State of the Market Q3 2023

STATE OF THE MARKET

QUARTER THREE 2023

Welcome to our Q3 State of the Market report for 2023.

With the upcoming election on the horizon and winter now behind us, we eagerly anticipate the remainder of 2023. Summer sunshine, longer days, and beach getaways are just around the corner!

In the third quarter, Find Recruitment has shown adaptability in response to the economic conditions shaped by both the government and our politicians. The Reserve Bank of New Zealand's commitment to a brief and impactful recession has moderated the robust demand witnessed in the first half of the year. Consequently, hiring managers are now taking a more deliberate approach to evaluating their options as we approach the final quarter of 2023.

We take great pride in our team's dedication as they intensify their efforts to gain a deeper understanding of our clients' businesses and anticipate the talent they will require as demand rebounds in 2024.

During this quarter, we joyfully welcomed back some team members from parental leave, bid farewell to those embarking on overseas experiences, and made strategic new hires to bolster our presence in key markets.

At Find Recruitment, we've weathered turbulent times before and always emerged stronger. We're currently witnessing the arrival of exceptional candidates entering the job market, many of whom we're in close contact with. We're thrilled to connect these talented individuals with our clients across New Zealand.

In recent times, we have proudly observed Te wiki o te reo Māori (Māori Language Week) and Mental Health Awareness Week, both of which are integral to our Find culture. Each year, we take the opportunity to embrace these movements, promote the use of te reo Māori, and address the crucial issue of mental health in New Zealand. As we enter the fourth quarter, we are committed to furthering our own practices related to te reo Māori and expanding its presence across our digital platforms.

Last but certainly not least, our ongoing commitment to carbon neutrality has led to the planting of over 300 native New Zealand trees this year, thanks to our partnerships with you. We are dedicated to eco-friendly business practices and strive to contribute to the preservation of New Zealand's pristine environment.

This quarter has been filled with activity, and while there's much more to share, we hope you enjoy reading this report. We eagerly anticipate the opportunity to collaborate more closely with you in the future.

Ngā mihi, Josh Rea

Josh Rea - Ngāi tahu Recruitment Director, Find IT Recruitment

PERMANENT, CONTRACT & PAYROLL PROVIDERS FOR COMMON CORPORATE & COMMON IT.

WE ARE PROUDLY JOINING THE

AoG Talent Acquisition Panel

We’re proud to announce that Find Recruitment has been appointed to the All of Government (AoG) Talent Acquisition Panel!

We’re excited to continue our existing relationship with the amazing New Zealand government and public sector agencies we’ve worked with up to now, and getting to work closely with many more going forward.

As specialists in permanent and contract recruitment across IT and Corporate, our teams in Auckland, Christchurch and Wellington, are ready and well positioned to help Aotearoa prosper through connecting organisations to the best talent available!

You can see what we’re all about by checking out our website at the link below – explore top jobs, our salary and rate guide, our community partnerships, our state of the market snapshot, expert insights and much more!

We look forward to working with you.

An update on our team

We're thrilled to welcome both Chantelle Smith and Rachel Gray back from parental leave.

You can learn more about each of them below!

Chantelle Smith Senior Consultant, Auckland

IT & Digital

Learn more about Chantelle here »

Rachel Gray Senior Consultant,

Wellington IT & Digital

Learn more about Rachel here »

Inspiring opportunities & belonging

The original Laura Fergusson Trust was established in 1967 by Lady Laura Fergusson and Lady Mary Caughey, to provide support services to disabled people.

Lady Fergusson’s vision was to assist and encourage disabled people towards achieving their full potential, and to acquire independence in daily living. For over 50 years their vision was realised through many evolutions in society, policy, medical knowledge, the growing use of technology and an increasing understanding of disabilities. The way we look at disability in Aotearoa has also changed significantly over this time.

The Laura Fergusson Trust (Wellington) is an independent charitable trust who has been proudly supporting those with physical disability within the wider Wellington region for over 40 years. More recently their services have extended to the Wairarapa & Whanganui.

What kind of work does the trust do?

