In 2024, the workforce is rapidly transforming due to economic pressures, technological advances, and evolving societal norms. At RUSH, we are navigating these changes by staying agile and committed to innovation. This article will explore the key trends and how RUSH are responding to them.

The Emergence of an Employers’ Job Market

An employers’ market is emerging for the first time since the Global Financial Crisis. Economic downturns and rising inflation are leading to higher redundancies and unemployment, creating a larger pool of job seekers with fewer opportunities. This shift makes it difficult for individuals to change jobs, keeping many in their current roles despite wanting change. While employers gain hiring power, they face pressure to retain their existing workforce effectively.

Despite New Zealand exiting recession with a 0.2% GDP growth in the March quarter, the economic outlook remains bleak (source). The country has seen a six-quarter drop in GDP per capita due to population growth, declining exports, and reduced business investment. Experts stress the need for productivity enhancement and diversification to ensure resilience.

The World Bank forecasts the weakest half-decade of growth in 30 years, with a projected GDP increase of 2.4% for 2024, down from 2.6% last year (source). This decline is due to higher borrowing costs and geopolitical tensions, including the Russia-Ukraine war and Israel-Hamas conflicts.

Addressing Skills and Training Gaps in the Age of AI

Rapid advancements in artificial intelligence (AI) demand continuous upskilling. These capabilities are becoming essential, meaning those who do not keep up risk falling behind. Both employees and employers must invest in acquiring and refining new skills to remain competitive in the current landscape.

The McKinsey report, “The race to deploy AI” highlights the need for upskilling in AI to meet the demand for advanced IT, data analytics, and critical social and emotional skills to harness productivity benefits. This approach will help manage labour market shifts, avoid workforce polarisation, and boost productivity.

At RUSH, we are committed to embracing new technologies, and have launched a comprehensive initiative to upskill in AI, ensuring our team is well-equipped with the necessary skills.

The Expanding Gig Economy

The gig economy is expanding, driven by the desire for flexibility and remote work. Businesses must adapt to this changing dynamic, moving away from traditional employment models. This shift raises questions about job security, benefits, and worker autonomy, requiring new approaches to workforce management and support.

Read more: NZ’s tech HR departments battle major challenges as borders reopen

Embracing the gig economy allows companies to utilise a diverse pool of talent and expertise. However, it is crucial that freelancers and contract workers receive the support and benefits they need to thrive in these roles.

At RUSH, we have strategically expanded our workforce with contractors. This has enhanced our capabilities and agility enabling us to consistently deliver exceptional results.

The Rise of Diversity, Equity, and Inclusion (DEI)

Diversity and inclusion are crucial, particularly in New Zealand, where political changes impact Te Tiriti obligations. While implementing DEI initiatives requires significant effort, the benefits outweigh the investment and strengthen company culture.

The McKinsey report, “How Diversity Wins”, shows that companies with diverse leadership teams significantly outperform their less diverse peers. However, diversity alone is not sufficient; inclusive cultures where all employees feel valued and have equal opportunities are essential for long-term success.

At RUSH, we are deepening our commitment to creating an inclusive and equitable environment. We’ve launched our te ao Māori strategy, outlining our three-year journey toward embracing Te Tiriti. Diversity, equity, and inclusion have long been central to our strategy, and we are now taking our local commitments to a new level.

Prioritising Mental Health and Employee Wellbeing

Mental health and wellbeing are vital to workplace culture, especially amid economic challenges, financial pressures, and job insecurity, which increase stress and dissatisfaction. Employers must prioritise mental health and wellbeing initiatives to retain talent and maintain productivity.

The World Health Organization report, “Mental Health at Work”, emphasises that supportive workplaces are critical for mental health, while poor working conditions pose significant risks. Globally, an estimated 12 billion working days are lost annually due to depression and anxiety, costing the global economy approximately 1 trillion (USD) in lost productivity​.

At RUSH, we recognise the importance of mental health and are committed to creating a supportive and healthy work environment. We have implemented wellness programs and mental health resources to help mitigate stress and improve overall job satisfaction.

Summary: TL;DR

The current workforce requires employers and employees to stay adaptable and proactive. At RUSH, we are committed to fostering positive work environments by addressing trends like job market shifts, AI, the gig economy, DEI and mental health.

We believe businesses should create environments where employees feel valued and supported. By investing in our people and embracing trends, we can build a future-ready workforce prepared to meet the challenges and the opportunities of the ever-evolving landscape.