political agendas, and the private sector focusing on reducing expenses and increasing productivity, revenue and net profit. Auckland differs from Wellington in that the speed to market in the private sector far surpasses the public sector. This means that candidates are being lost to other roles, as the process is lengthy in the public sector, and the salary banding is often too low for market conditions. Meanwhile, public sector employers in the regions are still demanding exact qualifications for roles and are not prepared to look at transferable skills. As a result, the roles are staying vacant, and the pressure is put on the current team to deliver more and more in terms of responsibilities.​Relocation and hybrid working Across the private sector, organisations are looking at how they can be creative with the limited talent pool at their disposal. Many clients are becoming more location agnostic, securing resource from other regions and the main cities with the opportunity to work remotely, especially across contract roles. The trend of candidates relocating to the regions also continues as interest rate hikes and rising housing costs bite, and many regional organisations are looking to the main centres to secure candidates who are willing to relocate for stable roles. When it comes to hybrid working, Wellington employers across both the commercial and government sectors are very flexible on working from home arrangements. In Auckland, however, there is some disconnect, with candidates sometimes asking for more working from home more days than an employer is wanting to provide. Nevertheless, hybrid working is now widely accepted by both candidates and employers for the majority of roles, and finding the right balance between remote and the office comes down to the unique circumstances of the role and negotiation. Find Out More If you’d like to discuss any of the above trends in more detail or find out how we can support you with your hiring or Finance job searching needs, please reach out to our nationwide team of Accounting, Finance & Financial Services recruitment specialists today. ​

Having recruited Payroll professionals for the past four years, I have seen first-hand what a key role they play for an organisation. Payroll is critical function - for those that are seeking more information about this interesting career, read on…. ​From a recruitment perspective, we are currently experiencing an extreme shortage of entry-level Payroll staff – those who earn between $50,000 and $70,000 per annum. This is happening for several reasons, including: Those thinking about employment direction don’t really understand the Payroll career and all it brings Employers are reluctant to take on candidates with little or no experience, but this is slowly changing as transferrable skills and attributes-based hiring becomes more common Employers are often reluctant to hire job seekers from other countries, assuming that they don’t have an understanding of local New Zealand legislative requirementsAnd it’s not just junior candidates who are hard to find. We are also seeing a shortage of quality Payroll candidates at the management level. There are a few reasons for this. From my experience, staff shortages mean senior payroll specialists often spend longer in hands-on roles out of necessity as well as the fact that payroll work lends itself to contracting – so those that are senior/experienced may move into more gig-based work. So what can we do to entice more people into the profession of Payroll? Misconceptions of What Payroll IsPayroll is one of those functions that can be taken for granted – it just “happens” in the background. Therefore there is a often a lack of understanding of the specialist skills, attention to detail, numeric skills and interpersonal qualities that great payroll team members usually have. There have unfortunately been some fairly high profile payroll-centric stories in the media over the last few years – I am concerned this may influence those who are considering a move into payroll. In reality 99% of the payroll work being done is incredibly high-quality with hundreds of thousands of kiwi workers getting amazing, accurate payroll outcomes. It would be great to see Payroll have specific qualifications and industry benchmarks, like, for example, Chartered Accountants. This would provide a regulatory body for Payroll, with regular training and updates to keep processes consistent across the market. It would also help during times of legislative change as Payrollers would have one centralised source to learn from. Finally, it would provide some sort of tiering system to benchmark Payroll roles because job titles are often company-specific and not market relevant. What Can Be Done?In order to overcome some of the talent-shortage challenges facing Payroll professionals and their employers we’d love to see:Employers should be open to looking at candidate applications with international experience or those with less Payroll experience when hiring. Instead, they should look for enthusiasm, transferable skills and the capability to learn on the job with the right support and training.Education providers should open courses to international candidates entering the New Zealand market – providing them with updates in local legislative requirements. This could also be useful for entry-level employees.Industry leaders should develop and distribute a best-practice framework that operates across all businesses to standardise and support people working in Payroll jobs.Working With Beyond RecruitmentHere at Beyond Recruitment, we have a team dedicated to the Accounting, Finance & Financial Services sector. We are passionate about matching professionals working in areas like Payroll with employers who are supportive and value their contribution to the business.Get in touch with one of our team members today to talk more about shifts and trends in the Payroll market, and how we can work together to find your new job or team member.