Luxembourg’s financial sector offers salaries above the Benelux level
The Luxembourg financial sector offers salaries above the Benelux level and competes on an equal footing with Germany, but lags far behind London and Switzerland. The audit segment is struggling to recruit, while the cybersecurity and compliance segment continues to grow.
“Like most recruiting firms, we expected a sharp increase in hiring in 2021 and this has turned out to be a reality,” said John Newton, Chief Revenue Officer at JCW. The European and US-based financial services recruitment agency conducted a survey of salaries and employee expectations in key European markets, including Luxembourg.
As hiring in the financial sector increased in 2021, employers faced concerns about “attracting and retaining” their employees. “Candidates are much more selective about opportunities,” said Newton, explaining that organizations have had to adapt to new ways of working, including hybrid work. “Our customers have not seen a drop in productivity. On the contrary, it has increased.”
Aside from the work environment, the JCW survey found that 54% of candidates are dissatisfied with their pay. “The fact that 32% of candidates say they don’t receive bonuses should be a red flag for employers,” the study notes. This is one of the factors that drives 60% of candidates to consider professional mobility.
The technology and cybersecurity market has also remained strong given the increasing number of attacks on organizations. The focus is back on Switzerland: “Switzerland is increasingly seen as a global cybersecurity hub. Unsurprisingly, some of the best consultancies, cybersecurity firms and candidates with deep technical knowledge are based in Switzerland.” This is reflected in the salaries. For example, a security architecture specialist earns an average of €112,000 in Switzerland, compared to €94,000 in London, €80,000 in Luxembourg and €70,000 in the Netherlands