Luxembourg banks have been struggling to recruit the right talent for years and are forced to look further afield to attract suitable candidates.
The Grand Duchy has not fared well in global surveys and the country’s high cost of living and in particular housing prices is often the main reason for Luxembourg’s lack of lustre.
Some recent surveys suggest the country is now becoming a more attractive place to work, such as the World Talent Ranking which ranked Luxembourg second after the country’s generous minimum wage bumped its overall appeal to workers. But banks continue to wrestle with the search for talent.
According to Jérôme Carbonnelle, partner at recruitment firm GoToFreedom, the most in-demand jobs in the banking sector at the moment are risk and regulatory positions, change managers hired to enhance efficiency and reduce costs, and those aiming to generate new revenue streams.
“The banking sector is under global pressure, often seen as losing its appeal,” Carbonnelle said. “Digitalisation and automation have fundamentally transformed our relationships with banks, a trend likely to continue.”
