Hnry Doubles Hiring Amid Global Tech Sector Layoffs

A laser focus on efficiency and steady growth has seen NZ’s largest accountancy Hnry double its hiring rate since the start of 2022, bucking an emerging global trend of mass layoffs in the tech sector as economic conditions bite.

Hnry earlier this year raised $16 million from US investors to grow its footprint in Australia and double its headcount across the business. It has achieved this goal in just six months, and while other major players are shedding staff Hnry is still actively recruiting with a number of roles currently open and more to come as it looks to launch its new and significantly larger Sydney office, and to grow headcount another 25 percent in the next three months.

James Fuller, co-founder and CEO of Hnry says until recently there was a glut of investment capital in the tech sector, focused on encouraging businesses to scale fast. He says this has seen some over-resource at a rate that outstrips their actual growth, and now economic conditions are forcing these companies to lay off staff.

“They’re now needing to cut costs, resulting in job losses. For now this is more evident in markets like Australia and the US, but it is being felt here in New Zealand,” he says.

Hnry, which caters solely for independent earners - including freelancers, contractors, sole-traders and the self-employed - is one of a number of tech businesses that have remained resilient due to a philosophy of striving for “hyper efficiency” and demand-matched growth since day one, that has meant they aren’t finding they need to make changes to how they run their business, even in disruptive post-Covid economic conditions.

“Some tech start-ups boomed during the pandemic - a Covid ‘bump’ caused by people moving to online options for work, entertainment, shopping and dining for example. For some this meant the valuation of those companies increased rapidly, and as we exit the pandemic and things return more to normal, that boom is subsiding, with some of these companies finding themselves over-resourced, and sometimes over-valued. Instead of a ferocious need to continue scaling at all costs, investors in tech are now looking for businesses to be focused on efficiency, sustainability and profitability,” says Fuller.

“This is putting many tech start-ups under pressure, investors are being more reserved with their money and looking for longer term viability,” he says.

Despite this, other fintechs, including Hnry, have remained resilient “We haven’t let anyone go, even over Covid, in fact we have doubled our hiring and are just about to open a new office in Sydney,” says James Fuller. The business currently has a team that will soon number 20 there, as well as 50 people in Wellington.

“We’re actively recruiting as other businesses are shedding staff, and we’re finding there is an increasing number of talented people who previously worked for other tech firms who are now looking for a more sustainable and stable business to work with”.

“While New Zealand’s tech industry tends not to have such large employee numbers as those in other countries, we’re hearing anecdotally that some here are finding it harder to raise funds as they’re being scrutinised differently by potential investors. The key is for businesses to never sacrifice efficiency for the sake of pushing growth alone”.

Wellington-based Hnry launched in Australia during the pandemic and has quickly become the fastest growing digital accountancy across both sides of the Tasman. The business was recently named People’s Choice in the 2022 Australian FinTech Awards and is a finalist for Hi-Tech Service of the Year at the 2022 NZ Hi-Tech Awards.

About Hnry

Hnry provides an all-in-one digital accounting service for contractors, freelancers, sole traders and the self-employed, allowing them to focus on getting the job done and never having to think about tax and compliance again. Australasia’s fastest-growing accountancy, Hnry takes care of invoicing, expenses, payments, taxes, and filings in an affordable, pay-as-you-go model and provides expert, on-demand support.

Founded in Wellington in 2017 Hnry has experienced record growth and now helps self-employed people in both New Zealand and Australia. Hnry has continued to win awards and accolades, including ‘Emerging Service of the Year’ at the 2019 Wellington Gold Awards, being named a finalist for ‘Hi-Tech Service of the Year: at the 2019 NZ Hi-Tech Awards, winning ‘Supporting Gold’ at the 2020 Wellington Gold Awards and People’s Choice (FinTech Organisation of the Year) Award at the 2022 Australian Finnies. It also won the RCSA Outstanding Supplier Award for 2022. The company is currently a finalist for ‘Hi-Tech Service of the Year’ at the 2022 NZ Hi-Tech Awards.

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