The Luxembourg recruitment market experienced steady improvement throughout 2010. While few firms had approval to hire during 2009 and in the early months of 2010, we saw appetite to recruit grow during the year. Although the effects of the global financial crisis were still in evidence, we saw a cautious optimism among decision makers. By the end of 2010, a number of organisations had clear recruitment plans in place for 2011.
Recovery in the second half of 2010 was faster than initially anticipated, which resulted in some companies – particularly service providers – creating new positions. Salaries also increased, particularly at the mid to senior level, as firms sought to secure the best talent.
We expect to see further moderate growth in the Luxembourg recruitment market in 2011 and competition for the best talent to intensify. Professionals with experience in cost control and accounting, local corporate legal and tax knowledge, or commercial experience with proven relevant networks will be in highest demand.