Salaries are continuing to rise across the motu despite several high-profile companies laying off staff amid a dicey economic setting.
New data released by SEEK on Thursday found advertised salaries rose by 1 percent in the quarter to February compared with the previous quarter.
SEEK's Advertised Salary Index (ASI) showed despite dropping 0.1 percent since November, the year-on-year growth is strong at 5 percent. The yearly growth is stronger than both inflation and the rises seen in Australia.
SEEK Country Manager Rob Clark said advertised salaries are still growing at a decent pace but that growth is slowing.
"As the jobs market cools, we’re seeing salaries grow more slowly. Advertised salaries were up 1 percent in the past quarter, the slowest quarterly rate since late 2022," Clark said.
While advertised salaries are still growing the pace of growth has slowed from 1.4 percent in the quarter to August, to 1.1 percent in the November quarter, to finally 1 percent in February.
The year-on-year growth rate has also slowed, from 5.1 percent in the year to the November 2023 quarter to 5.0 percent in the year to this February's quarter.
Regional advertised salary trends
The South Island is experiencing the fastest rise in advertised salaries at 5.4 percent - outpacing the rest of the country. Canterbury has the fastest rise at 1.4 percent quarter on quarter and a whopping 6.9 percent year on year.
Growth across the major centres in the North Island has been solid however cities outside of Auckland and Wellington are seeing growth of just 4.6 percent – lower than inflation - which is sitting at 4.7 percent.
When it comes to the industry, healthcare and medical saw the fastest growth of 11.2 percent year on year and 3 percent in the past quarter.
This was bolstered by some major collective agreement settlements.
Consulting and strategy aren't far behind, growing by 11.1 percent year on year. However, the industry grew just 0.3 percent in the past quarter.
Banking and financial services and insurance and superannuation also saw decent increases year on year.
But, it's a bad time to be in advertising, arts or media with advertised salaries dropping by 1.4 percent year on year and increasing only 0.6 percent this quarter.
Real estate and property is also struggling with growth of just 0.4 percent year on year and a drop of 0.8 percent in the past quarter.
