UK demand for Australasian professionals remains strong
Over the past 12 months, UK demand for Australasian professionals has remained consistently very strong. In Q2 2015, 89% were accepted for interview by our UK recruitment partners. This compares with 87% during the same quarter in the previous year.
UK demand for Australasian accountants remains especially strong. In Q2 2015, 90% were accepted for an interview, the same as the record level set in Q2 2014.
Aside from Australasian accountants, there is also growing demand for marketing communications, human resources and legal professionals from Australasia.
Most noticeably, demand for legal professionals has increased substantially in Q2 2015. The interview acceptance rate of 79% is well above the average of 55% over the past six years.
Supply constraints driving UK demand
The strength of UK demand for Australasian professionals is nothing new. It is something we expect to change any time soon. The level of demand is only partly explained by an improvement in the economy. The main factor is a decline in supply:
- Once upon a time, it was a rite of passage for young Australians and New Zealanders to head to London on their “Big OE”. They would use it as a base to make some money and explore the world. In reality, we didn’t have much choice because not many other countries would have us. Now, opportunities and interest in working in other countries have increased
- The number of Australians and New Zealanders going to London has halved from a peak of 50,000 in 2005
- A reduction in the range of UK visa options has restricted the length of time that most Australasian professionals can stay. These days, two-thirds of the people that we help travel on Tier 5 (Youth Mobility) visas which expires after two years
- The gap between comparative incomes in Australasia and the United Kingdom has decreased due to exchange rate movements
- Greater flexibility by Australasian employers keen to retain talent has resulted in a greater willingness to offer extended leave to key staff interested in travelling overseas
- Growing ethnic diversity in Australasia mean fewer people have direct family ties or emotional bonds with the United Kingdom
Recommended job market
Despite this decline in the numbers heading to the United Kingdom, Global Career HQ continues to recommend it as the best place to work given the size of the job market, the range of opportunities, cross-section of employers and current market conditions.
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