The keys to attracting and retaining talent

Today, companies in Spain face a significant challenge in attracting and retaining talent due to the growing “expectation gap” between what staff demand and what organizations offer. We explore how this gap manifests in critical areas such as salaries, flexibility, diversity and inclusion (DE&I), and artificial intelligence (AI), and provide strategies to overcome it.

Salaries: The imbalance between expectations and reality

Salary remains the main motivator for retaining and attracting talent in Spain, but companies face budgetary and economic constraints in meeting constantly growing salary demands. According to the Talent Trends 2024 Spain report by Michael Page, 62% of companies recognize the importance of offering a competitive salary, but nearly 50% of the workforce in Spain is actively looking for a job with a better salary due to stagnation in their current income.

Adjusting salary policies can be key to improving talent retention. Implementing annual salary reviews and offering non-monetary incentives (such as performance bonuses and flexible benefits) can be a sustainable alternative for companies looking to retain their employees while meeting their own budgetary limitations.

Flexibility: an imperative for balance between personal and professional life

The demand for work flexibility has grown, especially following the pandemic. The report reveals that 45% of workers in Spain consider flexibility a decisive factor when accepting or rejecting a job. However, 39% of workers report that instead of working from home, their employer has increased office time due to more restrictive policies.

Companies can benefit by defining a more flexible hybrid work model, adapting remote work policies, or alternating office and telecommuting days. Organizations that apply work models that respond to both their needs and the preferences of their employees find that satisfaction and productivity improve significantly.

Diversity, Equity, and Inclusion (DE&I): From intention to action

Diversity, equity, and inclusion remain a pending task in Spanish organizations. Despite the DE&I policies implemented in many companies, 67% of employees state that they cannot be their authentic selves at work. Furthermore, 13% of the women surveyed report having experienced microaggressions, underlining the urgency of moving from theory to practice.

To advance in DE&I, companies should implement inclusive mentoring programs, feedback spaces, and regular training for all staff. These initiatives help improve talent satisfaction and retention by creating a more inclusive and respectful environment, which is especially relevant for companies seeking a sustainable and modern corporate culture. We can propose some expert profiles to implement them consult us.

Artificial Intelligence: An opportunity Spain cannot afford to miss

Artificial intelligence is revolutionizing the labor market, from administrative tasks to complex data analysis. However, only 24% of employees in Spain report using AI in their functions, compared to 30% globally. This gap in AI usage highlights an opportunity and a challenge for companies looking to stay competitive.

Fostering learning in AI and other digital competencies can generate a culture of innovation and attract young talent interested in professional growth. Providing continuous training in AI and integrating it into daily processes in a scaled manner, such as through hackathons, can not only improve efficiency and productivity but also make the company perceived as a leader and benchmark in technology and innovation.

Adaptation and resilience: the key to attracting and retaining talent

For companies in Spain, the key to effective talent retention in 2024 lies in strategically adapting to these evolving expectations. Companies must recognize that a competitive salary policy, a genuine DE&I culture, flexible work policies, and an innovative vision towards AI are essential for creating an attractive and satisfying environment for talent.