2023 in Perspective: Insights, Challenges, and a Glimpse into 2024.
Thank you to everyone who joined our last webinar of 2023!
Presented by Seren Wilson, Talent Solutions, Lou Zoanetti, Brightworks, and Grant Robson from Prosple, the session served as a roundup on trends and challenges that shaped 2023 and a sneak peek into 2024.
There was a brilliant turnout and fantastic engagement from over 200 participants who tuned in from around New Zealand and Australia.
A summary of 2023:
2023 witnessed a notable increase in student applications for jobs, the average student in 2023 applied for 9 jobs, up 7 from 2022.
There are more graduate employers therefore heightened competition for talent and a very high demand for university graduates.
Employers are recruiting more graduates, although there are marked differences between industry sectors in Australia and New Zealand.
Students want to stay in the big city centres like Auckland, Wellington, Christchurch, Otago and Waikato, regional roles are harder to fill in New Zealand and Australia.
Employer websites, graduate job boards and LinkedIn are still the most popular ways graduates find out about jobs, followed by university careers job boards and in-person employer presentations.
Over 65% of students intend to undertake an internship – so if you are not hiring interns –you’ve potentially given up two thirds of the market to someone else! There are more options than just the traditional summer internship – Talent Solutions supports clients with virtual and winter internship options.
Gen Z and generational differences – never before have we had five generations working together in organisations at the same time so inter-generational training and supporting your managers to manage Gen Z is crucial.
Thinking beyond the classic ‘keep warm’ (between offer and start) to a sustained engagement strategy from the first point of contact with a candidate through to start can become a critical competitive advantage. Talent Solutions presented on this topic recently at the NZAGE Summit and will be presenting the session again in late January to anyone who missed it.
The use of AI in graduate recruitment took center stage in 2023. While acknowledging the positive impact of tools like ChatGPT and Bing there are still concerns about bias in AI-generated assessment tools. It is essential to upskill in AI tools and consider candidates' use of such tools in recruitment processes. Talent Solutions and Brightworks ran a webinar earlier in the year on this topic, followed up by another webinar from Talent Solutions specifically focused on selection and AI.
Diversity, inclusion, and belonging emerged as key focal points in the graduate industry. Efforts to create inclusive recruitment and work environments were highlighted, especially in accommodating Gen Z candidates who are more aware of neurodivergent conditions. Ensuring your organisation and managers of Gen Z are equipped with an understanding of neurodivergent conditions and different needs of neurodiverse candidates is essential. Talent Solutions and Brightworks will be presenting next year again on this topic.
The impact of hybrid working on talent was discussed, with varying opinions on its effectiveness. While graduates indicate a desire for hybrid working, they are also often the first to confront the challenge of not having Managers in the office to support their growth and development. A study from Stanford University was shared which pointed to a rising concern that employees working remotely are less likely to be promoted than those who are present. Organisations need to consider how to carefully balance the need for employees (especially graduates) to have the social and developmental benefits of being in the office with the desire of staff to work flexibly.
Looking Ahead to 2024
As we turn our gaze toward 2024, our speakers predicted continued fierce competition for talent, particularly in STEM fields; emphasizing the need to diversify recruitment strategies beyond traditional university pathways. The conversation also touched on the growing importance of platforms like TikTok and Instagram for proactive talent targeting.
While some clients have welcomed a return to face-to-face assessment centres, many others are embracing the benefits of virtual assessment centre platforms that increase accessibility, reduce anxiety, reduce drop-out rates, reduce costs and can accommodate a range of needs such as text to voice, colour blindness, screen readers and more.
This is a summary of what was discussed during the webinar – if you missed the session, you can watch the recording here or download the pdf slide deck here.
To talk about any of the topics above and plan for an exciting early talent strategy in 2024. Speak to one of the Talent Solutions team - you can contact us here.
