Guide des salaires 2019 de Robert Half

1. 2019
Salary
guide

2. Contents
An analysis of the
Luxembourg labor market
Foreword
How to read our
salary tables
8
Trends in finance
and accounting
4
3
6
Finance and Accounting salaries9
Working with Robert Half10
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3. Joël Poilvache
Director
ForewordThe Luxembourg labor market is highly distinctive because of its geographic
position, small size and favorable working conditions. There are few other
countries with such a large number of expats and cross-border workers. The
finance industry plays a major part in the economy and accounts for over a third
of the gross domestic product, not surprising given it is one of the wealthiest
countries in the world.
Nevertheless, the influx of candidates into Luxembourg is not sufficient to fill
all finance and accounting vacancies. In addition, because of Brexit, some
international organizations are reorienting to different locations in Europe,
including Luxembourg. The favorable business climate makes Luxembourg a
particularly attractive location for multinationals, which further increases demand
for professionals.
The Luxembourg business market is therefore experiencing an increasingly
competitive war for talent. To really win this ‘war’, the best line of attack may very
well be a defensive one: companies with a clear retention and talent management
strategy will eventually come out on top. Wherever possible, the preference is to
take a personal approach to the development of every employee.
To get you started with this process, we are sharing the most important trends
and developments in the Luxembourg labor market with our Robert Half
Salary Guide. This will make it possible for you to do an even better job
benchmarking salaries awarded to your current and potential employees.
Do you have any questions about the 2019 Robert Half Salary Guide, or
would you like to discuss your resource planning for the coming year?
Our consultants would be happy to provide you with advice customized
to your needs.
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4. Low unemployment rate, high number
of cross-border workers
The Luxembourg economy is stable, with relatively high
incomes and low unemployment rates. In 2018, the share of
residents without a job was 5.2 percent. Not only is this the
lowest percentage since 2011, it is also significantly lower than
the European average of 6.9 percent. Seeing as the country
has twice as many jobs as the national active population,
excess job openings have to be filled with job seekers from
abroad. And it is clear that they are: half of Luxembourg’s
residents (48 percent) are from abroad. In the capital, this
percentage is even higher, at 69 percent.
Thanks to this situation, Luxembourg’s employment market
clearly reflects the country’s international and multicultural
business environment. This is particularly evident from Mondays
to Fridays, as the country has a large number of cross-border
workers. Out of more than 200,000 people working in
Luxembourg, around 70 percent are non-residential, meaning
they don’t live in Luxembourg, but in one of its neighboring
countries (Belgium, Germany or France). Some 160,000
people cross these borders every day to work in Luxembourg,
and head back home in the evening.
An analysis
of the
Luxembourg
labor
market
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5. Taxation
This high number of international employees is partly due
to Luxembourg’s advantageous business conditions, but it
may also have something to do with its favorable tax regime
– especially compared to its neighboring countries. Thanks
to relatively high salaries and low tax rates, it generally pays
for French, Belgian and German employees to work across
the border, while they continue to live in their own country.
This way, they benefit from relatively high remuneration, while
paying lower housing costs than in Luxembourg, where they are
relatively high.
Financial epicenter
Due to its wealth, Luxembourg has long been an international
financial center. Large multinationals are based here and many
European institutions are located in its capital. Moreover,
one tenth of all jobs in Luxembourg are in the banking sector.
But following the collapse of the country’s powerful iron and
steel industry in the 1970s, the government is only too aware
of the danger of betting on one horse. In the last few years,
the government has focused on economic diversification
by encouraging the development of other industries, such
as information technology, communication, media and
biotechnology. As a result, Luxembourg’s economy now
comprises a multitude of industry sectors.
70 %
of employees are non-residential,
they do not live in Luxembourg
but in one of its neighboring
countries.
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6. The fourth industrial revolution, driven by the cloud, the
Internet of Things, big data and artificial intelligence, is well
on its way. This results in digitalization and automation,
creating both opportunities as well as challenges for
organizations in the financial industry. It is now inevitable that
organizations’ traditional business models will be put under
pressure, forcing companies to be more agile and innovative
than ever.
The same goes for finance departments and, consequently,
finance professionals. The demand for digitally-skilled
candidates is increasing. Having the right people on board
is key to organizations being able to constantly reinvent
themselves and keep up with the competition. Yet the talent