The Laura Fergusson Trust provides rehabilitative services in the community through contracts with ACC and in their residences they support people to live active and independent lives participating in all aspects as they choose, in their own environment and in the wider community. They help individuals living with a disability to live life to the fullest.

Please note, all imagery has been used with the express permission of the residents and individuals depicted.

How do you raise funds?

Most significantly our funding comes from contracts with ACC and Whaikaha (Ministry of Disabled People), which is increasingly challenging as the funding has not matched the needs of our work with clients for some time now, and nor does it provide for any capital replacement planning for our tired buildings.

We are grateful for the donations that we have received and have applied with limited success for grants for particular things such as new vehicles or replacement of the larger gym equipment. We would welcome any involvement whether it be financial or volunteer helping us with fundraising.

Our Relationship

“Find have been an amazing partner in our Round The Bays which our residents have participated in for many years. Over the last 5 years Find have actively sponsored us and physically supported us by running the race under the Laura Fergusson umbrella. Find have also helped us find some amazing staff over the years.”

Alison Molloy

GM Special Projects

Laura Fergusson Trust, Wellington

How far does your donation go?

Generous donations from kiwis and businesses help facilitate the amazing work done by the Trust. Here’s a brief overview of some common donation tiers, and how far your individual or business contribution will go. All donations are used to enhance the wellbeing and lifestyle of the amazing people living in the LFT residences.

2x swimming lessons + return taxis.

A wellness day out for 2 residents.

Paint to redecorate a resident’s rooms.

New plants for the gardens.

Morning tea for volunteers as thanks.

Weights for the fully accessible gym.

We in the wonderful world of accounting, numbers and high finance have seen a decrease in roles when we look back year on year on year. Yes I hear you say, time to have my pick of the candidate litter! Or is it?

In our previous State of the Markets, we have explored the draw that Australia has (see here) and the departure of candidates to do their OE in record numbers. (For more reasons than just they were restricted on movements during COVID). Factors such as work-life balance, opportunities for growth and salary (especially with cost of living) have all come into play.

Yes, we have some wonderful candidates and people coming in to Aotearoa, but has it been a straight swap of like for like? An elongated visa process hasn’t helped either so in some ways the pool of talent still sits at the same tide level. You might find yourself asking, how do you retain people, and attract the right talent for your role?

Well firstly, when it comes to selling the role you need to think, what is compelling? What will entice and lure ‘em over to your brand?

A good Recruiter will know you, your management style, the team culture, the journey you’ve taken the team on, what you’ve implemented, and any efficiency improvements you have made. As part of the briefing process, team benefits will be covered and providing a cheat sheet to your Recruiter is an invaluable resource. (This is a huge help when outlining what you have to offer while eliminating any confusion, i.e. “yes, we offer Health Insurance, but no we don’t offer Pet Insurance”)

From there you'll start to receive applications and interested candidates. Once you’ve gone through the formal part of the interview with them, it is a prime opportunity to reiterate your journey, where you could see them fitting in and the career pathway the candidate could have. Build the excitement and speak to the benefits, the social aspects, the training, development and growth. Consider what makes your business exciting, why you stand apart from your competitors and how you'll help them on their journey. This will help make you memorable to candidates, and help you stand out from competitors who aren't keeping up with the game!

But what about the elephant in the room? Counter offers!

Yes, these are still very much a real thing in 2023 and just like in 2022 when we hit an unprecedented number of counters, it has rolled on. Great teams want to keep great people right? Flattery goes a long way, just like an unexpected, out of sync pay rise. All things we’ve observed this year to date.

Should I stay or should I go now?

One of the more common questions we're starting to see, from both active and passive candidates. Should they move on, or should they hold and see what the market does? Low business confidence, the looming election (with some form of change in government, or government spend) and rising interest rates has resulted in a talent pool that is much less passive.

So, if you have a role - sell, sell, sell! - and speak to experts* to get much needed support in filling your role!

*Experts like us here at Find!

It's more than numbers!

Simon Rooney

How we can support your Corporate needs

We are industry specialists here at Find Recruitment, and have the know-how and the can-do attitude to get you the right people for your business. At Find Auckland Corporate, we specialise in sourcing all the talented people you need to make your corporate entity thrive! Here's an overview below!

