Author: Joséphine Makang
EDOUARD FRANKLIN has undertaken an average salary analysis when a candidate is changing employer (taking into account measurable items like fixed salary, company car, welcome bonus).
The data below are based on our placements from 2017 in the Wealth Management sector: Private Banking, Life Insurance and Single Family Offices.
We currently observe several trends in the Luxembourg Wealth Management industry:
1. Strong expansion projects in the key private banking players but also in the life insurance and the Single family offices segments.
2. High salary increases especially for the front-office and the regulatory populations.
3. An increasing attraction of qualified foreign workers due to the shortage of local workers (See above most recruited profiles) and also due to some specific languages requirements.
4. The market pressure is obliging employers to offer increasing packages to their current employees when they are intending to leave (retention package).