As we move through 2023, it's important to stay updated with the latest data on the labour market in New Zealand to make informed decisions about your career development. Let's take a closer look at the recent data and gain insights that can help you navigate the current job market landscape.
Stable Employment and Labour Force Participation Rates
Good news! The job market in New Zealand remained stable in the December 2022 quarter, with employment and labour force participation rates unchanged compared to the previous quarter. In fact, there was a slight increase in these rates over the year, indicating overall positive growth in employment opportunities.
Most industries experienced growth, except for Agriculture, Forestry & Fishing, and Education & Training. Industries such as Arts & Recreation Services, Information Media & Telecommunications, Electricity, Gas, Water & Waste Services, and Accommodation & Food Services showed the strongest growth in filled jobs, which could mean potential opportunities for job seekers in these sectors.
Job Seeker Support Decreased, Supported Living Payment Increased
While there was a slight decrease in the number of people receiving Job Seeker Support and Emergency and Other Main Benefits in March 2023, there was an increase in those receiving a Supported Living Payment. This suggests that while there may be a slight decline in job seekers, there is an increase in those receiving financial assistance due to disability or health-related reasons.
Job Vacancies Declined and Employment Intentions Decreased
On the flip side, job vacancies as measured by Jobs Online's All Vacancy Index showed a decline of 15.7% over the year to February 2023. This marked the fourth consecutive month of decline, with job vacancies decreasing in almost all industries, except for Hospitality and Education. The biggest decreases were seen in IT, Manufacturing, and Construction, which may indicate challenges in these sectors for job seekers. Employment intentions, particularly in Construction, Agriculture, and Manufacturing, also showed a negative trend over the year, while Retail and Services had modest increases. This suggests that job seekers in these industries may face more competition and challenges in finding employment opportunities.
Insights for Your Career Development
As you plan and strategise for your career development, here are some key insights to keep in mind:
Stay informed: Keep yourself updated with the latest labour market data, such as employment and labour force participation rates, job vacancies, and employment intentions. This can help you gain insights into the current job market trends and make informed decisions about your career choices.
Explore growth industries: While some sectors may face challenges in terms of job vacancies and employment intentions, there may be growth opportunities in other industries. Industries such as Arts & Recreation Services, Information Media & Telecommunications, Electricity, Gas, Water & Waste Services, and Accommodation & Food Services showed positive growth in filled jobs. Consider exploring these sectors and aligning your skills and interests accordingly.
Enhance your skills: In a competitive job market, having relevant skills can give you an edge. Consider investing in upskilling or reskilling to enhance your skills and make yourself more marketable to potential employers. Research the skills in demand in your industry and look for opportunities to acquire them through training, courses, or certifications.
Network and connect: Building a strong professional network can open doors to new opportunities. Attend industry events, join professional associations, and leverage social media platforms to connect with industry experts, employers, and fellow professionals. Networking can help you stay updated on job openings, industry trends, and potential career opportunities.
Be adaptable and flexible: The job market can be dynamic, and it's important to be adaptable and flexible in your career development strategy. Be willing to consider different job opportunities, locations, and industries if needed. Stay open to learning new skills and taking on new challenges to enhance your employability.
Understanding the current labour market in New Zealand is crucial for effective career development. While there are challenges in some sectors, there are also growth opportunities in others. By staying informed, exploring growth industries, enhancing your skills, networking, and being adaptable, you can position yourself for success in the job market. Remember to continually assess your career goals, update your skills, and stay connected with industry trends to stay ahead in your career journey. Best of luck in your career development endeavours!
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