The job market in New Zealand continues to show resilience and promising signs of recovery, as indicated by two recent reports from leading job platforms, Trade Me and Seek. Despite the challenges posed by the COVID-19 pandemic and other economic factors, the job market in New Zealand has remained robust, with record-high salaries, strong demand for workers and increased applications per job ad. In this blog post, we will summarise the key findings from both reports and provide analysis on the current state of the New Zealand job market.
Trade Me Jobs Report Highlights
According to the Trade Me Jobs report, the first quarter of 2023 saw record-high average salaries in New Zealand, with an average of $68,316, surpassing the previous year’s high. Salaries across the country have been increasing, with the South Island experiencing the highest average salary growth. Wellington retained its position as the highest-paying region, followed closely by the West Coast. The IT sector, although slightly lower than the previous year, still commands the highest salaries among all sectors.
Despite the expectation of a decrease in job listings, the Trade Me report revealed that vacancies were down only 7% compared to the same period in 2019, indicating a smaller drop than anticipated. The number of job applications per listing significantly increased, with an 83% rise year-on-year, providing a wider pool of applicants for employers to choose from.
Seek Jobs Report Highlights
The Seek Jobs report highlighted the ongoing demand for workers in New Zealand. While job ads experienced a slight decline in April 2023, they remained 15% higher than pre-COVID levels, signalling the continued need for employees across various industries. The Trades & Services industry, in particular, saw a surge in competition, with applications per job ad reaching record levels.
Regional insights from the Seek report showcased positive trends in several areas, including Wellington, Bay of Plenty, Manawatu, Gisborne and Southland, which all recorded an increase in job ads. Auckland and Canterbury were the exceptions, experiencing declines in job ads. Despite these variations, all regions, except Auckland, exhibited higher job ad levels than pre-COVID times.
Analysis
The combined findings of both reports reflect the resilience of the New Zealand job market in the face of economic challenges. The high salaries reported by Trade Me demonstrate that employers are willing to compete for quality workers, particularly in industries experiencing skill shortages. The IT sector, while experiencing a slight decline in average salaries, continues to offer competitive pay.
The increased number of job applications per listing, as noted by both reports, suggests a highly competitive job market. Candidates are actively pursuing opportunities, even as job ad volumes rise. This heightened competition is most notable in the Trades & Services industry, where applications per job ad have reached unprecedented levels.
Despite some regional variations, the job market in New Zealand remains robust, with most regions reporting higher job ad levels than before the COVID-19 pandemic. This indicates sustained demand for workers across the country, with Wellington being the highest-paying region.
The reports also shed light on emerging trends, such as the growing popularity of remote work opportunities. The Trade Me report highlighted a significant increase in job listings featuring “work from home,” while the Seek report noted a surge in applications for flexible working arrangements.
Conclusion
The recent job market reports from Trade Me and Seek demonstrate the resilience of the New Zealand job market. Despite the lingering effects of the pandemic and other economic factors, the country continues to witness high salaries, strong demand for workers and increased competition among job seekers. These positive indicators provide hope for job seekers and employers alike, pointing to a promising future for the country’s workforce.