The EY-Sagardoy Talent and Innovation Institute has presented today in Las Palmas de Gran Canaria the 11th edition of the Human Capital Outlook. This quarterly report, produced in collaboration with FEDEA, analyzes the evolution of the labor market in the second quarter of 2024.

The presentation of the Observatory was attended by Ms. Fátima Báñez, President of the EY-Sagardoy Talent and Innovation Institute; Mr. Iñigo Sagardoy, President of Sagardoy Abogados; Mr. Pedro Ortega, President of the Canary Islands Confederation of Entrepreneurs; Ms. Jéssica del Carmen de León Verdugo, Councillor for Tourism and Employment of the Government of the Canary Islands; Mr. Rafael Doménech, Head of Economic Analysis at BBVA Research; Mr. Francisco González Quevedo, Partner in People Advisory Services at EY; Ms. Mar Ropero Campos, Partner responsible for the Canary Islands office of Sagardoy Abogados; and Mr. Juan Pablo Riesgo, Secretary of the Advisory Board of the EY-Sagardoy Institute.

The Institute’s report highlights that immigration accounts for 90% of the increase in the active population since the beginning of 2021.

In this new edition, the report from the EY-Sagardoy Talent and Innovation Institute indicates that employment creation remained steady in the second quarter of 2024, primarily concentrated in self-employed workers and employees with permanent contracts.

The affiliation records for July, August, and September anticipate a slowdown in employment creation in the third quarter.

The report highlights that foreign nationals accounted for two-thirds of the employment growth in the second quarter of 2024, while Spanish nationals over the age of 44 accounted for the remainder.

In this regard, the report adds that immigration represents 90% of the increase in the active population since the beginning of 2021, and that annual employment creation among the immigrant population is greater than during the major economic expansion between 2000 and 2008. The number of Spanish workers aged 25 to 44 declined for the fourth consecutive quarter.

Iñigo Sagardoy, Vice President of the EY-Sagardoy Institute and President of Sagardoy Abogados, emphasized that: “Throughout the year, the labor market has shown stability, but we are noticing some challenges ahead. Recent reforms require us to rethink our strategies, especially regarding talent representation and management within companies.”

Note: Access the full report ‘XI Human Capital Outlook’ (October 2024) by clicking the download button.