The Great Resignation and The Australian IB Community
The “Great Resignation”, also known as the “Big Quit”, struck in early 2021 in the wake of the COVID-19 pandemic as workers voluntarily called time on their jobs.
Australia can sometimes, unfairly, be labelled as a little behind the rest of the world (movie releases, covid vaccines spring to mind) so it is perhaps right on cue that we may witness the phenomenon of the “Great Resignation” hitting our shores in Q1 2023, two years behind the rest of the world. The “Great Resignation”, also known as the “Big Quit”, struck in early 2021 in the wake of the COVID-19 pandemic as workers voluntarily called time on their jobs. Here we didn’t seem to feel the effects, with borders shut and cost of living still high, people just stayed put. For the team here at JMES it has been a frenetic time with Funds well capitalised and looking to expand their investment teams, new market entrants (both global firms setting up, or re-setting up and new domestic firms being established) and the Investment Banks in a deal frenzy that meant talent was in high demand, it has been highly competitive on the candidate front.
Conversations with the IB community of late have told of much quieter deal environments and after a fee bonanza for many over the past 18 months, a well-deserved pause for some R&R means at last some travel seems to be on the cards for some. So post bonus, especially where the cashed-up junior/mid-levels are concerned, are we about to see higher than average numbers head out the door? Will they be off to the airport and on their way to somewhere exotic, an exodus just in time for Euro summer 2023?
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