The reluctance of senior financial professionals to leave Sydney and Melbourne isn’t exactly helping the talent shortage in Perth and Brisbane
Experienced financial professionals in Sydney and Melbourne are less inclined to move to roles in Perth and Brisbane than their Gen Y counterparts, which is creating skill shortages in the Western Australia and Queensland capitals.
Brisbane, for instance, lacks financial planners because employers there want people with extensive experience and an established client base. A candidate-short market in Perth is helping to push up banking salaries there.
“Bankers still move more seamlessly between Sydney and Melbourne than to Perth, Brisbane or other capitals,” says Tom Brown, manager, Michael Page Financial Services.
They are sticking to the traditional banking hubs for a variety of reasons. “Sydney and Melbourne offer more numerous and diverse lifestyle and career opportunities, while family ties also play a role in keeping bankers in their home cities,” says Brown.
Andrew Hanson, director of financial services, Robert Walters, adds: “Some candidates choose to stay put because of personal or family commitments, whereas for a younger person, the pull of working in Sydney or Melbourne is not as strong if the right role presents itself.”
Perth, Brisbane and some regional centres have a shortage of business bankers with agricultural expertise, yet shifting interstate is difficult for candidates in sales functions, says Scott Stacey, managing director, Marks Sattin Australia. “Those in business development roles are often reluctant to move because they need to start building relationships from scratch.”
A few senior professionals are taking on Brisbane and Perth responsibilities, but managing them remotely. “There are more national roles now and individuals will try to structure the job so that they can stay where they are because of lifestyle reasons,” adds Stacey.
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