State of the Market November 2022

Our Q4 2022

STATE OF THE MARKET

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Christmas is just around the corner!

2022 – Phew! What a year so far for Find, our clients and candidates. Find has grown (again!), and it is so rewarding to see our talented team members stepping into leadership roles and flourishing - really living the ‘magic sauce’ that makes Find tick. Amelia Nelson in our Auckland team has made every post a winner in her Find journey so far, recently taking on her first management role and bringing on 3 staff to develop a product offering for us. Kiri Brooks was an early adopter of remote working, 4 years ago shifting to Tauranga whilst continuing to be the top accounting recruiter in the Auckland region. Thanks Kiri! Your amazing work has paved the way for us to have Harriett Hrynkewycz and Kylie Brocket, living in Christchurch and successfully working both Christchurch and Wellington markets.

Speed to hire is still the key component we are seeing in the markets. ‘Snooze and you lose’ still applies across all sectors. We are spending a great deal of time in pre-qualifying candidates and making sure that there is a genuine alignment between the values and initiatives around equitability and environment of our clients, with our candidates views. This is not to say all processes are candidate driven, but we are finding our clients being more ready to articulate what they stand for, and how they are contributing to the communities within which they operate, and how we can use this to identify candidates for them. Salary pressure is still very much real. With all news channels being dominated by the ‘cost of living’ rhetoric, salary and hourly rates are rising. Find is spending a lot of time consulting with clients on this and providing real market examples of recent placements (privacy protected) that qualify where a job opportunity needs to be pitched to be competitive.

MIKE MCKAY

Director & Founder, Find Recruitment Wellington

Put simply, yes, the borders are open and there are people coming in! However, a walk down Queen Street in Auckland tells me the potential candidates I’m passing aren’t rushing around desperate to get into the interview process, which could possibly lead into a job asap. It’s dawned on them that New Zealand is far more expensive than they thought. Instead, they are people (who we welcome with open arms) who have come off cruise ships, strolling around with a tourist map in hand and sensible shoes, sporting a tan built up over the 28 days it took to get here. Or, they are Backpackers with their worldly possessions weighing less than the 23kg baggage allowance who will be off to see the South Island before exiting to SE Asia to stretch their dollars further (I fact checked this via a casual conversation with a group over from the UK hoping one might be a Chartered Accountant or IT professional wanting to stay on but alas no).

On the international stage we are competing against others who are doing it better and faster. Australia has opened up quicker and it is closer to most parts of the world. Canada pays better than we do plus there are cheaper housing and cost of living options available. Even with a potential slow down in the economy that others are predicting, it may only balance things out towards the end of 2023 however, especially upon looking at the slight upward curve of work visa’s issued. So what do we do? We must embrace the overseas experience and move fast. Microsoft Teams is a modern wonder, and time zones can be worked around to conduct interviews. Visas are being issued and it’s not as laborious a process as it once was. With our overseas Agency partners, we are tapping into that market like never before to get us an additional flow of candidates!

SIMON ROONEY Director & Founder Find Recruitment Auckland Corporate

THE NZ BORDERS ARE OPEN

*Data provided by stats.govt.nz. This stat is based on births, deaths and migrations within New Zealand.

but are the people flocking in?

Risk & Complianc

eWith our focus on Risk and Compliance recruitment we are seeing some interesting trends. Regulatory change continues to drive requirements across Financial Services particularly in customer conduct regulation, privacy, capital holdings and ensuring business units can stand alone in a crisis (BS11). The future conveyor belt of new regulation does not show any signs of slowing down.

OUTSIDE OF FINANCIAL SERVICES?

We are seeing a continued focus on Health & Safety and Financial Risk. An emerging area of newly created positions, which is highly interesting, is Environmental, Social and Governance Risk (ESG). Issues such as ethical practices, climate, social, diversity, inclusion and governance are now being highlighted in society and reporting standards are being introduced.

Many contributors to the industry champion the idea of ensuring best practice. However, the rate of change is causing challenges. With a candidate short market and “new to NZ roles” being created, we have seen salaries move up and real pressure being applied to incumbent staff. It’s a perfect storm and remaining compliant is seeing the cost of doing business rise.

WHAT ABOUT SMALLER BUSINESSES?

