Aaron Grunwald: Why did Luxembourg for Finance launch a recruitment campaign and what do you want to accomplish?

: Branding is one element, because we have to make sure that Luxembourg is on the radar... which is not always a given. If you’re a London or a Paris, these are cities that people know. Luxembourg is probably not the first place they think of, right?

We’re not recruiters, but we can underline the opportunities you have to develop a career in Luxembourg [and how roles in Luxembourg are] an important part of [the] European value chain, the global value chain.

Compared to rival financial centres, you don’t have a big marketing budget. What are some of the activities you’re doing?

During our business development missions, for example, where there is an opportunity to leverage being in that market anyway, we try and go and speak to universities in those markets. And leverage where we can the presence of the [finance] minister.... [who] talks about the role of Luxembourg as a financial centre in the European context. We get exposure to students that may not know much about Luxembourg, not considered Luxembourg. It’s an opportunity for us to talk to students.

How do you measure success?

We don’t have a KPI in the sense that if we attract X amount of people to Luxembourg, then we have achieved our KPIs.... The KPI is we want the financial centre to continue to grow.

How can Luxembourg firms get involved?

Reach out to us when they have students come here [and let us know] how they can best partner with us when we take financial institutions with us [on roadshows].

The government’s tax bill, aimed at making Luxembourg more attractive for expats and younger workers, took effect in January 2025. Have you gotten any feedback from firms that it’s helped recruitment?

It’s part of an overall package.... it’s been extremely well taken up in all the discussions that we’ve had with both ourselves, and with the [finance minister], when we’re traveling abroad, with the [corporate] headquarters that we’re meeting. It’s something that they really, really appreciate. Many of them had it on the radar. Those that didn’t were actually quite surprised at the scale of this, at a time when other countries are looking to cut back [on tax incentives] for budgetary reasons. There are a number of firms that had several jurisdictions on the radar... and actually chose Luxembourg. [The tax package] has certainly contributed to the decision.

So it’s fair to say that the expat tax benefits have helped pull people and firms to Luxembourg?

Anecdotally, [the firms] that have received it very well are the ones already based here, in terms of bringing in new leadership to Luxembourg and higher ranking individual senior managers, because of the impact of the expat tax regime. So it’s not just new firms coming in, but firms here bolstering leadership.

This interview was originally published in the  released on 29 January 2025. .

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