New Zealand Job Market Update: Navigating a 29% Drop in Job Ads

Navigating the New Zealand Job Market in Tough Times:

29% Drop in Job Ads

The latest statistics from the Seek New Zealand Employment Report shed light on the challenges facing job seekers in the current economic climate. In September, there was a significant 29% decline in job advertisements compared to the previous year, marking a notable slowdown in opportunities. For the growing pool of job seekers, this data underscores the fierce competition and shifting landscape of employment options. Job seekers are being met with the reality of a tighter job market, and while this may seem discouraging, the broader context reveals some promising avenues that are worth exploring.

Economic fluctuations have brought about complexities in the hiring environment, but there are still glimmers of hope. One positive takeaway is that the rate of job ad decline is gradually slowing, hinting at a possible stabilization. Furthermore, the number of applicants per job is easing, which could mean less competition in certain roles. Regions like Canterbury stand out, with a 6% increase in job advertisements from the previous month, indicating a region with more robust job activity. This increase suggests that there might be potential opportunities for those willing to consider relocating or pivoting their careers.

Certain industries are also showing signs of resilience. The ICT and trades and services sectors, which had been adversely affected earlier this year, have shown small but meaningful growth, with job ads rising by 3% and 1%, respectively. Additionally, insurance and superannuation, real estate and property, and the legal sector have experienced a surge in job opportunities, with growth ranging from 11% to 27%. These statistics are crucial for job seekers to keep in mind as they navigate an evolving and often unpredictable market.

"It’s about seeing the market not just as a challenge but as an opportunity to evolve and find new pathways."

Our recent Mahi Media conversation featured Shannon Barlow, Managing Director of Frog Recruitment NZ, who shared her insights on the current state of the New Zealand job market. Shannon acknowledged the challenges that job seekers face but also urged them not to lose heart. “I’ve been trying to avoid it,” she admitted, “but unfortunately, there’s a bit more doom and gloom, I’m afraid, for this week’s Mahi Media.” Despite the sobering statistics, she emphasized the importance of staying positive and adaptive.

Shannon pointed out that while the overall market may feel bleak, there are still areas where opportunities exist, particularly in specific regions and industries. "Hang in there. I swear there is light at the end of the tunnel." she said, offering a glimmer of hope to those feeling the weight of job uncertainty. Her advice to job seekers includes being flexible, exploring roles in growth areas, and not giving up, even when the odds seem stacked against them.

The discussion also touched on the need for strategic job-seeking practices. Shannon highlighted that adapting to market demands and exploring new possibilities could be beneficial. For example, the uptick in job ads in Canterbury and the growth in industries like real estate, insurance, and ICT offer avenues for job seekers to consider. Understanding these trends and tailoring job search efforts accordingly could be a game-changer for those actively looking for employment. It’s about seeing the market not just as a challenge but as an opportunity to evolve and find new pathways.

To increase your chances of success, there are several practical steps you can take. Start by broadening your job search to encompass industries and roles that are currently experiencing growth. Customizing your resume for each job application and practicing your interview skills can set you apart from other candidates. Networking is also key; make a concerted effort to connect with professionals in your desired industry, as personal connections can open up unexpected opportunities.

Staying financially prepared is equally important during a job search. Setting a strict budget, seeking part-time work, or considering gig economy roles can provide a financial cushion. Investing time in additional training or upskilling can also make your profile more attractive to potential employers. Proactive financial management and ongoing skill development are essential components of navigating a challenging market.

Ultimately, even in a tough job market, preparation and perseverance can pave the way to new opportunities. Remember that the employment landscape is always shifting, and staying informed and adaptable will help you weather any storm.

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In business since 2002 in New Zealand, Frog Recruitment is an award-winning recruitment agency with people at our heart. Located across Auckland and Wellington, we specialise in accounting and finance, business support, education, executive, government, HR, legal, marketing and digital, property, sales, supply chain, and technology sectors. As the proud recipients of the 2024 RCSA Excellence in Candidate Care Award, we are dedicated to helping businesses achieve success through a people-first approach.