More Aussies head home, but market is tight
As layoffs batter London, more and more Aussies are coming home this Christmas in search of work in 2009, with bankers at the forefront of this trend. And in a tight Australian employment market, having UK experience can still help set you apart from the competition.
Australian Immigration Department figures show an average of 2700 Australians are leaving the UK each month, up from 1750 a month in 2005. In the 12 months to June, 13,062 Australians applied for British working holiday visas, compared with more than 27,000 two years ago.
Australians typically leave the UK in November and December, but begin their local job hunt in January. As 2008 draws to a close, there is a higher than normal flow of financial services professionals arriving back, says Anton Murray, director of Anton Murray Consulting.
"Bankers are considering whether it's worth waiting for London bonuses in the New Year because these might not be very high, especially in operations or middle office jobs," he adds.
Oliver Darkes, principal consultant at Carmichael Fisher, says Australians are returning home because banking-sector redundancies are proportionally lower here than in the UK.
But London refugees be warned. "The absorption rate into jobs is now a lot lower than the middle of the year. You're not going to get a hug at the airport and a limo to UBS any more," says Darkes.
And you'd better not stay on the beach for too long when you get home. Darkes explains: "While Australian banks are open to discussions with returnees, the window of opportunity will be much smaller than usual. Employers will act quickly to pick up talent and then by the end of Q2 most of the hiring will be done."
However, as the employment market tightens, domestic candidates without overseas experience, should perhaps be even more worried about their prospects. Australians who have worked in London usually have stronger, more diverse experience in larger financial services institutons, says Murray
"They will still be in some demand next year. Moreover, because the returnees have already done their time overseas they will be less of a flight risk to employers, in comparison to recent graduates who might still be tempted to leave Australia," adds says Murray.
