More Aussies head home, but market is tight

As layoffs batter London, it seems more and more Aussie bankers are coming home this Christmas in search of work in 2009. And in a tight Australian employment market, having UK experience can still help set you apart from the competition.

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.

ìBankers are considering whether itís worth waiting for London bonuses in the New Year because these might not be very high, especially in operations or middle-office jobs,î he adds.

Oliver Darkes, principal consultant at Carmichael Fisher, tells eFinancialCareers that Australians are returning home because banking-sector redundancies are proportionally lower here than in the UK.

But London refugees should be warned. ìThe absorption rate into jobs is now a lot lower than it was in the middle of the year. Youíre not going to get a hug at the airport and a limo to UBS any more,î says Darkes.

And youíd better not stay on the beach for too long when you get home. Darkes explains: ìWhile 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.î

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 institutions, says Murray.

ìThey 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,î adds Murray.