June 2024 I.T. & Digital Market Update
Field at Present: From a Director’s Perspective
We have seen a continuation of the slow start to the year, which is expected given the overall economic climate in the market alongside government budgetary pressures. There is certainly an increase in general activity coming in from private companies with an increase in ratios of new hires vs replacements.
With the recent budget announcements, we will see the flow on impact across government with both the continuation and kick off of new projects, which in our prediction will see an increase in recruitment activity across the board from July onwards.
Although certainly not at the frequency of what we have seen in the last six months, we are still seeing organisations across a range of industries forced into making rounds of redundancies and other operational cuts or changes to help them operate more leanly during challenging times.
Middle Management
We have seen middle management across the board be impacted, and even those not impacted are mindful of the overall cost pressures, and generally more approachable to opportunities.
We have seen organisations consolidate middle management positions, which in a practical sense has seen individuals take on more responsibilities, often without the necessary financial upside to this. It is a common trend as businesses look to operator in a leaner fashion. However, leaders need to be mindful of the impact that can have to burnout and further attrition.
Opportunities to Onboard Senior Tech Leaders
On the flipside, looking at the opportunities for businesses in terms of people and talent, in some regions, we have seen an increase in senior technology leaders actively in the market due to restructuring and redundancies, along with a number of skilled and experienced leaders passively looking to move on.
The numbers are certainly something we haven’t seen in some time. There is some great talent out in the market, and businesses have the opportunity to snap up some exceptional senior leaders to really assist in their technology transformations.
Gen AI
Not a meeting or interaction goes by without the mention of Gen AI - it is certainly hot on the lips of not only the technology industry but most organisations and industries. Naturally, and for good reason, it is a regular talking point, and the technologies underpinning Gen AI have continued to progress at an unprecedented pace. We are seeing an increase in businesses exploring and adopting Gen AI in many ways, and we foresee the rate of this uptake continuing to increase.
The Budget
The budget appeared light on tech and digital investment, with the big projects being impacted being the digital transformation at NZ Institute of Skills and Technology (Te Pukenga) and the 3 Waters reform program. For anyone interested in things from a technology perspective we would recommend checking out Rob O’Neils take via Reseller News here.
The focus from a technology perspective within government seems to be centered around using technology for operational efficiencies, as opposed to investments in the technology sector and assisting organizations, whether it be with a local or international focus.
Overall, there's an increase in infrastructure spend, including digital infrastructure, which will hopefully continue to foster innovation.
Key Advice for Jobseekers
We have noticed an increase in applications that have not specifically read the contents of the job advertisement and requirements needed. For all candidates, it is important that your specific skills and expertise are aligned so some time tweaking, preparing and tailoring CV or Cover Letter is important to standout in the market.
Another tip from us is to have someone from outside your industry to sanity check your CV for you. If they can understand what you do or your core skills, a non-tech savvy generalist HR or recruitment personnel would most likely be able to decipher your CV. Plus, a fresh set of eyes will often pick up small errors or things you may have missed.
In relation to CVs, ensure that you have your phone numbers and email addresses on the first page so it will be easier for the recruiter to get in touch. We have had an experience with candidates missing important contact information on their CV, so it’s best to run through yours one last time before sending it out to different recruiters.
It will also help to build your personal brand to stand out in a talent-saturated market like NZ’s. This will help recruiters get a better grasp of who you are as an individual and as a candidate for the role. You don’t have to have a huge following, but constantly sharing your learnings and useful stuff with your professional network will help you stand out in an over-saturated market.
As always keep connected with your network and recruitment partners. We are certainly seeing an increase in roles being placed off market, so ensuring you stay top of mind with your network will assist in increasing your chances of being in the right place at the right time.
A Final Note
As we look ahead to what is ahead, we are seeing the term ‘green shoots’ used in the market. This is a term used to describe signs of economic recovery or positive data during an economic downturn. Whilst we are certainly mindful of the wider climate, these so called ‘Green Shoots’ are providing some promise in what we see as continuing tough year ahead.
As ever, we are aiming to stay dedicated to nurturing relationships and providing advice and support to both our candidate base and our customers to ensure that are receiving a high-quality service.
If you have any questions, or would like any advice regarding hiring talent for your team or business, please reach out to myself, Chris, Bianca, or any of our team members for a confidential discussion.
