Portuguese and Spanish EMPLOYMENT MARKET
Portuguese and Spanish EMPLOYMENT MARKET, systematized information for my interview FOCUS Brazil Digital, september '22:
The European Union currently has 12 million unemployed and 4 million unfilled vacancies.
The number of unfilled vacancies in the EU has been increasing over the last 10 years and is currently on 2.8%.
The employment market in Portugal and Spain is characterized by high unemployment among young people and professionals over 50 years old.
In the Iberian economies there is a huge mismatch between the qualifications of available workers and the real needs of companies.
Portugal and Spain are among the world's aged countries. The over-50s will be the main part of their workforce in the next 10 years.
Portugal and Spain have many vacancies for executives with technical and professional profiles in the following sectors: Technology, Industry, Construction, ... :
- Technologies: There is a shortage of programmers, IT project managers, cybersecurity, systems architects, database administrators, network engineers, ...
- Industry: Shortage of robotics technicians, welders, milling machines, mechanical turners, ...
- Hospitality: Shortage of cooks, waiters, waitresses, ...
- Construction: Shortage of bricklayers, formwork technicians, general foremen, crane operators, ...
There are many job opportunities in Portugal in cutting-edge areas:
- Disruptive technologies: cloud computing, 3D printing ...
- Artificial Intelligence
- Digital Marketing
- E-commerce
- Robotization, Digitalization ...
Portugal is more and more a reference hub for startups:
- Workforce trained in internationally renowned Portuguese universities
- Good command of foreign languages
- Excellent infrastructures (communications, hospitals, schools, universities, ...)
- A growing number of incubators for startups
- Attractive tax system
Our country is today one of the main tourist destinations in the world due to its history, beaches, mild climate, high levels of security and affordable living standards, which make Portugal a place of choice for a growing number of foreign citizens.
Portugal has a great appetite for investors to bring money and know-how to many of the businesses that have been created in recent years, especially to many startups.
Portugal is an attractive country for a growing number of foreign citizens, who establish their permanent residence here, especially for French, Brazilian and British, being already considered the Florida of Europe and an Eldorado for foreign retirees:
- Tax benefits
- Cost of living when compared to the rest of Europe
- pleasant climate
- Welcoming population
- Attractive country
- Effective healthcare system
- Sense of security
- Wide range of quality public services (schools, universities, shopping centers, sports and entertainment venues, ...)
- Numerous international events
70% of US citizens who lost their jobs during the pandemic were aged +55 and in the UK the employment rate of professionals aged +50 fell by twice as much as that of professionals aged 25-49.
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Macroeconomic problems facing European economies:
- Escalating inflation
- Interest rates
- Energy prices
- Scarce and rising raw materials prices
- Reduced purchasing power
- Slowdown in economic growth rates and concern over recessive scenarios
Portugal continues to receive an increasing number of shared services from multinationals in the Technological, Pharmaceutical, Banking, Manufacturing, Aviation, ...
Some renowned Shared Services: Accenture, Cisco, Bosch, Airbus, Europcar, BNP Paribas...
Job market trends in southern Europe:
- + Female
- + Aged
- + Cosmopolitan
- + Technological
- + Precarious
- + Flexible
- + Hybrid and Remote
Pandemic has accelerated the transformation of the job market:
- Increased professional competition with remote and hybrid working
- Work by projects and greater professional rotation
- Need for permanent recycling
- Emergence of new professions
We live in an era of industrial deglobalization and, at the same time, in a growing process of globalization of the employment market.
Pandemic has accelerated the transformation of the employment market in Europe:
- Need for permanent reskilling and upskilling of workers
- 50% of the workforce will need to be re-trained by 2030
- A vast number of jobs risk being lost over the next decade by the increasing automation and digitalisation of business
- Technologies are automating 50% of the employment force's tasks
- Robotics and Artificial Intelligence are transforming the daily life of companies
Jorge M. Fonseca, Partner
GEORGE Executive Advisors
Address: Rua Alfredo Mesquita, 3 - 1ºA 1600-922 Lisbon, Portugal
Mobile/ WhatsApp: (+351) 961 355 424
Email: jorge.fonseca@george.pt
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