The twelfth edition of Human Capital Outlook, prepared by the EY Sagardoy Talent and Innovation Institute, provides an updated overview of the labor market and its trends. This quarterly publication aims to serve as a valuable resource for professionals in employment, labor relations, and human resources. Its objective is to facilitate a comprehensive understanding of an ever-evolving work environment.
Quarterly Labor Market Observatory
This new edition of the QLMO examines the evolution of the labor market with updated data through the third quarter of 2024. The report is structured into three sections. The first provides an analysis of the main aggregate indicators, highlighting sustained net employment growth, increased hours worked, reduced unemployment, improved hourly productivity, and continued wage moderation. The second section addresses recent labor market developments from a dynamic perspective, noting the stability of employment turnover and unemployment rates following the initial implementation of the 2021 labor reform. Finally, the third section focuses on access to first employment in Spain, analyzing variables such as nationality, age, educational level, sectors, contract types, job duration, and real wages.
Legal-Labor Updates
This edition compiles the main labor regulations adopted in the last quarter of 2024, alongside relevant legislative projects still under consideration.
Noteworthy measures include protections for the LGBTI community, individuals with ALS, and those affected by the DANA floods, as well as an extension of indemnity guarantees to family members. Additionally, amendments to the Workers’ Statute related to climate change and natural disasters are introduced.
In the jurisprudential field, the Supreme Court has altered its doctrine regarding prior hearings in disciplinary dismissals. Another ruling endorses a six-month notice period for collective dismissals, though non-compliance carries no sanctions.
Moreover, a National Court ruling on the interpretation of collective bargaining agreements is analyzed. All these developments reflect significant normative and judicial evolution relevant to the labor sector.
Trends in Human Capital
In this edition, the Human Capital Trends section analyzes projections for 2025, beginning with an analysis based on the global mobility study “Mobility Reimagined.” This study focuses on the challenges and opportunities related to international talent mobility. It also includes a specialized analysis of emerging trends in human capital management and their impact on organizations.
Finally, the new immigration regulations are examined, with special attention to their legal and operational implications for the hiring of foreign workers.
Quarterly publication prepared by the EY – Sagardoy Talent and Innovation Institute
