![]() ![]() ![]() "This leadership position is a magnet for talent. Maurice Lam, Managing Partner Deloitte says that they have the largest consulting practice in the country, and have developed a unique and highly effective multidisciplinary approach. Thus the number of qualified Luxembourgers is simply not enough. That is why there are many areas lacking excellence compared to London or Zurich for example." This sentiment is echoed by John Li, Chairman of KPMG, who says that since Luxembourg is a small country, there is no natural inflow of resources. When asked, how you (if you can) find candidates with the right profiles in Luxembourg, Marios Paras, Managing Director Rowlands (Vedior) says simply, "You don't. Rowlands International specialises exclusively in executive search and they see that specialisation as a differentiator as business competes for increasingly scarce talent. In a recent PwC survey of the banking sector with 48 participating CEOs, managing the talent pool was listed as the CEOs' number one challenge." Luxembourg has a limited number of people and is not very well known. "The worldwide economy is moving so fast, it is hard for the talent pool to adjust. He agrees that the talent gap is global and as PwC has experience around the world they are seeing that there is a lack of availability of certain profiles, even in India. This affects the long-term ability of a company to manage itself." "In financial services the amount of turnover is huge. Its recruitment strategy does not consider solutions to increase the size of the pool. Marc Saluzzi, Partner PricewaterhouseCoopers feels the country is not doing a good job of managing its talent pool. High turnover is costly for companies both in terms of dollars and hours invested in an employee. It is not just the search for the right profiles that is posing a problem, but the retention of human capital as well. We will lose in competitiveness if we do not find, train and keep the right people. The management of human capital is already a critical strategical factor for companies and the country and will become more so in the future. Local), social trends and factors unique to this country drive up the demand for specific skilled recruitment profiles and consequently the pay packages offered to lure those profiles. ![]() The talent crisis is a global phenomenon, but could potentially hit Luxembourg hard as a combination of demographics (global and One of the biggest challenges to the growth of Luxembourg"s economical performance in the near future will be the lack of skilled talent. Assuming that the retention of human capital is more cost efficient than high turnover and recruitment, how can companies in Luxembourg better attract, manage and therefore retain, skilled human resources? ![]()
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