2023 Market Trends: Key Insights and Predictions to Stay Ahead in Your Industry

On a recent NZ Frogs on Friday Employment and Job Market Update, Guest Host Kirsty Henegan was joined by Recruitment Expert Scott Bannister to discuss what market trends have been impacting employers in 2023, and how they can affect job seekers when trying to find their next role.

Check out the conversation below: 

Over the last year, Australia and New Zealand’s market has been unpredictable and candidate short. As a result of this, there has been a shift for employers having a big focus on talent attraction and retention. It is essential to ensure organisations continue to perform in the current market and remain in a strong position to navigate high market volatility. 

People2people and Frog Recruitment recently released it’s 2023 Employment and Salary Trends Market Report. For the sixth year running, this year’s comprehensive market report delves into the future of recruitment as well as explores job seekers’ expectations and company culture. Inside this report includes a insight look into what hot market trends employers and job seekers need to watch out for in 2023:

The rise of working a second job. 
6.5% of the workforce is now working more than one job. this figure has remained stable over the last 10 years at 5.5%, with the rise of side hustles and working second jobs to combat the increasing cost of living. 

The return of overseas workers 
As of now in 2023, 15% of job searches on the Indeed job board are from overseas job seekers. 
This is due to the reopening of borders and Immigration rules relaxing to attract more job seekers into Australia, New Zealand and the United Kingdom. 

The continued struggle of finding the right person. 
48% of hiring managers say quality talent attraction has been a challenge. Recruitment demand should ease but remain challenging in 2023, with low unemployment rates, lower job seeker confidence and market uncertainty. 

Preferring temp over perm 
Out of those surveyed, it was reported that 60% of job seekers are open to a temp or contract role as long as the job offer is competitive. However, while 56.1% of the workforce sees many advantages in working a temporary role they report that they face a lack of competitiveness when compared with permanent salaries which can be off putting.