Following a massive retrenchment between 2008 and 2013, Spain lost 9 per cent of its Gross Domestic Product in real terms. Since then, the country has recovered from economic difficulty and is transforming into a global technology centre. But what exactly has caused the massive shift in the economy for Spain?
In 2016, Spanish exports had risen dramatically with many companies selling throughout the European Union and beyond. The country’s Prime Minister, Mariano Rajoy has instituted several reforms designed to help the country recover from its economic crisis. These reforms included reducing redundancy pay from ‘45 days per year worked’ to ‘33 days worked’ and moving wage bargaining to the company level. As a result, the labour market is more flexible than ever.
The financial system has also been addressed by closing underperforming banks that have made excessively risky property loans. In turn, public finances were reformed by cutting the country’s budget deficit.
As for technology, Rajoy has led the expansion of Spain’s fibre-optic network for high-speed data transmission; which now covers 76% of the population, the highest percentage across all of Europe.
Outside of Spain, the global economic recovery has increased demand for Spanish products and services, as well as improved traditional leading sectors in Spain such as tourism and travel.
For international relocation experts like Galleon International Moving Company; Spain’s changing economy and technology-driven agenda sees an increased demand for highly skilled workers. While the country has several leading universities and technology startups; the demand for highly skilled workers is outpacing the number of qualified employees.
Reports have shown that Spain has a number of registered unemployed workers. But the skills gap is wide for positions in this new economy. Job experts have predicted that nearly half of job openings through 2030 will require a high level of skills and qualifications. Therefore, employers in Spain may benefit from relocation programmes designed to attract and retain their new employees with specialised skills and experience.
Are you looking to refresh and re-examine your relocation policy? Why not speak to the team of international relocation experts who can advise you about country-specific employment requirements. We can help your company understand how to design your relocation policy so it supports employees moving overseas and your company’s ability to grow in Spain’s changing economy.
Get in touch with our team on 01708 868 068 for more information about our corporate relocation services.