Each year the Luxembourg Business Compass seeks to understand the challenges facing local business leaders and their predictions for the economy in the coming 12 months. From this we gain some fascinating insights into the current business landscape. So what did we learn from business leaders in 2018?
Our 49 surveyed top decision makers weighed in on topics from Rifkin to qualitative growth, as well as identifying the key challenges they face and how they plan to grow their businesses in spite of these challenges.
Your insight into the Luxembourg business scene in 2018 is here.
Rifkin study positive … say those in the know
Do well-informed business leaders think better of the Rifkin report?
We consulted Luxembourg business leaders on their perception of the 2016 Rifkin study, which suggested ways to transform the Luxembourg economy into a sustainable smart economy.
Very well- and well-informed respondents
Not and not at all informed respondents
Sentiment varied widely depending on the respondents` familiarity with the Rifkin study. The informed group of participants assessed the effects of the study`s resulting action groups more positively than those who were less knowledgeable about the report.
Do business leaders know about the Rifkin report?
The report may be deemed more successful amongst business leaders if it were to become the subject of a more targeted communication campaign aiming to raise awareness of both its objectives and actions.
Hiring qualified staff - an employee`s market
In relation to the job market in Luxembourg, the report found that it is currently an employee`s market with the majority of business leaders identifying the recruitment of qualified staff as a challenge.
"Lack of qualified staff" as most important barrier to growth
This issue is becoming more and more problematic with 59% of those surveyed identifying it as a barrier to growth compared with 41% in 2017.
Defining “qualitative growth”
The survey results also revealed a distinct lack of clarity with regards to the definition of qualitative growth, a term often used in the 2018 Luxembourg election campaign. Despite the prevalence of the phrase, the study of 49 top decision makers found that business leaders have differing interpretations of the term implying a level of confusion about what it actually means.