Luxembourg
Market Update: ½ Year Market Report – July 2014
We have
arrived at the half way point of 2014. The wider global economy is
growing steadily and this is reflected in the activity in Luxembourg.
The market
has definitely improved on last year, with most businesses beginning to grow
again after a period of the re-structure during the crisis.
It is clear
that the general mood in the market is more upbeat with client companies
prepared to re-invest and create new roles. Candidates also have the confidence
to move jobs now. We see no reason why this positive activity should not
continue through the rest of 2014
KR Recruitment - Key Trends of Q1 & Q2 2014
- We
are returning to a market conditions similar to the dynamics experienced
pre-crisis . The strongest candidates are receiving multiple offers,
which is driving up salaries again. Also, due to this competition
for talent in the market place it is the companies who can create a quick
recruitment process who are winning the race most often. We have seen a
large number of offers turned down due to competitor groups moving more
quickly – speed is essential!
- Year
to date (YTD) KR Recruitment has seen a growth of c10% year on year (YOY)
in revenue. This is also reflected in the number of placements made,
with c10% growth YOY.
- The
average fee is slightly up, c3 to 4% YOY, showing that salaries are on the
rise again
- KR
Recruitment continues to see a good mix of mid-level roles €45-60K, and
the more senior roles €80K-120K. We have seen a trend upward on the
average fee, showing that there are more senior roles being placed on the
market. This is a good sign for the Luxembourg as we shift upward in
terms of “skilled” employment
- KR
Recruitment has seen a good spread of placements across Financial Services
/ Banking / Private Banking / Trust / Commerce & Industry / Insurance
– all sectors seem to be improving. There is also a good mix of
roles across Tax / Treasury / Accounting / Legal / Operations / Sales
- The
Trust market (and excellent barometer of new entrants to the Luxembourg
market) is growing very strongly again. All the major players are
experiencing strong growth which shows the overall market is growing
- Confidence
has been fully restored with Clients (job creation) and Candidates
(prepared to move) – and so the market was very dynamic and moving toward
pre crisis activity
KR Recruitment – Outlook for Q2 2014
- We
would hope that the market continues along it’s steady recovery and
envisage a YOY growth mirroring the 1st half of the year – c10%
growth
- New
multinational groups continue to enter the market and set up footprints in
Luxembourg, this is positive news for the wider economy
- It
is becoming increasingly clear that some skills are not readily available
in Luxembourg and we need to head hunt skills form other major European
capitals. This trend will continue to increase in the coming year,
especially as some of the Shared Service Centres require skills not
normally found in Luxembourg
- The
pipeline of new roles and activity for the coming 2 months looks solid
(even over the summer months, which are traditionally a slow period)
KR Recruitment – Examples of roles successfully placed
during the first ½ of 2014
- Head
of Internal Audit - €130K (Head Hunt)
- Marketing
Manager x2 - €70K (Head Hunt)
- Head
of Tax EMEA - €130K
- Finance
Analyst - €70K (Exclusive)
- Finance
Manager €90K (Exclusive)
- Senior
Real Estate Accountant (x4 Exclusive) - €50 to 60K
- Transfer
Pricing Manager - €120K (Head Hunt)
- Corporate
Secretary / Corporate Admin – €60K to €80K (Various)
- Senior
Lawyer - €120K
- Junior
Lawyer - €60K
- Financial
Controller - €90K
- Purchasing
Manager - €80K (Head Hunt)
- Senior
Accountants (various Holding / PE / RE) - €45 to €65K
- Senior
Accountants (IFRS / US GAAP experts) - €45K - €65K
- Head
of Legal - €180K (Head Hunt)
- Head
of Commodity Trading - €150K (Head Hunt)
- Etc…………