Smaller businesses are seeing a disproportionate impact for remaining compliant, which some feel could see mergers and perhaps the unexpected outcome of less consumer choice. Looking at this through a positive lens, many are finding their work interesting and varied – albeit very busy. We are also creating a whole new cohort of skilled professionals.

AS FOR REGULATORS?

They also face the same challenges in sourcing candidates and have appeared to lack resources to fully facilitate new directives. I hear there are plans to address this, although a balance is needed between the ability to enforce versus the ability of an industry to deliver.

CHRIS MARTIN

Principal Consultant, Find Recruitment Auckland Corporate

TEAM ACCOUNTING

The accounting market is an enigma right now. At some levels we are finding there to be a real shortage of talent in places where we haven’t struggled in previously.

Accountants working in professional practice have often been open to making a move in to the commercial sector however chartered accountancy firms have made it more attractive for staff to stay, counter offers are happening more than ever before and therefore we have been finding it harder to find this level of candidate. At the other end of the scale in the Finance Manager/Financial Controller space there are some good candidates around, which has given clients hope that there are great candidates out there.

Clients often come to us with a mindset that there is no one around. This is just not true. There are people out there, and it’s just a case of making sure you know what you are looking for, are flexible, have a plan B and (most importantly) move quickly if you identify a good candidate. The immediately available contractor candidates have been hard to find all year, as there are not many people at home which has meant we are finding it tough to move as quickly on a contract role than we have previously. Some clients have waited 4-6 weeks for someone to finish a contract or even a permanent role to bring them on for an attractive 4 month hourly rate contract.

Wishing you a very happy holiday season, and we look forward to working with you in 2023!

MARK HARPER

Practice Manager Accounting Recruitment

KENDALL BUSHBY

Principal Consultant

HARRIET HRYNKEWYCZ

Senior Consultant

STUART MUNRO

Senior Consultant

LINDA JESSEN

Recruitment Consultant

My advice to clients looking to hire staff right now is to move quick, remember you only need one person (unless you are hiring bulk) and ensure you sell the opportunity to the candidate – it’s a 2 way street now!

Wellington Mark Harper

KELLY MERSON

Recruitment Consultant

Returning from Parental Leave in 2023!

HR & Procurement

HR & Procurement markets are flying. The HR shift to include equitability and D&I related functions is developing quickly. We’re seeing demand for HR professionals to pick up workstreams around aligning organisational values with equitability –building in the likes of menopause and menstruation considerations to performance and pathway frameworks. It’s so encouraging to see the workflow develop in these areas. Find has recently undertaken the GenderPledge itself and being able to design recruitment practices that align to our clients’ policies in these areas is so rewarding. We’re forecasting a continued demand in the wider equitability field as companies embrace space and provide safe and productive working environments.

As a business we have a simple focus; people. In our pursuit of creating an environment that we can all be proud of, and that cherishes people in all their variabilities, we have partnered with the Gender at Work community to take the Gender Pledge. The Gender Pledge challenges us to review what equity and equality actually look like in our business.

As such, we have written the following statement in commitment of this pledge.

Procurement is also seeing a shift – value is the component everyone is seeking, and not just value being attributed as a $ amount. Wider considerations around environmental policies and people care policies are really coming to the front of what suppliers can provide or assist their clients with. It seems partnership is now a term being fully sought at a holistic level as opposed to a throwaway word to disguise the cost drivers.

As with all of 2022, candidate resources in these areas are scarce and clients are having to move quickly to secure talent.

DANAE YOUNG Principal Consultant, HR & Procurement

Find Recruitment will be a workplace where you can be true to yourself and be celebrated for who you are. A place where we do what is right, and what is equitable. A place where people are celebrated and supported, that respects and inspires a sense of belonging for all aspects of diversity, including gender, ethnicity, sexuality, religion, age, disability, neurodiversity, and all aspects that make each person unique. We pledge to create an environment that is forward-thinking, and that celebrates people at all stages of life, offering extensive support and considerations for gender transitions, for menopause and menstruation, for dealing with domestic incidences and for parental leave. We commit to leading a forwardfocused business that is equitable and celebrates diversity and that leads as advocates and allies of inclusivity. We commit to routinely reviewing this policy to ensure that it remains front of mind, practical in its use and purpose driven.

Candidate Demand Remains High!

