Talent Solutions Student Pulse Release 2024
We were thrilled to see so many of our early talent community and Talent Solutions clients at the Student Pulse release events in Auckland, Wellington, and Christchurch last week! If you couldn’t attend one of the sessions, don’t worry—you can download a 2-page summary from our website here or keep reading below for the key highlights! If you are a client, you will have access to the full report. Please contact harsheetan@talentsolutions.co.nz if you haven’t received your copy.
The Importance of Research in Our Services
At Talent Solutions, research plays a central role in everything we do. It's what allows us to provide you with insight-driven solutions you can trust. Beyond research, we offer services designed to help you craft the perfect attraction strategy, improve student engagement, and get cut-through in the competitive student market. From ATS platforms, psych tools, and video interview software to development programmes aimed at growing future leaders, we’ve got all the tools you need. And let’s not forget our innovations, like virtual internships, which are part of our technology suite.
A Look Back at 2024: Key Insights and Trends
2024 has been a complex year for graduate recruitment in New Zealand. From economic challenges to shifting student concerns, it’s been a year that’s forced organisations and students alike to adapt.
Here are some of the key trendsfactors shaping the year to date that we’ve observed:
Challenging economic backdrop: With New Zealand slowly emerging from a recession, unemployment is up, and wage growth has been slower than expected.
Migration dynamics: The country saw a net migration gain of 143,000 non-NZ citizens but a net loss of 60,100 NZ citizens.
Graduate opportunities shrinking: Budgets for graduate programmes are under scrutiny, especially in the public sector, with a decrease in available positions.
Increased competition: Despite fewer opportunities, the number of applications for graduate and internship roles has surged.
Māori and Crown relations deeply concerning for many
House market weakness continues
Consumer spending yet to rebound: While inflation is easing, consumer spending has not bounced back to pre-pandemic levels.
Graduate Programme Trends: More Applicants, Fewer Roles
The increase in applications is both a blessing and a challenge. Two-thirds of our clients have reported a significant rise in the number of applications compared to last year. While this signals successful marketing campaigns, it also means a greater workload when it comes to screening.
What’s On Students’ Minds?
The Student Pulse survey gives students the chance to share their unfiltered concerns. For the first time ever, government and politics made it into the top four concerns for students, alongside unemployment as the number one concern, inflation and the rising cost of living.
The current economic climate is impacting students' confidence about their future job prospects.
The number of students who are very confident they will find a job following the completion of their studies is the lowest since 2017. In 2017, 40% of students were “very confident” they would secure a job after graduating. This year, that number dropped dramatically to 19%. That means over 80% of students are not feeling very confident about their future job prospects!
The Rise of ‘Spray and Pray’ Applications
When students are concerned about job opportunities and the economy, it follows that we see an increase in applicationsWith the number of available roles decreasing. The student Pulse data indicated that, students are applying for more positions than in previous years. Just over half (51%) of respondents applied to 7-11+ roles this year, a jump from 42% in 2023.
With candidates applying to more roles, the pressure is on employers to move quickly through their recruitment process to secure the best talent. In addition to speed of process, we also recommend that employers strengthen their This means employers need to strengthen engagement strategy throughout the recruitment process to combat the increased risk of offer declines and reneges.
Now is a good time to review your pre-boarding and onboarding processes. Strong engagement early on is crucial, not just after an offer is made but all the way through to the day your graduate or intern starts. You can check out our Talent Solutions talk on engagement strategies on our website under Talent Talk here.
Understanding Your Talent Pool: A Focus on Diversity
The total graduate talent pool might seem large—around 40,000 students—but when you focus on specific fields like IT or law, the pool becomes much smaller. If your organisation is focused on increasing representation from Māori, Pacific, or female graduates, your challenges will differ depending on the sector you're hiring from. It is important that you have the latest data to understand the size of the talent pool you are fishing in. Speak to the team to get the latest data on your target talent pool.
Engaging with Students: Online and Offline
Though students may not expect employers to have a physical presence on campus, engagement through events like career expos and employer presentations is increasing. This year, 65% of students attended at least one employer presentation, up from 61% last year, and 70% indicated they would attend a career expo if the timing suited them.
It's essential to think creatively about how you engage with students, both on and off campus. Engagement shouldn't stop at your application closing dates—consider building a year-round employer brand presence. You can join our upcoming talent talk on this topic (follow us on LinkedIn for our event details).
The Growing Appetite for Internships
Internships continue to play a critical role in bridging the gap between academic studies and the workplace. Whether virtual or in-person, internships offer students a first taste of corporate life and give employers a chance to engage early with future talent.
According to our Student Pulse data, two-thirds of students had either already undertaken or were planning to apply for an internship during their studies. This is consistently reflected in the NZAGE Graduate Survey, where 88% of graduates who secured employment had undertaken an internship during their studies.
If you don’t have an internship programme - you are missing out on engaging early with most of your talent pool! Talk to us about different methods of engaging students through internships to make sure you are not missing out.
Embracing AI and Hybrid Work Environments
As predicted, the use of AI tools like ChatGPT has risen sharply in the last 12 months. Almost half of the students surveyed are using AI to help write cover letters and CVs. Employers should consider how AI might impact their selection process and adjust accordingly.
Meanwhile, flexibility remains a key driver in job selection. Over 60% of respondents expressed a preference for hybrid work environments, and while fully remote roles have appeal for a small proportion, many recognise the benefits of on-site work, such as networking, mentoring and collegiality.
Best Graduate Recruitment Campaign of 2024!
A huge congratulations to PwC (first place) and the organisations behind the top 10 graduate campaigns of 2024!
These companies were nominated by students as having the best graduate recruitment campaigns. This recognition came from an unprompted, free-text question, making it a true reflection of the employer brands making a mark in the competitive student market.
We're thrilled to see these organisations leading the way and getting noticed in this year's graduate market.
2024 has been a challenging year for both students and employers. As the graduate job market becomes more competitive, ensuring your processes are fast, efficient and engaging is critical. Whether through streamlining your recruitment processes, offering internship opportunities, or maintaining a strong online presence, there are many ways to stand out and connect with top talent.
