Are you well paid? On 7 November, Hays published its 2023 Salary Guide for Luxembourg. The study, which comes out every two years, covers more than 200 jobs in 13 sectors.

To compile it, the recruitment consultancy draws on data from more than 10,000 candidates, explains its national manager, . “We have their CVs and they tell us their current salary and their desired salary. Additionally, we have [information from] the missions we carry out for our client companies.” This combination, he says, enables them to determine salary ranges by profession and experience.

Asked what can we learn from this edition, Hodas says: “The proliferation of indexes over the last three years has meant that some employers have had to suffer and have not had the latitude to propose increases themselves… As a result, there have been few increases--except in IT and finance, where salaries continue to rise.”

From €25,000 to €250,000

The highest-paid job is that of chief information officer (CIO) with more than eight years’ experience: CIOs can rake in as much as €250,000 per year (gross), or more than €20,800 per month.

For those starting their careers, the biggest earners are purchasing directors in the industrial sector top the list at €102,000 per year.

At the other end of the spectrum are seniors (at least eight years’ experience) in sales, who make just under a seventh of a CIO salary or €38,000 per year. For juniors (under three years’ experience), the lowest-paid are in the construction sector at just €25,000 per year. 

The following sections contain further details by sector, with “junior” and “senior” defined as under three years’ experience and more than eight, respectively. Gross salaries do not take into account variable components and benefits in kind, except in sales, marketing and communications--“given the size of the variable component.”

Architecture and design

In architecture, salaries range from €33,000 per year (juniors) to €110,000 (seniors) for agency managers. These figures are more or less the same as in previous editions, with a few exceptions.

“Although architecture firms and design offices see the construction crisis coming, they have not yet been affected,” says the report, “thanks to projects already underway.”

Assistants and office support

Assistant salaries start at €37,000 per year, but can rise to €44,000 for a multilingual executive assistant (who is still a junior). After eight years, the same position can pay €70,000 per year. Salaries in this sector have risen slightly since 2021.

“Despite what has long been predicted, namely the gradual disappearance of assistants, the market remains stable and interesting, both in terms of the number of jobs on offer and career development,” says the report. “Mastery of foreign languages and specialisation in a particular field are important criteria for ensuring a progressive career.”

Banking and financial services

Salaries in banking and financial services have also risen slightly over the past two years. In 2021 senior risk managers expected to earn €110,000, a figure now--just two years later--that has risen to €121,000. For juniors, salaries range from €39,000 (risk analyst) to €72,000 (credit/liquidity/market manager).

“Recruitment for operational jobs is rising sharply,” notes the report. “Financial institutions are tending to look for experienced profiles in private equity and real estate.” The constant updating of regulatory texts is also creating demand in the compliance and risks (market, credit, liquidity, etc.) professions.

Building and construction

“The shortage of qualified profiles in the building and public works sector is the lever for improvement that the sector needs to work towards, by increasing the number of attractive features for employees,” says the report. Salaries start at €25,000 for a junior team leader, while a senior operations manager can exceed €150,000. Earnings are roughly the same as in 2021.

Secondary/finishing works

In this sector, salaries can vary between €30,000 and €40,000 for juniors, rising to €75,000 or €80,000 for managerial positions. Senior managers are looking at €95,000 per year. Little has changed over the last two years.

Sales/marketing

A junior in sales/marketing can expect to earn between €29,000 and €53,000 annually, with higher salaries in the manufacturing sector. Some senior positions can pay over €100,000, such as sales director in construction (€125,000) and sales director in IT (€150,000). Here, too, little has changed since the last study.

“On the sales side, companies… are looking for salespeople with specialist expertise in a particular field. In marketing, there is strong demand for digital specialists. Mastery of languages remains unquestionably the most sought-after skill for these two sectors,” says the report.

Finance and accounting

Salaries in finance and accounting range from €36,000 to €99,000 per year for juniors. They quickly rise in management as well as some operational positions. For seniors, an internal audit director earns more than €138,000 per year and a finance director more than €132,000. In 2021, the maximum was €95,000 for juniors and €125,000 for seniors.

“Accountants with four to five years’ experience who speak at least French and English are sure to find new opportunities fairly easily. In fact, the group of profiles with between three and eight years’ experience has a high turnover within companies,” notes the report.

Electrical and HVAC engineering

Salaries for profiles with little experience in this sector range from €35,000 to €45,000 per year. Senior facility managers, meanwhile, can earn up to €88,000 per year. Not much has changed since 2021.

“This market is continuing to evolve, covering all aspects of the maintenance and renovation of housing installations (heat pumps, photovoltaic systems) and e-mobility.”

Private property

The report describes private property as a “two-speed market,” with rising construction prices and interest rates slowing flat sales growing rental demand.

Salaries range from around €30,000 to €40,000 for juniors, rising to more than €80,000 for some project management positions (e.g. project and programme managers). Compared to 2021, however, some incomes have fallen. For example, senior programme managers were looking at €90,000 per year in 2021, compared to €85,000 in 2023.

Human resources

In human resources, juniors can expect to earn between €30,000 and €40,000 annually in operational positions, rising to €55,000 for management positions. Seniors can expect to earn up to €138,000 per year in an HR position, compared with €134,000 in 2021.

The report describes human resources as a “changing sector” in which candidates are staying in their jobs for less and less time (around two years).

Supply chain, purchasing and logistics

This industry “is looking to boost its activity by investing in the automation of its production.” Despite this, the job market appears to be buoyant: “Growth prospects are good for some sectors. Others remain more cautious and are basing their recruitment needs on timid production forecasts.”

Salaries start at €33,000 per year and can rise to €102,000 for a junior purchasing manager. After eight years’ experience, they hit annual salaries of €154,000 (up from €140,000 in 2021).

Legal and tax

With between €40,000 and €60,000 per year for juniors in the legal and tax sector, these professionals are looking at €200,000 if they hit a senior role in compliance, make partner in a legal department or become head of risk.

The report notes an increased demand for compliance officers.

IT jobs

The report classifies IT jobs into two categories: technology recruitment (hiring from within) and technology contracting (outsourcing to freelancers).

In the first case, a junior can earn between €38,000 and €68,000 per year, with the best paid position being that of project manager. Seniors often see salaries over €100,000, reaching €250,000 for a chief information officers--as much as they made in 2021.

IT contracting

“The growth in the number of independent consultants leaves companies with no other choice [than to opt for outsourcing],” says the report. Here, rates range from €350 (L1-L3 helpdesk) to €950 per day (IT interim manager) for a junior, rising to €1,000 per day when working with senior staff (€1,750 per day for an IT interim manager). These rates were similar in 2021.

This article in Paperjam. It has been translated and edited for Delano.