Accounting & Finance

Accounting & Finance is our bread and butter! Our history in the these fields is extensive, and we use our personal industry experience to help inform and guide you every step of the way. Supported by a wider team, we can recruit in the following fields:

• CEO / CFO & Executive General Management (Tier 1 & 2/3 roles)

• Systems Accountant

• Financial & Commercial Analysts

• Financial Accounting

• Management Accounting

• Tax

• Payroll

• Treasury

Business Support

Our team excel at finding up-andcoming talent to fill those critical support roles. We can recruit in the following fields:

• Accounting Support

• Legal Support

• General Business Support

• Sales & Marketing Roles

• Finance Support

• Exec Office & Admin Support

• Practice Managers

• Accounts Payable, Receivable & Credit

• Payroll

Risk & Compliance

We've got a detailed history of personal experience in Risk & Compliance! We can recruit in the following fields:

• Compliance Associates

• Risk Analysts

• Business Assurance

• Risk & Compliance Specialists

• Legal

• Risk & Compliance Managers

• Level 1, 2 & 3 Risk Management

• Head of Risk

• GM Risk/CRO

Confronting Redundancy In A Tech Driven Market

Sif Arnardottir

Experiencing redundancy is undoubtedly a challenging ordeal that can take a toll on one’s energy levels and mental well-being. These difficulties often extend into various aspects of life, affecting personal confidence and overall outlook. In today’s technology-driven job market, where the ghost of redundancy looms large due to economic downturns and corporate shake-ups, it is imperative to confront the common stigma associated with this experience.

The Redundancy Stigma

One prevalent misconception surrounding redundancies is the unwarranted linkage to failure, sub-par performance, or job insecurity. Many individuals mistakenly believe that facing redundancy reflects negatively on their skills and capabilities. This notion has been perpetuated by a social stigma surrounding redundancies, causing those who have endured them to feel embarrassed or ashamed, even when they are blameless for their predicament. It is essential to recognise that redundancies often result from broader economic factors, corporate restructurings, or other reasons entirely unrelated to an individual’s performance. However, these ingrained stigmas can trigger intense feelings of self-doubt and anxiety in those who have undergone redundancy.

Empowering Change

In the face of redundancy, it is crucial to embark on a journey of self-empowerment and self-belief. One effective way to facilitate this transformation is by asking individuals who have faced redundancy what advice they would offer to a friend in a similar situation. People tend to be much more compassionate and supportive when advising others than when addressing themselves. This question serves as a reminder to break free from self-punishment and adopt a more constructive and optimistic mindset as they navigate the challenges of finding their next role.

Tools for Success

Fortunately, numerous tools and resources are available to assist individuals in their journey to regain professional footing after redundancy. These tools can help them rebuild their confidence and regain their place in the job market:

1. CV Templates and Creation Tools: Crafting an effective resume is a crucial step in securing a new position, and does not need to be costly. Various online platforms offer CV templates and creation tools that can help individuals showcase their skills and experiences effectively.

2. Market Salary Reports: Understanding the current salary landscape in their field is essential for negotiating fair compensation. Market salary reports can provide valuable insights into industry standards, allowing job seekers to make informed decisions. You can find our salary guide here.

3. LinkedIn’s “Open to Work” Banner: Utilizing LinkedIn’s “Open to Work” feature signals to both agency and in-house recruiters that an individual is actively seeking new opportunities. It can increase visibility and networking prospects.

4. Job Alert Platforms: Websites like Seek.co.nz and TradeMe Jobs, offer job alert features that notify users of relevant job openings. This saves time and ensures that individuals stay updated on suitable positions.

Redundancy should not be viewed as a mark of personal failure or inadequacy. Instead, it should be seen as an opportunity for growth and transformation. By challenging the common redundancy stigma and adopting a proactive approach, individuals can navigate this challenging period with resilience and emerge stronger on the other side. With the right mindset and access to valuable tools, they can find their path to renewed professional success and fulfilment.