Wellington heads into the end of 2022 with continuing high demand for contract and permanent staff right across tech in both Government and the Private Sector, and our Wellington Tech recruitment team is as busy as ever assisting our clients with their resourcing requirements.

The most in demand tech roles we are still seeing are:

• Project and Programme Managers.

• Business Analysts.

• Senior Software Engineers.

• Automation and Quality Assurance Engineers.

• Dev Ops and Cloud Specialists. Competition remains fierce for technical resources, with Wellington candidates often having multiple offers on the table for opportunities they are pursuing. We have seen many overseas tech businesses snapping up local Wellington tech talent to work remotely. With this, the salaries that are being offered to local talent far exceed what local businesses can typically afford to pay, which makes it that much harder to attract

talent for local firms. We are anticipating the high demand for tech resources to continue into the first quarter of 2023, as business confidence remains high. However, Wellington often experiences a ‘slow-down’ in election year, and with the general election scheduled for the third quarter of 2023, Government agencies will often slow down their hiring requirements before and after an election.

Secondly, with rising interest rates and the Reserve Bank taking a bullish approach to slowing the economy down to control inflation, we are anticipating the demand to fall off in 2023 at some stage. By how much, is anyone’s guess at this point.

So, to wrap things up - 2022 has been an awesome year for the tech sector in Wellington. With so much demand there have been incredible opportunities for local tech talent to secure great jobs with some amazing organisations, and candidates have been spoiled for choice. We feel privileged to work with so many amazing clients and help them find some of the best talent in the market. 2023 is shaping up to be a very interesting year, and no matter what happens, FIND IT Wellington will continue to support our clients and candidates with their recruitment needs.

JOSH REA ICT Practice Manager Find IT Recruitment Wellington

IT and Digital in Auckland is not slowing down in the lead up to Christmas and our summer holiday. We’re seeing real demand for project services (Senior PM’s and BA’s) and software development. Most roles now have transitioned to more of a permanent market with a small percentage being contract. This may be indicative of several large programmes finishing in the market.

We do normally see a slow down in the lead up to Christmas, but some of our larger clients have decided to continue to hire with a view to new starters starting in the New Year. This is a strong prospect for our candidates who could start the New Year with a new role. New Year, New Beginnings.

Recent market data published by Seek New Zealand shows that applications per job ad are on the rise once more. Up 6% month-on-month from September to October, and similarly 6% month-on-month from August to September. IT & Digital remains in the Top 10 industries in demand across the board, and we are seeing this sentiment reflected across our client interactions where demand for IT roles continues to grow. The borders have recently opened again, and so the population is starting to change once again. With access to the country available, our population had reached 5.1 million at June 2022, with this expected to grow as the year rounds out. At present, New Zealand’s population is estimated to increase by one person every 24 minutes and 59 seconds*

As we look to the New Year, software developers will continue to be in demand. We have several clients that would consider offshore dev teams due to limited resource being available in NZ. Some big programmes will also kick off in earnest which should bring a spate of new contract roles. *Data provided by stats.govt.nz This stat is based on births, deaths and migrations within New Zealand.

Plan your January calendar this side of Christmas.

With the end of the year fast approaching, many clients get ready for the holiday season and often believe candidates are doing the same – however candidates are as active in the holiday season as they are through the rest of the year! Don’t stop your hiring processes in the lead up to the holiday shut down. Keep hiring up to when you close, and ensure that your business is prepared to hit the ground running in 2023.

Lock your interviews in this side of Christmas, so that candidates remain warm and excited to interview with you in the New Year. Set yourself up for success by ensuring your New Year calendar is full of interviews and save yourself the hassle of having to start from scratch as other businesses were able to snatch up the candidates you were looking at this year. Historically, I’ve seen many exceptional candidates appear as the year begins to wrap up, as they finally have the time in their own lives to dedicate some resource towards applying for jobs.

This last half of the year is always the longest, with so few public holidays to cushion the lengthy weeks, as we normally have in the first half of the year. This often puts people into ‘I’ll stick with it until things get quiet’ mode, meaning that come December, they will start to apply. So my message is simple - don’t miss out on excellent candidates by shutting down too soon, and better yet, schedule their January interviews before you go on leave, so that they will still remain interested!

SAMANTHA MORRIS

Principal Consultant, Find IT Recruitment Auckland