Robert Walters European Job Index - Q4 2014
- Demand for IT professionals increases by 25% year-on-year
- Banking and financial services declined 8% in the quarter as the industry outsourced back office functions
The jobs market remains active in Luxembourg with the volume in job advertisements increasing 10% year-on-year in Q4 2014, according to the latest Robert Walters European Job Index.
Advertising of banking and financial services roles declined 8%, as many banks outsourced back office functions. Elsewhere in the sector, the consolidated demand for legal, tax and treasury roles increased 6% in the quarter. This was driven by the growth of the funds industry, the country’s largest sector.
Furthermore, as a result of positive momentum in the funds industry, secretarial and support roles saw an increase of 9% quarter-on-quarter and nearly doubled year-on-year. An increase in these types of roles is considered a very positive indicator of the overall economy.
Bastiaan Fontein, Country Manager of Robert Walters Luxembourg, said:
"Overall, the jobs market has grown, with rising levels of business confidence, evidenced by increased investment in headcount. Looking at the market now, candidates are becoming more willing to move, and the jobs market is defined by both job creation as well as replacement roles.”
IT job advertisements increased 25% year-on-year, driven largely by a boost from the financial services sector, with banks finally able to invest in or implement new IT systems. In order to upgrade existing systems, and roll out new platforms, the demand for temporary IT specialists has grown. In addition, it is expected that the need for IT staff may be further bolstered in 2015, pending new initiatives such as building a centralised trading platform for subordinated loans in Europe, which would require a significant increase in IT-proficient headcount.
Bastiaan Fontein continues:
"We anticipate that the positive momentum of 2014 will continue in 2015. We expect that Jean-Claude Juncker’s investment plan to boost the European economy will have an impact on the workforce of the European Investment Bank, based in Luxembourg, which in turn will drive demand for analysts and economists.”
For more information, please contact:
Sofie Slagmulders, Marketing Executive
Tel: +32 (0) 2 535 08 66