Key insights:
These regional insights are updated quarterly, if you need help navigating the hiring landscape over the next three months please reach out to our team.
Economic sentiment:
The economic conversation has shifted from "When will things bounce back?" to "This might be the new normal."
We entered winter with subdued optimism after the May Budget and the hope that infrastructure spend or business incentives would spark momentum. That momentum hasn’t materialised in a big way, but the market has found a new and slightly optimistic rhythm.
Auckland’s economy remains soft with unemployment rising to 6.1%, the highest since 2020 and the highest of any region in NZ. This is also notably above the national average of 5.2%.
The Reserve Bank is expected to cut the OCR to 3% later this month, no surprises there, as it's been flagged for a while. With few signs of a domestic bounce-back, there’s a growing chance we’ll see the OCR dip below 3% by the end of the year to help give the economy a bit of a nudge.
Despite all of these dynamics, there’s a growing acceptance among business leaders that the goalposts have moved. The priority now isn’t reacting and it most certainly is not about waiting; it’s recalibrating for what’s next.
Technology & IT market:
Signs of stabilisation
Recent SEEK data shows the tech market is holding its ground, even while other sectors are stalling – ICT was the only sector to grow in June, up 6% month-on-month.
Our Auckland team placed consistent volumes of more technical roles through Q3 particularly in:
There continues to be record numbers of job applicants. However, when we dig into our own data, although we do advertise at least half of our roles, most roles are not being placed by this channel.
82% of Talent’s placements last quarter were either sourced proactively or were candidates already known to us within our networks, not via job ads. This reflects a growing trend of many applicants in the market, but fewer qualified matches.
AI momentum vs readiness
AI conversations have intensified this quarter from automation pilots to full digital workforce strategies. But the reality is, NZ remains in the bottom 25% of the OECD for AI readiness.
We’re seeing:
Clients are excited about the possibilities, but concerned about:
There’s a clear shift towards hiring who can lead culturally and are not just technologists.
The “new normal” is taking shape through three key themes:
Our experts interact with hiring managers and candidates daily, giving us unique, real-world insights into the latest salary and benefits trends.
Auckland, the ‘City of Sails’, is known for both it’s beautiful scenery and for being a growing urban oasis.
Tāmaki Makaurau is home to the largest Polynesian population in the world and also houses large European and Asian communities. With trade relations currently being developed with other regions such as India and South America, immigration has increased significantly from these destinations over the last several years – creating a very dynamic and diverse city. This diversity contributes to a plethora of talent as well as amazing food options.
Auckland's relaxed working environment lends itself to a good work-life balance, which attracts talent from around the globe. Whilst the cost of living is relatively high in this city, easy accessibility to social services and New Zealand's world ranking as the easiest place to do business, makes it an enticing city to reside in.
Auckland is also a land of opportunity, operating as a hub for many start-up and scale up businesses with big aspirations. New Zealand's 'number 8 wire' mentality, which represents the Kiwi problem-solving and can-do attitude, permeates throughout Auckland's culture and in all that its citizens set out to do.
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To find out what’s happening in your region, click through to the areas we operate in:
The hiring landscape and workforce is changing, access our fresh market insights here:
We’re seeing a shift in the market, discover what’s happening across NZ’s major tech hubs:
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