Only 42% of the salary increases carried out by companies in Spain are due to the rise in inflation, since companies also take into account other aspects such as talent retention, productivity, financial stability and their own conditions. of the sector.
This is one of the conclusions of the ‘Labor Market Guide 2024’ by the human resources company HAYS, whose experts consider that slowing inflation is “encouraging news” that could facilitate a “general increase in wages”, although there is no “direct cause and effect relationship” due to the other factors that influence salary increases regardless of the evolution of the CPI.
The moderation of inflation will favor wage increases in some sectors to which it was “impossible” to apply them. In this sense, Retail and mass consumption companies have faced greater difficulties due to inflationary pressure and financial stress, which has limited its ability to increase salaries in previous years.
On the other hand, other sectors have implemented salary increases regardless of the economic context, guided by other levers such as the need to attract and retain qualified talent. This is the case of companies that operate in the technological and industrial, then 70% of them have increased their salaries as part of its strategy to integrate technical profiles that improve its competitiveness.
Competition for talent
“Due to intense competition for talent, the technology sector, especially in technical positions within the industry, has led salary increases this year. This reaffirms that Careers in engineering and technology are those that offer the best salary opportunities in our country”explains the director of Perm Recruitment at HAYS Spain, Óscar Cebollero.
This has led companies to prioritize training and skills development to remain competitive, which is a situation that highlights the expectations of Spanish professionals indicated in January, where 78% already anticipated an increase salary before the end of the year, according to the HAYS guide.
In this context, HAYS experts venture salary increases that, depending on the sector, will range between 2% and 5%. Therefore, they highlight the importance of periodically reviewing collective agreements.
“The reality is that, even with a steady job, There are people who cannot meet their basic needs.s. Therefore, it is crucial that this review be carried out regularly and led by the unions, to balance business needs with the expectations of workers in terms of competitiveness and salary fairness,” concludes Cebollero.
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