pool continues to be limited, resulting in a knowledge gap
where the supply of job seekers does not match employer
demand, or at least not quite closely enough. This means
talent retention and recruitment is becoming more important
than ever.
The changing role of the finance professional
The fourth industrial revolution does not only affect
employers’ recruitment needs and strategies, but also the
personal skills employees need to have. Digitalization and
TRENDS IN
FINANCE aNd
ACCOUNTING
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7. Profiles most in demand
• General Ledger Accountant
• Accounting Manager
• Finance Manager
• Controller
Key tasks impacted by
digital transformation
• Data forecasting
• Financial reporting
• Data analysis
• Data entry
• Financial analysis
‘Soft skills’ most in demand
as a result of automation
• Collaboration / team spirit
• Open to change
• Communication skills
process automation change the scope of work carried out
by finance professionals. When processes like reporting are
being automated, employees have more time for tasks such as
conducting financial and data analysis and working out plans
for the strategic direction of the company.
Besides technical skills like these, soft skills are also gaining in
importance. Finance professionals are expected to be more
open to change, for example, and qualities like collaboration
and team spirit are becoming increasingly valuable as well.
Moreover, due to the effects of digitalization in the financial
industry, it is now essential for finance and accounting
professionals to continue learning and developing. This is partly
an employer’s responsibility: to be as flexible as possible as a
company, they must continue to invest in their people.
By offering employees professional training or by working
together with branch organizations, employers support their
employees in developing their personal and professional skills,
which in turn increases the chances that they remain loyal to
their employer. And because they teach their employees the
skills they need now - and will need in the future - it is a clear
win-win situation. This way, automation in finance is no longer a
threat, but an opportunity for growth and success.
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8. How to read
our salary
tables
The lowest percentile most often
fits candidates who are new to the
role and still developing their skills.
The role may be in a market with
low competition for talent or in a
smaller, less complex organization.
Higher-end salaries require
a strong skill set and more
experience than is typical.
Candidates may have specialized
certifications. The role may be
fairly complex or in a market where
the competition for talent is high.
To start a candidate at the
midpoint percentile, expect
average experience and the
necessary skills to get the job done.
The role will likely be of average
complexity or in a market where
competition for talent is moderate.
A significantly high level of relevant
experience and expertise, including
specialized certifications, can require
a salary in the highest percentile.
The role may be very complex or in a
market where competition for talent is
extremely high.
25th 75th
50th 95th
JOB 25 50 75 95
General Ledger Acountant 38 000 54 000 68 000 76 000
To help you determine salary levels for
new hires, we have reported pay ranges
by percentiles. Bonuses, benefits and
other forms of compensation are not
factored into the salary ranges. If
appropriate, factor in other financial
incentives your organization offers. Then
move quickly. Chances are, your top
candidate will be your competitor’s first
pick, too.
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9. Finance AnD
accounting
SalariES
PERCENTILES
JOB 25 50 75 95
Operational
Positions
General Ledger Acountant 38 000 54 000 68 000 76 000
AP / AR Accountant 32 000 36 000 48 000 54 000
Controller 62 000 74 000 86 000 98 000
Auditor 38 000 46 000 52 000 65 000
Managerial
Positions
Accounting Manager 62 000 75 000 88 000 96 000
Head of Controlling 78 000 92 000 105 000 115 000
Finance Manager 72 000 85 000 96 000 110 000
CFO / Finance Director 85 000 95 000 120 000 140 000
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10. Robert Half is the worldwide leader in specialized recruitment.
Through Robert Half Finance & Accounting we place highly
qualified professionals on a permanent basis.
At Robert Half, we think along with you, considering the talent
your company needs. Our experts are there to assist you in
drawing up a tailor-made recruitment solution, employing
the right strategy at the right price. Your sector, business and
culture are all taken into account. We work with you to find
employees that will make your company excel.
Save time with Company-In
Our Company-In formula combines speed, quality and hyper-
efficiency when selecting new full-time staff. You will meet a
number of different candidates on a single day, each of whom
has already been evaluated using the same method. That way
you can be sure that your comparisons are accurate and make
a quick decision as to which applicants get to proceed.
working with
Robert Half
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11. SALARY GUIDE 2019 | roberthalf.LU 11
For more information, call +352 26 73 06 30 or
send an email to luxembourg@roberthalf.lu

12. © 2018 Robert Half. V.U.: Greg S. Scileppi / Boulevard Grande-Duchesse Charlotte 48 / L-1330 Luxembourg / R.C.S. Luxembourg B 107.074.
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