Maintaining talent is Luxembourg’s biggest concern

Retaining talent is Luxembourg’s biggest concern-EY survey


The lack of digitization with tax authorities is a major concern for companies choosing locations throughout Europe.

The lack of digitization with tax authorities is a major concern for companies choosing locations throughout Europe.

Construction of the European Court of Justice in Kirchberg, the capital of Luxembourg

Photo provider: Guy Jallay

According to a survey by accounting and consultants, two-thirds of Grand Duchy decision makers find competent staff, and keeping them domestic is what makes Luxembourg a financial hub for the next three years. Said that there are two main risks to. Company EY Luxembourg.

Of the hundreds of senior businessmen based in Luxembourg, 65.8% cited staff recruitment and retention as their primary concern, but connectivity, transportation and logistics infrastructure were the least worrisome. did.

“I wanted to know if foreign investment in Europe is showing signs of recovery after a 13% decline in Europe in 2020, and how it works in the Grand Duchy,” said EY Luxembourg Country Money. Olivier Luxembourgs, a Jing partner, said in the preface. Report.

Because the financial sector is the country’s largest single sector in the Luxembourg economy In activities that represent more than a quarter of the country’s economy as a wholeEY investigated the performance and perceptions of the Grand Duchy as a destination for foreign direct investment.

“It’s no exaggeration to say that companies face a more complex set of challenges than ever before,” says Coekelbergs.

Studies have also shown that other countries are catching up with the Grand Duchy in terms of tax appeal. Only 13% of respondents said that the planned or current tax system made Luxembourg more attractive, with Lithuania at 67%, Italy at 60% and France at 56%. Fifty-two percent of all respondents believe that Luxembourg has become slightly or significantly less attractive.

The degree of digitization of tax authorities is the most important factor influencing the decision to choose a location throughout Europe. “We are worried that more investors (28%) than any other country believe that Luxembourg lags behind Europe in investing in digital talent and skills,” EY said. I am.

When asked to consider factors that could have a positive impact on a decision to invest in a Luxembourg finance hub, EY said that 47.9% of respondents voted for “a unique pool of multilingual and highly skilled talent.” I am saying.

“In Luxembourg, business can be done in French, German and English, and more than 47% of the workforce is foreign …. this should be in the limelight of the Grand Duchy,” EY said.

Despite the growth of several sectors of LuxembourgICT, etc. Recruitment of candidates was reported to be difficultQuotes high real estate prices and high living costs compared to other European cities.

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