On the topic of AI

Pete Thompson

AI remains a hot topic. By now you're probably tired of hearing about it however tools like ChatGPT have allowed for some streamlining of recruitment services, including writing job descriptions, which can fast-track many aspects. This, however, can never replace the human element, which is what sets recruiters and AI apart.

AI remains exceptionally fast, however it is fallible, and will rely solely on the accuracy of what remains online. With no resources at its disposal to verify information, and to screen through human emotion and thought, you cannot guarantee accuracy with AI usage. AI cannot offer the reliability that comes from a face-to-face chat, or a phone call, to pick up on different nuances. Indeed you could spend countless hours of your own screening through generic candidates that an AI system may put forward, but that is counterintuitive to your business objectives.

AI lacks original thought and can only make use of what it is fed. Debate rages about the unintentional bias of AI, in that the perspective of a particular AI will align to the morality of its maker. This could result in a divide in D,E&I as AI has the potential to favour certain characteristics and eliminate others for not fitting the makers' criteria. The lack of original thought however means that a business which relies solely upon AI to find people will likely end up hiring poor culture fits, and will waste their time wading through excessive volumes of unrelated content to try and find someone good. Recruitment Agencies like Find are market specialists and are worth every dollar in making the true cut-through needed to find the top talent.

AI is not all doom and gloom however. AI can facilitate us quickly screening written documents to look for errors, to craft the baseline for new job descriptions or advertisements which we can finesse with our expertise, and to optimise our output. Essentially operating as a 'personal assistant’ to each person means the admin/paperwork is getting done, and our consultants are spending more time talking to candidates, and providing our clients with the most authentic people in the market.

We're proud to deliver on the human element with the support of AI at Find Recruitment. We've already delivered on authenticity for over 15 years, thanks to our lack of KPIs and metrics, which facilitates our consultants in sending candidates across to clients that are truly a match.

quick stats

AI software is already generating over $50B in annual revenue worldwide.

The global AI Market is estimated to grow from US$150B to US$1.3T at a CAGR* of 36.8% by 2030.

(*Compound Annual Growth Rate)

By 2030, the growth in AI technology has the potential to contribute $15.7 trillion to the global economy.

In a world of AI, choose people.

The Accounting & Finance Market in Wellington

Mark Harper

Accounting recruitment in Wellington is standing up well considering the current economic factors that are at play nationwide.

We’re seeing that salaries at the Financial Controller/Head of Finance tier have stayed stagnant and could have even topped out after a period of growth. Although we did see a slight pause in the number of jobs at this level between April and July, we have seen this start to increase again as the election draws near.

There has been a significant skills shortage gap at the Management Accountant/Analyst Level, and client expectations vs candidate skills and experience has made it tricky to match. In the $90-$120k mid-tier accountant level is where we see the highest demand right now with the number of jobs on advertising platforms in Wellington surpassing over 20! Professional Practice also sees the highest need in Wellington right now, as many have moved overseas on their OE or moved to the commercial sector.

We’re seeing this trend still ongoing, although we’re optimistic it may curtail soon! The OE shift is undoubtedly due to the visa

requirements having changed for young working-visa holders, alongside a significant lure this year from the other side of the ditch, getting people to look at careers in Australia.

The CA firms did some great work in retaining staff 18 months ago by offering retention bonuses and early promotions (to name a few), however, moving into Government or commercial from professional practice has been an attractive draw card for candidates.

The Election factor has had some expected changes, including a slow-down in contracting across government agencies, as we wait to see what the outcome will be. This is reflected across the private sector also. However, with a number of changes in commercial businesses nationwide as they realign and repurpose their models to stay relevant in the current market, we have witnessed a significant need for the accounting function more than ever.

Clients have been open to hiring candidates from overseas but with the caveat they are here on the ground in Wellington. Fortunately, changing laws from Immigration NZ have made it easier for employers to hire candidates from overseas which has helped the alleviate some of this strain and burden on the market.

