Traditionally an election year has had widespread impacts on the employment market across both the private and Government sectors. With a common trend of the market taking a breath in anticipation of the election result and the subsequent impacts on business. While the Ministry and Government employers are likely to have a similar pause, here at CoLegal our prediction, and the reality of what we are seeing in the market in the private sector is quite different.
Currently employment is to a degree decoupled from what is happening in the economy, wider economic headwinds that would usually impact employment rates are not making a dent in New Zealand’s record low unemployment rates. With a near fully employed market businesses who need staff must continue hiring processes because of how unyieldingly tight the talent pool is. A pause in hiring now poses a real risk to employers who could lose months of productivity due to how long it takes to find talent currently.
As Legal recruitment experts what we are seeing through our widespread and varied client base is that a general market pause has already occurred. In early 2023 we saw hiring ‘take a moment’, as employers accessed the year ahead, were more considered in their hiring decisions and watching the economic market with interest.
This took a turn around March / April 2023 and the reality of business continuing to be under resourced remained and employment activity picked back up, in some practice areas dramatically, while others a bit more cautiously. Today there is still immense pressure on businesses to hire resources to fill business critical roles, and this need is overriding the historic election year pause as well as negative factors with the economy.
Irrespective of election outcomes and traditional behaviours around election time, the talent pool isn’t going to become suddenly more accommodating so if you are an employer that has a vacancy that needs to be filled our advice is to keep up the momentum.
We are working with our clients to ensure their recruitment activity remains a priority over the next six months and have a range of best in class opportunities available. It continues to be a great time to be looking for your next opportunity, if this is you give a member of our recruitment team a call.