Hire in Spain
Spain has a mixed capitalist economy that is ruled by the service sector. The unemployment rate of Spain is very high and has the second-highest unemployment rate among the European Union. Even though there was a slight decrease of 0.94% in 2020 compared to 2019, the rate is still 13.02 %. The main industries in Spain include tourism, manufacturing, agriculture, energy and electricity, and the external trade industry.
Even though Spain went into a financial crisis and recession during the last decade, the country managed to come back in its form and became the 14th largest economy in the world. Millions of people are working in the grey market. As a result, the unemployment rate is depicted as higher than it might actually be. The economy of Spain is classified as a high-income developed economy.
Overview of Spain
Spain is the 14th largest economy in the world by nominal GDP (Gross Domestic Product) in 2021. The service sector heavily rules the economy with a huge share of 74.2% and employs about 72% of its working population, and then comes the industrial and agricultural sectors. The country has been hit by recession in the last decade and has shown overall financial growth after the financial crisis happened in 2020.
Population - 46.49 million
GDP- US $1278.21 billion (FY 20)
The Spanish economy is slowly recovering from the impact of the pandemic, according to the reports in 2021. The GDP of Spain declined 10.96% in 2020 and reached a valuation of 1278.21 billion USD. In the coming years 2021-22, it is expected that GDP will increase by 4-6%, shirking off the impact of the pandemic.
The COVID-19 pandemic had a huge impact on the services sector of Spain and other industries like tourism and technical services departments. The automotive, health, and agriculture sectors are the emerging sectors in the market. The other industries include mining, energy, external trade, and agro-business.
One platform to grow your global team
Hire and pay talent globally, theTalk to an Expert
hassle-free way with
A brief glimpse of the industries
- One of the major industries is international trade. The top countries that export products from Spain include France, Italy, and Germany. The main export products are automobiles, agricultural products, and pharmaceuticals. Import items include machinery, fossil fuel, and chemicals.
- Tourism is another major industry in Spain. It has developed into the second biggest industry in the world. Spain is the second most visited country in the world. The tourism industry provided employment for around 2 million people. The industry generates around 5% of the GDP.
- The automotive industry is another industry that engages a large number of professionals. It generates around 8.7% of the country’s GDP. Spain is the 8th largest automobile producer in the world. It provides job opportunities for skilled workers. After Germany, Spain is the second largest car manufacturer in the European Union.
Cost of living in Spain
Spain is the 23rd best place in the world to live in. The country is known for its delicious food, beautiful scenery, and easy-going lifestyle. Some of the cities provide affordable living. It is one of the liveliest countries that have some unique traditions and festivals. Spain is cheaper compared to the United States.
Cost of Renting
The cost of living on rent in Spain may vary considering the factors like the location, room size, and home. An apartment with one room may usually have a rent of $769.87 (645.05 €), depending upon the area. As the facilities and quality of lifestyle change, the rent may increase.
The top sectors that are expected to hire in 2021 in Spain are: -
Top skills in Spain
Spain has a high, capitalist mixed economy and is dominated by the service sector. From IT specialists to graphic designers and translators, there are a vast number of job opportunities available for all these skills.
Major skills and areas which have viewed a recent growth rate
- Language (creative opportunities)
Top skills city-wise occupation-wise
- Madrid - Madrid is the most populous city in Spain. The city is the transport hub of the city. Many industries are functioning in the city like the paper and publishing industry, machinery, chemical, energy, and mining industries. The tourism industry has flourished in the city as well, as it is a hub for film and television production.
- Barcelona- Barcelona is the economic and financial center of the country. Tourism is a major sector as the place is a world-famous tourist destination. The place is rich in historical monuments and has the best beaches in the world. Another prominent sector is the manufacturing sector that mainly includes the metallurgy, chemical, and energy industry. The city’s leading industries include textiles, chemical, publishing, and logical sectors.
The recruitment process in Spain entails huge costs on the part of the employers. Various factors are taken into consideration while hiring a new employee. The factors include,
- Training and onboarding expenses
- Cost of conducting hiring procedures and interviews
- The amount of time taken for the hiring process
Salary structure for various roles
The table below depicts the average salaries that are offered to employees in Spain according to different fields: -
Employment laws in Spain
Spain has a regulated employment system that is very comprehensive and protects the employees. Working hours, leaves, and other factors may vary depending on different sectors. The Spanish Labor Law regulates the following employment aspects –
- Maximum work hours in a week (it may vary according to age)
- Paid and unpaid leaves
- Termination of employment
- Background check
The laws and regulations that are implemented for the employment relationships in Spain are based upon
- Special Employment Law
- Health and Safety law
- Social Security law
- Contractual agreements
- Social media and privacy law
How Can Skuad Help You with Hiring in Spain?
In a highly competitive market, your main focus should be on expanding your operations and minimizing expenses. By engaging in an expensive and prolonged recruitment process, you end up spending more than you ought to. Skuad offers to streamline your hiring process with the help of its unified employment solution. Connect with Skuad to know more.