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Spain
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
Your global agency guide to...
Spain
Spain boasts a GDP of $1.58 trillion, ranking as the 15th largest economy globally. Key industries include tourism, automobiles, and pharmaceuticals. With a moderate unemployment rate of 12.1%, Spain shows a labor market with challenges. Recruitment is supported by a medium agency number amid a balanced working population.
Spain'S
AGENCY LANDSCAPE
3.7K
Agencies operating in Spain
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
15-20%
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
Spain'S
FEATURED AGENCIES
IKONS Ibérica
Hanbai
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Spain'S
GROSS DOMESTIC PRODUCT (GDP) RATING
15
WORLD RANKED
Spain ranks 15th in the world by current economic output
$1.6T
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
6
EMEA RANKED
Spain is the 6th biggest GDP in EMEA out of 109 countries in the region
GDP GROWTH (%)
The above chart compares how Spain's GDP has grown, compared to the rest of the world and the EMEA region in the last 7 years.
Positive growth indicates an expanding economy, while negative growth or recession signifies economic contraction. Strong growth can encourage hiring, but slower growth might lead to freezes or layoffs, influencing talent sourcing as businesses adapt to changing market conditions and demands.
Spain'S
CURRENCY AND CODE
€
Country currency
ESP
Country ISO code
Spain'S
INFLATION RATE
2.7%
CURRENT RATE
▼0.7% REDUCTION
Inflation represents the rate at which prices rise and purchasing power diminishes. High inflation may prompt employees to seek higher wages, potentially impacting company profitability. This situation could lead to budget constraints or hiring freezes, which might influence talent availability and sourcing strategies.
Spain'S
COST OF LIVING
COST OF LIVING INDEX EXPLAINED
The cost of living has a direct impact on salary expectations and the competitiveness of compensation packages. It can influence the appeal of certain locations-while high-cost areas may attract highly skilled professionals looking for higher salaries, lower-cost areas can appeal to companies looking to minimize salary expenses or candidates seeking a better work-life balance.
Spain'S
LABOUR STATISTICS
47M
POPULATION
With a population of 47,400,798, Spain is a medium sized country by global standards. Spain's youth population is just below the world average, indicating it may face challenges in labor market sustainability over time. The working population in Spain is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. Spain's elderly population is just above the world average, suggesting a growing dependency ratio, which may strain the labor market.
Spain'S
RELIGION
Religion
In religiously diverse countries, a broad sourcing and engagement approach whilst appealing to inclusive practices resonates with this candidate market. In contrast, in a homogeneous religious environment, understanding dominant cultural norms is often more important when engaging with talent.
Spain'S
UNEMPLOYMENT RATE
12.1%
CURRENT PERCENTAGE
▼0.77% REDUCTION
Spain has a severly unhealthy unemployment rate, signalling there is significant economic problems. Between 2022 and 2023, there was a moderate decrease, suggesting a positive shift toward better economic stability and improvement in job availability
Spain'S
TOP PERFORMING COMPANIES AND INDUSTRIES
Top performing companies
Banco Santander
Prosegur
Telefónica
Top industries
Automobiles
Tourism
Chemicals
Spain'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
63
/
53
Male | Female
In Spain there is a medium gap in participation rates between males and females, indicating moderate inequality with some progress towards gender parity.
Spain'S
WORKING LIFE
$31K
Average gross annual wage (US$)
This figure represents yearly income before taxes. Higher wage countries are above $50,000 USD. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average compensation may be required for in-demand skills.
$2.6K
Average gross monthly wage (US$)
This figure represents monthly income before taxes. Higher-wage countries typically exceed $4,000 USD per month. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average monthly compensation may be necessary for in-demand skills.
Spain'S
WORKING LIFE
12DAYS
Minimum annual holidays
Minimum annual holidays reflect mandated leave. Hiring in countries with high allowances (over 25 days) will require emphasizing work-life balance when recruiting. In countries with fewer holidays (under 15 days), offering additional leave can enhance recruitment and set the organization apart.
40HRS
Average working full time week
Standard work hours are 8 per day, 40 per week; max 9 hours daily unless agreed. Overtime is capped at 80 hours/year, with mandatory extra pay for hours beyond the regular schedule.
Spain'S
TOP BENEFITS
16WEEKS
Maternity leave
Spain's Permiso de Nacimiento grants parents 16 weeks of leave at full pay, with 6 weeks compulsory post-birth. Eligibility requires a 6-month Social Security contribution within 7 years.
365DAYS
Sick leave
Employees with 180 days of Social Security contributions in the last 5 years get paid sick leave for 365 days, extendable by 180 days. Initial 3 days unpaid. Days 4-15 is 60% salary by the employer, and from day 16, Social Security pays 60-75%.
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