Australians abroad: insights, advice and adjusting to a new climate
This week, Industry Moves catches up with some high profile movers who have left our sandy shores and are now settled in the USA, UAE and the UK. We ask their advice on how to best settle into a new culture, about the local issues that are influencing their work, and to share what they most enjoy about their home away from home.
Fiona Reynolds
What are the biggest cultural differences when comparing the Australian workforce with your current role?
Australia is a fairly small country with very tight immigration laws, so we don't get the same range of people and skills from across the globe in Australia as we do in Europe. In the company I work for, we have staff from every corner of the globe, speaking many languages, with different cultural backgrounds and norms and I think that is a wonderful thing, I have learned so much about the people of the world, that I would never have learned if I had stayed in Australia. I think there is far more of a celebration of multiculturalism in Europe, despite the fact that there are small pockets of people wanting to wind the clock back and close the borders to new entrants.
What are some of the local issues affecting your work?
In the UK itself, Brexit is obviously a big unknown and some staff are understandably concerned about its implications. One quarter of our staff are European and not on UK passports, so what does this mean for their long-term future? And, as an organisation will we have to move or open a new office in Europe? On a brighter note, as we work in sustainability, across the UK and Europe we are seeing far more progressive policies being adopted to tackle sustainability issues, increase flows to green finance, increase renewable energy and combat climate change. We have worked with governments and investors across the world on these issues. It is certainly a very different story from Australia.
What do you enjoy about living in London?
So many things to enjoy, first of all, it is a truly international city and the world is your oyster - there is so much to offer. I love how easy it is to travel throughout Europe - I mean, 2 1/2 hours on the Eurostar to Paris, it's hard to beat that. London is very non-judgemental, anything goes, it's very free and easy. London is a true melting pot, so many really smart people are attracted to London as a place to work and it gives you access to many different kinds of people and different cultures. There is history on every corner, a fantastic play always to be seen and the best acts and artists in the world flood into London.
What advice would you give to someone wanting to relocate overseas?
Just do it! For me I left Australia as it is very difficult to find a truly global job and I wanted to do something that would stretch my skills and open me up to new ways of doing things and learnings. Moving to London and taking my role with the PRI has certainly done that. It teaches you resilience, I moved on my own for the first 6 months until my husband joined me, I had no friends and at times it was hard, but it also taught me that I can do most things and getting out of your comfort zone can be good for you.
Sadly, I also left Australia, as I wanted to work in progressive issues, climate change, human rights, labour rights and I really do think that Australia is lagging behind the developed world, it is becoming very insular and, unlike many countries, is not taking the steps that it needs in order for the country to make the transition to a low carbon future. The treatment of refugees and asylum seekers is shocking. I worry about the future for Australia, given the focus on short term, personality driven politics. Australians are much better people than the politicians that represent them in government. I will be back one day, but not until all of this has passed.
You can view Fiona's profile here.
Michael Lovett
What are the biggest cultural differences when comparing the Australian workforce with your current role?
Size is a big factor. Our Australian operation is around 400 people, whereas the US business has close to 15,000. So over here, people's responsibilities tend to span less, but they go far deeper. The Australian way is more relaxed than in the US, we tend to like to laugh and make light of situations. We also use a lot more slang. I have been called out a lot for using words that the Americans haven't heard of before ("give you a bell", barbie, arvo, etc.)
What are some of the local issues affecting your work?
We're continuing to work with advisers and investors in highlighting the merits of lower cost investments, which remains an important part of Vanguard's mission here in the US and around the globe. While it's still in the early days for me, the biggest difference is the regulatory environment. In terms of the regulatory environment, Australia introduced the Future of Financial Adviser Act in July 2013 and it brought with it significant change. The US advice industry is currently going through a lighter version of these changes with the DOL fiduciary rule.
What do you enjoy the most about your new city?
Philadelphia is an amazing city that's got a rich culture and history. It is the birthplace of America, yet most Australians would not necessarily think to visit here on a holiday. There is so much to see; the Liberty Bell, Valley Forge Park where George Washington's army camped for six months during the Revolutionary War, Independence Hall, and of course the steps from the film Rocky! Philadelphia is also just a two hour train ride from Manhattan and Washington DC.
What advice would you offer to someone who was about to relocate overseas for a new job?
Make sure that you and your partner are both up for the decision - you basically have to start your life again. If you move to the US, get ready to study too! I have had to obtain three licenses under the FINRA regime - 12 hours of exams.
You can view Michael's profile here.
Olivia Engel
In June 2017 Olivia Engel, her husband and their three girls moved to Boston after she was appointed deputy CIO of State Street Global Advisors' active equities team. She said of the move that its been "exciting, if not a bit daunting". They're still settling in and discovering that "New England is a wonderful part of the world to explore."
