Published Date: 27th November 2023.
2023 has witnessed businesses entering a new chapter after the pandemic period. Accessing talent remains a key barrier to business success, while organisations are experiencing the ripple effects of a complicated raft of macroeconomic circumstances.
In our latest webinar, our Chief Executive, Liza Viz, covers highlights of our Beyond Recruitment Economic & Labour Report 2023/24, and economist Shamubeel Eaqub provides insights into the current economic climate. We’ll highlight these findings, underlining the critical factors influencing the Aotearoa business environment, recruitment trends, and what we can expect to play out over 2024.
The Economic Outlook
Significant inflation and increased business costs have added pressures for many organisations, denting business confidence this year. Small and medium-sized businesses are finding it easier to withstand inflation, making them less likely to pull back on hiring than their larger counterparts. Combining the forces of these economic headwinds, it’s understandable that fewer businesses have reported ‘thriving’ this year. Yet, there are significant upsides within the gloomy narrative, indicating a ‘mixed bag’ outlook:
Talent Challenges Despite a Softening Market
The lack of available talent remains a primary barrier to business success, although more employers are finding it easier to recruit workers compared to previous years. Looking at the broader economic data, many organisations are fighting a rising tide of staff turnover, leading to increased hiring despite slow job growth.
Adapting to Ongoing Uncertainty
The pressures faced this year will continue into 2024, with very large organisations being the most affected. Economic uncertainty, the rising cost of living, and ongoing labour shortages will contribute to a decidedly cautious employment environment. In a slowing economy, renewing the focus on good HR practices, culture, and workforce planning is becoming increasingly important, as more organisations may begin emphasising retention and retraining over recruitment.
This is just a snapshot of what was covered in the report and webinar. We encourage you to request your copy of the report and check out the webinar, linked below, to access the full range of economic and employment insights that can help your organisation plan wisely for the next 12 months.
Gain valuable insights into how New Zealand businesses are navigating the challenges of the current talent market. Explore key trends in salaries and rates within specific industries and roles by requesting your exclusive copy of our comprehensive report. Click the button below to request yours now.
Please contact us to speak with one of our specialist recruiters who can provide you with the latest insights on market trends in the specialisation you're interested in or to know more about how we can assist your organisation.