Luxembourg labour market trends
Managers are taking a fresh look at the future. Many things have changed in recent times, with both employers and employees having to adapt to a new way of working, resulting in a new standard beginning to take shape and notable trends emerging.
Recovery of the labour market
- In the run-up to 2022, six out of ten managers are increasingly confident about the labour market.
- Increasing confidence means that companies are once again actively seeking new talent.
- This recovery has made the War for Talent more intense than before. The corona crisis has made the need for quality staff even more apparent, driving managers to look for the very best employees.
- Companies backed by private equity will emerge from the pandemic stronger and faster than others. During the COVID pandemic, private equity firms based in Luxembourg continued raising funds around the world. These funds have already been used in part to support companies affected by the pandemic, protect jobs and past investments, and facilitate the road to recovery.
Importance of a work-life balance
- Following the tumultuous COVID period, many companies have prioritised a proper work-life balance on their agendas.
- The ongoing teleworking trend has given us new insights into how we can efficiently go about our working day.
Possible causes of burnout
Possible causes of burnout
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Lack of a proper work-life balance24%
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Lack of recognition29%
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Poor communication with employers27%
of the managers surveyed, mentioned the shorter application process as a significant outcome of COVID
Shorter application process is essential
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The application process for middle management positions typically takes four to six weeks.
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The War for Talent has made a swift application process essential for recruiting the best employees.
The impact of Brexit on the Luxembourg labour market
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Many financial institutions have moved their headquarters to Luxembourg because of Brexit.
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Not only did this result in a boom in finance jobs, but also created more diverse roles.
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Asset management customers are seeking profiles in Luxembourg that previously were mainly centralised in London, such as front-office roles for asset managers.
In-demand skills in finance and accounting
- Flexibility
- Adaptability
- Technical knowledge
In-demand accounting certifications
- IFRS
- ACCA
- CIMA
- CFA
- CAIA
- CPA
In-demand jobs in finance and accounting:
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Accountants
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Finance Managers
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Accounting Managers
In an independent study, Robert Half surveyed 1.800 C-level managers in SMEs and large companies across Europe
and combined the results of an international online survey for employees.
Starting salaries in finance and accounting
on the Luxembourg labour market
| Title | 25th percentile |
50th percentile |
75th percentile |
|---|---|---|---|
| Accounting Manager | €80.604 | €88.962 | €102.321 |
| AP/AR Accountant | €39.786 | €45.291 | €47.562 |
| Junior Accountant | €41.485 | €47.149 | €50.852 |
| Senior Accountant | €61.473 | €68.952 | €73.306 |
| Title | 25th percentile |
50th percentile |
75th percentile |
|---|---|---|---|
| Auditor | €47.783 | €53.975 | €57.328 |
| Title | 25th percentile |
50th percentile |
75th percentile |
|---|---|---|---|
| Controller | €75.861 | €91.963 | €108.478 |
| Title | 25th percentile |
50th percentile |
75th percentile |
|---|---|---|---|
| CFO/Finance Director | €102.731 | €112.357 | €127.216 |
| Finance Manager | €87.346 | €98.756 | €107.857 |
How to use our Salary Tables
Starting salaries are not one-size-fits-all. That’s why we separate them into percentiles based on multiple factors. Any or all of these factors may apply when considering a job offer. You can calculate the gross monthly salary by dividing the yearly salary by 12. Salaries listed do not include bonuses, benefits and other forms of compensation.
25th
Candidate: has little or no prior experience in the position; still developing relevant skills
50th
Candidate: has average experience; has the majority of the necessary skills
75th
Candidate: has above-average experience; has most or all of the necessary skills; may have specialised certifications
Trends in perks and benefits
Fringe benefits frequently offered:
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Meal vouchers
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Year-end bonus
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Retirement savings plan
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Health insurances
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Company car and fuel card
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Parking spot
New benefits that companies will be offering in 2022:
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Commuting discounts
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Gym membership
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Health insurance
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Cell phone and/or subscription
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Dental insurance
Diversity, equity and inclusion (DEI) is becoming a top priority
as companies are increasingly:
Developing programmes and guidelines to make sure that their employees are treated with respect and empathy.
Considering DEI as core to their corporate culture.
Offering transparency in their application processes.
Measuring DEI efforts and communicating their objectives.
Diversity, equity and inclusion in practice
of managers said that their DEI efforts improved the working atmosphere
of companies are improving their job ads to attract diverse talent
are using anonymous CVs
