Oct 2023

State of the Wellington Corporate Market

Wednesday, October 4, 2023

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.

Looking for more insights?

Download our latest State of the Market at the link below!

State of the Market Q3 2023

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