The 26th KPMG Luxembourg Remuneration Survey has found that change is afoot in the domains of diversity, social media and quality of life in Luxembourg Human Resources.
The most recent KPMG Luxembourg Remuneration Survey, published in early December, sought to highlight changing trends in how Luxembourg financial companies inspire, pay and reward their employees. To do so, the survey gathered information from 35 banks, 42 fund companies and 9 insurance companies, covering 611 management positions, 6,080 middle management positions and over 10,000 staff positions.
The study revealed diversity to be a core ingredient in guaranteeing the sustainability and success of a business and that "companies with diverse teams at all levels make better business decisions and attain better financial results". The reasons behind a company's diversity policy were predominantly cited as being to improve working conditions and atmosphere at 71%, followed by to foster respectful behaviour among all parties and to improve the enterprise's image and reputation at 62% each. Improving business performance was surprisingly found to be considered as of far less importance, at 40%.
Innovative social media-reliant recruitment platforms were found to have resulted in one tenth of respondents acquiring 10-50% of their new hires since May 2014, with a further 20% gaining over half of their new staff through such social media means. Whilst this indicated that the majority of respondents (70%) had not had much luck or interest in hiring through these channels, KPMG Luxembourg reported that it expected the social media hiring trend to continue on an upwards trajectory, with 78% of respondents looking to further digitalise recruitment practices and increase their use of social media.
The survey also determined the dual benefits for both employee and company in paying attention to quality of life, with the cultivation of a healthy and happy work office culture found to culminate in reduced absenteeism, increased productivity, decreased stress, better-retained employees and easier encouragement of new recruits. The top extras the survey found companies offering employees were meal allowances, at 96%; company cars, at 86%; and pension schemes, at 84%.
Photo by KPMG Luxembourg
