SALARY SURVEY 2013 - Robert Walters Singapore
SALARY SURVEY 2013 - Robert Walters Singapore
SALARY SURVEY 2013 - Robert Walters Singapore
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
LUXEMBOURGLUXEMBOURGBANKING&FINANCIALSERVICES,COMMERCE&INDUSTRY,HUMANRESOURCES,LEGALANDTAXLUXEMBOURGBANKING&FINANCIALSERVICES,COMMERCE&INDUSTRY,HUMANRESOURCES,LEGALANDTAXBANKING&FINANCIALSERVICES,COMMERCE&INDUSTRY,HUMANRESOURCES,LEGALANDTAX<strong>Robert</strong><strong>Walters</strong>GlobalSalarySurvey<strong>2013</strong>115TheLuxembourgteamspecialisesintherecruitmentoffinance,tax,legalandHRprofessionalsacrossvarioussectors,includingbanking(privateandcorporate),investmentfunds,insurance,realestate,privateequity,trust/fiduciarycompanies,law,consultingandcommerceandindustry.MarketOverviewBanking&FinancialServicesAlthoughwesawrecruitmentacrossanumberoffunctionsatthestartof2012,thesummerperiodwasquietandhiringlevelsdidnotincreaseovertheremainderoftheyear.ProfessionalswithScandinavianandEasternEuropeanlanguageskillswereindemandwithintheprivatebankingsector,asorganisationsfocusedonexpandingtheirbusinessesinothercountries.Typically,thesecandidatesweresourcedfromoutsideLuxembourgasthelocalmarketwasunabletomeetdemand.Companiesfocusedonhiringprivatebankerswhomanagedhighnetworthclientaccountsofmorethanonemillioneuros.Withinthefundsindustrywesawincreasedhiringactivityacrosstheboardincludingwithinfiduciary,managementcompanies,consultanciesandfamilyoffices.Financialaccountants,complianceofficersandriskmanagerswereallinhighdemand.Fortheseroles,organisationssoughttrilingualprofessionalswithfluencyinEnglish,FrenchandGerman.Withthesecandidatesinshortsupply,individualswithindemandskillsetscouldcommandsalaryincreasesof5-8%.Financeprofessionalswithspecifictaxknowledgewerealsoindemandwithinconsultanciesandthelargerbanks.Moreconsolidationwithintherealestateandprivateequitysectorsandlowequitytradinglevelsresultedinlittlestaffturnoverstable.Mostrecruitmentwaspredominantlyforreplacementpositionsratherthannewhires,withastrongtrackrecordinthebusinessaprerequisiteformostcandidates.Despite2012beingachallengingyear,theflexibleandopeneconomyinLuxembourgledtomodestjobcreationandgrowth.Companiessoughtcandidateswhowereabletomovelocationandhandlevaryingjobtasksandresponsibilitiesduetomostbusinessesdivisionsinthecountrybeingrelativelysmallinsize.However,thekeyrequirementformostemployerswhenhiringwasrelevantindustryexperience.Commerce&IndustryWhilejoblevelsdecreasedwithincommerceandindustrybusinesses,therewerestillpocketsofhiringwithinspecificsectors.WesawdemandforsalesprofessionalsinengineeringwhowereabletotravelabroadtoleadprojectsinRussia,AfricaandAsia.TheLuxembourggovernmentcontinuedtooffertaxbreakstocompaniesinvolvedine-commerceandthesestart-upshelpeddrivemodestrecruitmentactivity.Germancandidates,particularlyaccountantsandchieffinancialofficers,andsalesprofessionalsexperiencedininternationaltechnicalsales,werehighlysought-after.SalarylevelswereoftenbelowcandidateexpectationsasclientshadthepickofthemarketandlocalcandidatescompetedagainsttheirEuropeancounterpartsforroles.HumanResourcesWesawrelativelylowHRjoblevelsin2012asmanyorganisationskepttheirteamslean,whichresultedinincreasedworkloadsforexistingemployeesandadditionalpressureoninternalHRdepartments.However,wedidseelimiteddemandforrecruitmentprofessionals(bothinternalandexternal)andpayrollspecialists.Payrolldepartmentsinparticularwereunderstaffedandsomecompanieslookedtogrowtherefunctionsin2012.LegalNewlegislationandregulatorydevelopmentsfuelledgrowthinlegalhiringactivityin2012.Largeindustrialandcommercialcompaniessoughttoexpandtheirin-houseteamsandorganisationsoperatinginthetrustandfiduciaryfieldsalsorecruited.Lawfirmsaddedheadcounttoensuretheyhadthescopetomanageincreaseddemandfromtheirclients.CandidateswithinternationalmarketknowledgeoftheUS,andEasternEuropeancountries,suchasRussia,wereparticularlysought-afterduetothegrowingeconomiesofthesecountries.AsLuxembourglawisbasedonFranceandBelgianlaws,lawyerswithlegalbackgroundsinthesecountriesandgoodEnglishorEasternEuropeanlanguageskillswerealsoinhighdemand.TaxThetaxrecruitmentmarketwasparticularlyactivein2012asfiduciary,trust,legalandtaxfirmsexpandedtheirin-housetaxteams.Salariesincreasedby5-8%acrosstheboardwithqualifiedtaxprofessionals,trilingualinGerman,FrenchandEnglishcommandingsalaryincreasesof10%whenmovingjobs.Outlookfor<strong>2013</strong>Althoughtheoutlookfor<strong>2013</strong>isuncertain,weexpecttoseecontinuedgrowthwithinthelegalandtaxfields.Localcommerceandindustrycompanieswillcontinuetofacechallengingmarketconditions,although,weanticipatemodestdemandwithinafewbiginternationalorganisationsforfinance,HR,salesandcomplianceprofessionals.Geographicallymobilecandidates,skilledintwoormoreEuropeanlanguagesinadditionEnglishwillbemostsought-afterin<strong>2013</strong>fortheseroles.Withcompetitionforthemostskilledcandidatesintense,weexpectprofessionalstorecievemodestsalaryincreasesandbonuses.
Change language