Now that we’re well into the final quarter of 2024, with summer festivities and holidays approaching, the employment landscape is still presenting a dynamic mix of opportunities and challenges. Economic conditions, technological advancements and shifting workforce expectations are some of the key topics under discussion.
The general feeling is that the economy is near the bottom of the economic cycle. Businesses are expecting demand and activity over the remainder of the year to be soft, but many anticipate they will pick up next year as falling interest rates stimulate household spending and business investment.
Demand for labour continues to be average with, unfortunately, more redundancies expected in the next three to six months. Many of our larger clients have already reduced their staffing numbers and have been focused on improving cost efficiency and productivity. When consumers start spending and the economy picks up, we are confident more employers will start to advertise, hire and invest in their businesses.
Research suggests that one of the biggest challenges employers face during the hiring process is finding ‘the right candidate.’ Offering attractive employee benefits and being an employer of choice is key in our current economic landscape. Flexible work arrangements are now essential as companies balance office returns with productivity using hybrid models.
To retain skilled employees businesses are investing in upskilling initiatives. With many expecting wage inflation, employers are optimising compensation structures and performance-linked incentives to attract and retain talent while managing costs effectively.
Technology has been revolutionising business in NZ and the landscape is rapidly changing. Within recruitment alone we can see the impact it is having and it will only increase from here. From artificial intelligence (AI) to virtual reality (VR), technology is changing the game in recruitment, becoming more of a digital experience.
AI is increasingly applied as a recruitment tool – it’s been used behind the scenes for some time, but it’s now enhancing CV analysis, automating screening and predicting candidate success. Video interviewing is gaining some popularity in recruitment, allowing remote interactions, reduced in-person meetings and advancing the hiring process while still offering an interactive candidate experience.
AI really is in its infancy here, and I’m a huge advocate of using it as a valuable tool, but it’s a tool that should not detract from the human element in our hiring decisions. Utilised in the right way, it can create efficiencies within the recruitment process. As employers, we also need to be really mindful of our candidate experience and our employer brand, especially as we return to a competitive employment market.
Social media has become vital in recruitment, enabling recruiters to connect with candidates, assess their skills and create targeted job ads, all enhancing engagement and broadening reach through the hiring process. Virtual reality is emerging in recruitment, offering candidates virtual office tours and interactions with potential colleagues.
For businesses navigating the complexities of the current employment market, leveraging the expertise we offer as a recruitment agency can deliver significant advantages. We have access to a broader talent pool, we streamline the hiring process for efficiency and offer expertise regarding industry trends.
Partnering with Talent ID Recruitment enables businesses to focus on core operations while securing top talent while fostering growth and innovation amid a competitive job market with an evolving economic landscape.
Talent ID’s recruitment and human resource specialists can support your business to thrive in ‘25 through the delivery of key talent and human resource consulting.
