Salaries to rise in Spain in 2024, but stay below inflation
MADRID, SPAIN — Human resources firm Randstad is expecting the salaries in Spain to increase between 2% and 3.5% in 2024, although pay rises are expected to lag behind inflation.
Higher rises of over 3% are expected in retail and business services such as marketing, sales, finance and human resources and logistics and transport for seasoned professionals.
The study analyzed pay data across 250 job positions in eight Spanish locations to predict salary trends.
“The talent deficit and the dynamism that the labor market is experiencing is allowing salary improvements among qualified professionals, although the increases barely cover the increase in inflation,” said Miguel Mercado, Director of Randstad Professionals in Spain.
With economic uncertainty ahead, companies are also cautious about wages despite needing skilled talent.
Aside from Spain, professional services firm WTW reported that employers in the United States also plan to boost salaries by 4% on average in 2024.