What are the biggest cultural differences when comparing the Australian workforce with your current role?
I've worked for SSGA for more than six years and during that time I've been working with many of my Boston colleagues so I'm probably not noticing the difference too much. Overall though the workplace culture is not very different to Australia's. What is quite different is working at the head office of a large global organisation as opposed to working in a regional office. On one hand, access to senior decision makers is faster and more convenient, but on the other hand, it's harder to get to know people across the different departments because generally the teams are a lot bigger, and in many cases physically located on different floors of the building.
I think I've been toning down my Aussie accent a lot of the time so people can understand what I'm saying, and I've had to quickly adopt American terms for everyday things so they understand me. I'm starting to get used to my spell checker converting my documents to use the letter "z" instead of "s" for many words - that used to bug me initially.
What are some of the local issues affecting your work?
My life here has coincided with US equities continuing to hit new records, driven by the booming tech sector so it's a really interesting time professionally to be here. Valuations are high and we've been exploring with institutional investors over here how they can allocate more of their portfolios to international equities and emerging markets. It's the same conundrum facing many Australian investors who are looking to boost their international exposure.
As active stock pickers we're looking for companies with higher expected returns and lower total risk so with shares - particularly the big tech names - so expensive, it's a challenge to uncover the gems which will do well over the longer term. But since we're looking globally, not just in the US, we're still managing to find second-tier companies, even in the tech sector, which have great growth prospects but don't have the same lofty valuations.
What do you enjoy the most about living in Boston?
The different seasons here are beautiful. So far I've experienced spring, summer and autumn - the changes are so abrupt and the landscape looks vastly different all year round. At the moment, the trees are all turning brilliant yellows, orange and reds. Boston is a real hub for creativity and innovation coming out of the local universities which are so impressive. The music scene is very rich. I'm looking forward to having ski fields so close to home when the winter arrives, but ask me again in February how I coped with my first Boston winter!
What advice would you offer to someone who was about to relocate to a different country for a new job?
Make sure you get tax advice early on.
You can view Olivia's profile here.
Gilly Zimmer
What are the biggest cultural differences when comparing the Australian workforce with your current role in New York?
Apart from the Aussie slang, the fact that we like to abbreviate everything and that when I was in Australia I didn't like to wear ties too often, the cultures are quite the same. There's a lot of encouragement for promotions from within an organisation, it's very sociable, highly engaging, much like Australia. In my opinion, it's not coincidental that we're finding a lot of Australians moving to New York because we adapt to the culture quite easily.
If I was to pick a small area of difference, I'd say that New York runs on a faster pace. People walk faster and tend to have a little less time than here in Australia. Also, New York definitely has more diversity, it's a melting pot for people from different backgrounds.
What are some of the local issues affecting your work?
The main issue is the increasing regulation in the industry. It dominates a big part of our work and how we operate. It's the same here in Australia.
What was the most challenging aspect of immersing yourself into a new culture?
I've worked in New York before. From 2001-2007, I worked for what was then Watson Wyatt, (now Willis Towers Watson), so I was very familiar with the working environment and what I'd need to adapt to. Back then I was a single guy of 25. This time round I have three children, a wife and a dog. So, the biggest challenge was adapting my family to a new way of life. When we were considering which town we should live in, we had three main priorities: a sensible commute, a good schooling system and walkable to town. So I think, the main challenges were to do with my personal life rather than my professional life. My family has also had to adapt to the -10 deg winters.
What advice would you offer to someone who was about to relocate overseas for a new job?
There are three main principles that I like to keep to. The first one is to be open minded about how things might eventuate. Secondly, be patient. Some things just take a bit longer: making new friends, finding your way in an office and generally working out your groove. Finally, it's important to be flexible, especially when moving from Australia to New York because it's such a bigger and more diverse market.
Sam O'Sullivan
Sam O'Sullivan, formerly Head of Investment Performance and Risk at QIC, relocated to Abu Dhabi to work as a manager for a sovereign wealth fund.
What are the biggest cultural differences when comparing the Australian workforce with your current role?
My current organisation employs people from over 50 countries, so there is significant cultural diversity compared to my Australian employers. This level of diversity has the benefit of bringing a wider range of perspectives when making business decisions. My work week is Sunday to Thursday which keeps it interesting when operating in a global business.
What do you enjoy the most about your new city?
Abu Dhabi is a fantastic city to live in for families as it is safe, has great facilities, and easy access to many countries. The expat community provides an opportunity to become friends with interesting people from all over the world.
What advice would you offer to someone who was about to relocate to a different country for a new job?
When considering a move overseas a number of questions should be considered: is the organisation and role right for me? Do I know enough about the location and would I enjoy living there? Will my family have access to good quality jobs and schools? If the move still makes sense: buckle-up for an exciting ride!
You can view Sam's profile here.