I'm picking it now. Once 15 October rolls around, Chris will be our Prime Minister. In the current market landscape, the employment scene is marked by less certainty and we're sitting at a low unemployment rate, of a steady 3.6% in the July 2023 quarter. This sustained low rate, coupled with ongoing overseas migration, has created a continued demand for new talent, necessitating further recruitment efforts.

Recruitment Dynamics

At the beginning of the quarter, we saw more contract roles on offer than permanent, but a noteworthy shift has occurred in the past month, with a majority of clients hiring for permanent positions. Simultaneously, we’re seeing some companies imposing recruitment freezes, albeit with a notable exception in the accounting sector, which tends to have remained relatively stable in these circumstances, often being the last to go.

Workplace Preferences

A notable trend in the current market is the rise in payroll positions, signalling a focus on financial management within organisations. Moreover, hiring managers are increasingly eager to bring employees back to the office, emphasising the preference of in-person collaboration, and the move back to pre-COVID working preferences for management.

Career Shifts

In terms of compensation, salaries and contract rates have started to plateau, indicating a degree of stability in the job market. Accounting contractors, in particular, are showing a growing willingness to taking fixed-term and permanent positions, seeking greater job security.

Election Impact

The upcoming election adds an element of uncertainty to the market, my personal prediction favours Chris as the potential new Prime Minister. As a result, some government agencies have temporarily paused recruitment activities, awaiting the outcome of the election and the potential impact on ongoing projects. This cautious approach reflects the broader anticipation of change and its potential implications for the market’s future direction.

State of the Wellington Corporate Market

Kendall Bushby

An overview of Wellington’s Tech Market

What a tech market we are in! A variety of different factors – an impending election, end of the financial year, cyclone cleanup, an embryonic recession and widespread restructures in the private sector – have created a highly competitive, uneven market, the likes of which we haven’t see since the dark days of COVID.

The net result of this is the market has flipped on its head. Where a lot of organisations were looking to hire during the heady days of 2022, a lot of great talent is now on the market and client demand has reduced. Rates that soared last year have now normalised too.

That’s not to say there is nothing going on at all. We have seen fallow periods, but these have also given way to periods of extremely high activity. It has been difficult to get a consistent read on what has been going on.

As a result, we have also noted that competition among agencies is extremely high, with exclusive work a rarity. More than ever, we encourage candidates and organisations alike to think about partnering with a small group of agencies who provide constructive, timely feedback, understand what they need and, most of all, who they trust.

Adam Poulopoulos Wellington IT & Digital

Although the Wellington market is quiet, the appetite for hiring remains, making it more important than ever to have a recruitment partner by your side.

Trendy Skill Sets

There are certain parts of the market that are flourishing more than others. For project managers and business analysts, there is still opportunity, although the market has dipped a bit. We have noted that developers, engineers and other hands-on technical personnel have been spared in most restructures. These resources have proven both scarce and hugely important to an organisation’s dayto-day running and continued growth.

The E-word

And what of the election? Where contracts have been largely six to twelve months through Labour’s second term, three months is now in vogue, as Government agencies look to bridge the gap either side of the election. History and recent reporting give us an idea of the likely pattern in the public sector should National come to power. National have indicated they will reduce Government consultant and contractor spend by $400million a year, which would mirror the trend of firstterm National Governments in the past. We usually see that six to twelve months after the election, when National have settled on the projects/programmes they want to prioritise, contractor spend increases again to deliver these. Of course, there are certain agencies that command significant funding regardless of which party is in power.

Continuations from Quarter Two

There have been some trends from Q2 that have continued apace. More and more overseas candidates are both applying and securing new roles, while New Zealanders continue to leave on OE’s severely delayed by COVID. We expect to see these trends continue as the country emerges from the days of lockdowns and closed borders.

What’s more, hybrid working and increased flexibility has become commonplace, but organisations are largely steering away from a fully remote model. Leaders are intent on restoring and developing team culture, and candidates should expect 2/3 days of office-based work a week at a minimum.

Our highly experienced team of tech recruiters are here to support you through your hiring requirements and we are acutely aware that trying to hire in what remains a fiercely competitive market is full of twists and turns that we can help you navigate through.

Please don’t hesitate to email us on jobs@findrecruitment.co.nz.