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Fit4Finance

Policy Instrument

Fit4Finance

Fit4Finance
Luxembourg

Description

Timespan

Fit4Financial Markets started in February 2010. It is part of the wider initiative of Fit4Job, which had spin-offs in various sectors of employment (e.g. Fit4Commercial Jobs, Fit4Green Jobs etc).

Stage

Fully operational

Foundations

Policy area

The policy instrument focuses specifically on making unemployed people fit for current elements within specific occupations (in demand).

Policy goal

The goal is to improve the employability of unemployed people in the financial sector. The Fit4Financial Market programme is a pilot for the larger programme Fit4Job in Luxembourg. The programme's objective is to proactively and closely monitor people who have lost their jobs in the financial sector, and to improve their employability. This is to be done through a diagnostic session, followed by specific training developed for the sector, and through collaboration with professionals from the sector to ensure the requirements of the sector and the job seeker concerned are met.

Mismatch

Explicitly designed to address skill mismatch

Providing skills within a specific group of occupations to job seekers/unemployed.

Aim of policy instrument

Administrative level

National

Main responsible body

Ministère du Travail et de l’Emploi / Adem / House of Training

Stakeholders

The programme was developed in partnership with the Luxembourgian government, the Agency for the Development of Employment (ADEM), the Luxembourg Banker’s Association (ABBL) and the Luxembourg Institute of Banking Education (IFBL), and has union support.

Funding

Total: €673,000 Part ESF (50%): €336,500

Intended beneficiaries

The Fit4Financial Market instrument focuses on those who have lost jobs in the financial sector and on training these people in the skills necessary for this sector, so that they may become employed again (i.e. updating their knowledge to the current necessary level).

Processes

Use of labour market intelligence

The program is an initiative of the Ministry of Labour and Employment to revitalize the labour market. It consists of bringing together professionals from a sector of activity and job seekers. With professionals in the sector, it aims to rapidly increase the employability of job seekers. As part of a sectoral approach, the program was launched with the "Fit4Financial Markets" specifically dedicated to the financial sector in collaboration with the ABBL, the Association of Banks and Bankers Luxembourg and the IFBL - the Institute of Banking Training Luxembourg. With the assistance of Adem - the Employment Development Agency - and the IFBL - the Institut de Formation Bancaire Luxembourg, the procedure consists in carrying out a diagnosis of the technical skills, on the basis of which people can be reoriented, with or without qualifying training, to the financial sector or any other sector of the economy.

Financial schemes

There is no specific financial incentive.

Barriers

No barriers have been identified.

Success factors

Enlarging the target employers from banks to financial sector.

Monitoring

There is no direct measure of progress. Employment in the financial sector and employment after following the programme can be measured.

Innovativeness

Slightly innovative

Sustainability

Evidence of effectiveness

There is increased employment in the sector, as individual employment chances have improved.

Engagement of stakeholders

As part of a sectoral approach, the program was launched with the "Fit4Financial Markets" specifically dedicated to the financial sector in collaboration with the ABBL, the Association of Banks and Bankers Luxembourg and the IFBL - the Institute of Banking Training Luxembourg.

Transferability

Easily transferable

Sustainability

It is still ongoing.