[New Zealand] How long will wage power remain in workers’ hands?

The power is in the hands of workers as employers get competitive about pay to attract staff, according to findings by the New Zealand job board Trade Me, Stuff reports.

Trade Me Jobs sales director, Matt Tolich, said an analysis of more than 77,000 vacancies listed on the site found salaries had boomed across New Zealand in the three months to June 30.

“Nationwide, the average salary increased by 2 per cent year-on-year, or $1068, to reach $66,016, while a number of regions around the country saw wages hit new records,” he said.

Bay of Plenty, Canterbury, Gisborne, Hawke's Bay, Manawatū/Whanganui, Marlborough, Nelson/Tasman, Otago, Southland and Waikato regions all reportedly recorded their highest average salary in the second quarter.

Mr Tolich attributed the salary increases to the rising cost of living and a competitive market.

“The increasing cost of living is top of mind for many Kiwis and employers are feeling pressure to pay more to keep up with inflation,” he said.

“On top of this, putting more money on the table continues to be a great way for Kiwi businesses to attract candidates in the talent-short market.

“These market conditions mean candidates have a lot of bargaining power, and it’s a great time for Kiwis to look at their options, or ask for a pay rise.”

In the two highest-paid regions, Auckland and Wellington, average salaries slightly fell in the quarter compared to a year ago.

“These were the only two regions to see a drop, but remained the highest-paid spots in the country.”

However, Mr Tolich said the number of job vacancies was showing signs of settling.

Last quarter, the number of jobs listed onsite fell by 5 per cent from a year ago.

The drop in listings might concern some job seekers but the number of jobs advertised in the quarter was up 19 per cent compared to pre-pandemic figures, Mr Tolich said.

Auckland had the biggest listings drop, down 14 per cent and Wellington was down 7 per cent.

But listings were up in Northland (11 per cent), Marlborough (9 per cent), Taranaki (8 per cent), Canterbury (5 per cent), Bay of Plenty (3 per cent) and West Coast (1 per cent).

Mr Tolich said it is a job seeker's market but cautioned that the situation could change in the second half of the year.

And he said that positive changes are ahead for businesses struggling to find staff.

“A significant number of migrants will enter the country when the borders open up this month,” he said. “This will no doubt shake up the market and hopefully help fill those roles.”

Source: Stuff

(Quotes via original reporting)

The power is in the hands of workers as employers get competitive about pay to attract staff, according to findings by the New Zealand job board Trade Me, Stuff reports.

Trade Me Jobs sales director, Matt Tolich, said an analysis of more than 77,000 vacancies listed on the site found salaries had boomed across New Zealand in the three months to June 30.

“Nationwide, the average salary increased by 2 per cent year-on-year, or $1068, to reach $66,016, while a number of regions around the country saw wages hit new records,” he said.

Bay of Plenty, Canterbury, Gisborne, Hawke's Bay, Manawatū/Whanganui, Marlborough, Nelson/Tasman, Otago, Southland and Waikato regions all reportedly recorded their highest average salary in the second quarter.

Mr Tolich attributed the salary increases to the rising cost of living and a competitive market.

“The increasing cost of living is top of mind for many Kiwis and employers are feeling pressure to pay more to keep up with inflation,” he said.

“On top of this, putting more money on the table continues to be a great way for Kiwi businesses to attract candidates in the talent-short market.

“These market conditions mean candidates have a lot of bargaining power, and it’s a great time for Kiwis to look at their options, or ask for a pay rise.”

In the two highest-paid regions, Auckland and Wellington, average salaries slightly fell in the quarter compared to a year ago.

“These were the only two regions to see a drop, but remained the highest-paid spots in the country.”

However, Mr Tolich said the number of job vacancies was showing signs of settling.

Last quarter, the number of jobs listed onsite fell by 5 per cent from a year ago.

The drop in listings might concern some job seekers but the number of jobs advertised in the quarter was up 19 per cent compared to pre-pandemic figures, Mr Tolich said.

Auckland had the biggest listings drop, down 14 per cent and Wellington was down 7 per cent.

But listings were up in Northland (11 per cent), Marlborough (9 per cent), Taranaki (8 per cent), Canterbury (5 per cent), Bay of Plenty (3 per cent) and West Coast (1 per cent).

Mr Tolich said it is a job seeker's market but cautioned that the situation could change in the second half of the year.

And he said that positive changes are ahead for businesses struggling to find staff.

“A significant number of migrants will enter the country when the borders open up this month,” he said. “This will no doubt shake up the market and hopefully help fill those roles.”

Source: Stuff

(Quotes via original reporting)