Robert Walters European Job Index Q1 2015
· 12% overall growth of job advertisements compared to Q4 2014
· Job adverts in banking and financial services increase of 11% on the quarter
Coinciding with positive economic growth, the volume of job advertisements in Luxembourg continued to rise during the first quarter of 2015 by 16% year-on-year and 12% over the past quarter, according to the latest Robert Walters European Job Index.
Banking and financial services, which dominates the employment market in the country, saw an 11% increase in job advertisements compared to the final quarter of 2014. However, while this shows volumes are recovering in this sector they are still down by 7% year-on-year, as some banks continued to outsource some of their back and middle office functions and utilised new technologies to drive efficiencies in the sector.
The jobs market has been increasingly active in the first quarter and the figures show that the positive trends of last year have been sustained in 2015. We continued to see an increase in the volume of positions available, as well as further inflow of foreign professionals, particularly from France, attracted by the rewarding working environment and competitive salaries. While the demand for new talent in banking and financial services cooled somewhat in 2014, the market is still highly transient, so the movement of jobs and need for candidates remains strong.
Faced by a backlog of IT improvements following years of underinvestment during the recession, financial services businesses in particular are now seeking IT professionals to implement large scale system and IT infrastructure upgrades. This demand is evident by the 17% quarterly increase and 16% year-on-year rise in IT job advertisements.
In accounting and finance, the volume of adverts rose 21% in the first quarter of 2015. This surge tallies with the end of the tax year, and overall the sector is expected to remain highly active. In particular, the “Big4” accounting firms employ hundreds of entry level accountants each year, many of whom move on quickly after qualification. This means job movements in this sector are relatively frequent.
Increasing regulatory demands by the financial regulator CSSF (Commission de Surveillance du Secteur Financier) have driven a 13% quarterly and yearly rise in adverts for compliance professionals. This has also impacted the legal sector, where there was a 5% quarterly rise in advertisements for legal experts.
Both directly and indirectly, financial services fuels the jobs market in Luxembourg, particularly in IT and compliance where the changing face of the industry is driving demand for specific skills. Furthermore, fund accountants and managers remain highly sought after as the significant inflow of funds continues, coupled with large multinationals establishing holding companies in Luxembourg. The influence of the improving global economy is also boosting the jobs market and we hope to see the positive trends in Q1 continue into the remainder of the year.
For more information, please contact:
Sofie Slagmulders, Marketing Executive
Tel: +32 (0) 2 535 08 66