SEEK NZ Advertised Salary Index - February
NATIONAL ADVERTISED SALARY TRENDS
- The SEEK Advertised Salary Index (ASI) rose by 1.0% in the quarter to February compared to the previous quarter.
- Despite dropping 0.1 percentage points since November, the year-on-year (y/y) growth of 5.0% is faster than inflation, and faster than seen in Australia.
REGIONAL ADVERTISED SALARY TRENDS
- All parts of New Zealand experienced solid growth in the SEEK ASI.
- Canterbury experienced the fastest rise in advertised salaries, at 1.4% quarter-on-quarter (q/q) and 6.9% y/y.
INDUSTRY ADVERTISED SALARY TRENDS
- The fastest growth in advertised salaries was in Healthcare & Medical (11.2% y/y), bolstered by some major collective agreement settlements.
NATIONAL ADVERTISED SALARY TRENDS
Advertised salaries on SEEK in New Zealand were 1% higher in the most recent quarter (Dec ’23-Feb ’24) than in the one prior. This pace of growth is solid and is faster than inflation (0.5% in Q4 ‘23). But SEEK ASI growth has slowed, from 1.4% in the quarter to August, to 1.1% in the November quarter, to 1.0% in February.
Figure 1: Quarter-on-quarter growth of SEEK Advertised Salary Index
Note: seasonally adjusted. Source: SEEK.
The y/y growth rate has also slowed, from 5.1% in the year to the November ‘23 quarter to 5.0% in the year to the February ’24 quarter. This is faster than inflation (4.7% in the year to Q4 ’23) and faster than advertised salary growth in Australia (4.4%).
Figure 2: Year-on-year growth of SEEK Advertised Salary Index
Note: seasonally adjusted. Source: SEEK.
REGIONAL ADVERTISED SALARY TRENDS
The South Island is experiencing the fastest rise in advertised salaries, with both Canterbury (6.9% y/y) and the rest of the South Island (5.4%) outpacing the rest of the country. But SEEK ASI growth has been solid across the country; only in the North Island outside Auckland and in Wellington did the SEEK ASI lag behind inflation, which is at 4.7%.
Note: seasonally adjusted. Source: SEEK.
Figure 3: Year-on-year growth of SEEK Advertised Salary Index by region
Note: seasonally adjusted. Source: SEEK.
INDUSTRY ADVERTISED SALARY TRENDS
The fastest SEEK ASI growth was in the Healthcare & Medical industry (11.2% y/y), where a pay equity agreement for nurses[1], and strong demand for workers, contributed to a rapid rise. Of the large industries, many are seeing solid growth in advertised salaries, with the exception being Hospitality & Tourism, which lagged other industries at 3.1% y/y.
Figure 4: Year-on-year growth of SEEK Advertised Salary Index by industry classification
The SEEK ASI in Advertising, Arts & Media fell slightly over the year (-1.4% y/y) and Real Estate & Property only just rose (+0.4% y/y). All other industries recorded some growth in advertised salaries over the year.
Table 2: SEEK Advertised Salary Index growth by industry
NOTES
[1] As outlined at Te Whatu Ora - Health New Zealand.
When reporting SEEK data, we request that you attribute SEEK as the source and refer to SEEK as an employment marketplace.
Commentary relating to the SEEK NZ Advertised Salary Index can be attributed to Rob Clark, SEEK Country Manager.
About the SEEK Advertised Salary Index (ASI)
The SEEK NZ Advertised Salary Index measures the change in advertised salaries over time for jobs posted on SEEK in New Zealand, removing much of the effect of compositional change. The SEEK NZ Advertised Salary Index is a complement to existing data about the growth in wages and salaries in New Zealand, including Stats NZ’s Labour Cost Index (LCI). The LCI is a measure of the pace of wages growth across the economy. The SEEK NZ Advertised Salary Index provides a timely and frequent read on the pulse of advertised salary growth in New Zealand for vacant roles.
More information about how the SEEK ASI is put together and the current data can be found here.
Disclaimer
The Data should be viewed and regarded as standalone information and should not be aggregated with any other information whether such information has been previously provided by SEEK Limited, ("SEEK"). The Data is given in summary form and whilst care has been taken in its preparation, SEEK makes no representations whatsoever about its completeness or accuracy. SEEK expressly bears no responsibility or liability for any reliance placed by you on the Data, or from the use of the Data by you. If you have received this message in error, please notify the sender immediately.
