The Luxembourg job market

As we move into the second month of the year, the difference between the number of available roles and the number of candidates prepared to move is reaching an imbalance last seen before the financial crisis. Here is what it means for employers and candidates.

 

The candidate perspective

Candidates looking to move are typically receiving multiple offers and financial packages typically 10%-15% in excess of their current remuneration. The financial sector is particularly buoyant and the UK’s decision to leave the single market is likely to see yet further growth in this sector over the coming 24 months.

 

The employer perspective

The competition for the talent is driving up salaries. Shrewd employers are looking to tie as much of the increases as possible to company and individual performance to avoid wage bills becoming out of kilter with revenues.

Inactive candidates we (KR Recruitment) have been maintaining relationships with over the last few years are increasingly ‘passively job seeking’. Rather than registering on jobs boards or with multiple agencies, these passive job seekers ask our consultants to discreetly sound out the market. The result is that many are receiving multiple offers without ever being on the open market.

One positive trend for employers is that with Brexit looking inevitable there is a rise in candidates from the UK financial services sector willing to move to either Luxembourg or Switzerland.

Whatever sector they operate in however, companies looking to hire need to be agile and decisive with short recruitment processes, otherwise candidates will accept offers from more proactive competitors.

 

If you would like more information about the performance of any sectors of the Luxembourg or Swiss job markets, then please call us on:  +352 661 175 610 or email kieron.oconnor@krrecruitment.com

 

Thursday Feb 2, 2017